I was reading this post and wondered what is wrong with kenyan stock brokers.
Stock Brokers in Kenya give little information.
They are always in a hurry to finish with you.
I went to sell some shares yesterday and this is what i was shocked to learn
I was told
"call after three days to see if your shares have been sold"
In these days of CDS
And then
"You will be given your cheque 7 days after your shares are sold".
wtf!!!!
It takes bloody 7 days to draw a cheque??
AND WHY??
I ask a really bogged down already broker
"why can't you deposit it in my account?
It will cost you 1000/=
Already i could see she really wanted out so i didnt bother asking her what is it about depositing cash cost 1000/= Ksh.
May i say that brokerage firm sijui Investment firm is FRANCIS DRUMMOND INVESTMENT BANK.
When i bought my shares i saw a myriad of charges that i couldn't understand. So when i originally thought i would end up with 500 shares, i ended up with 434. I mean i need brokerage education.
There are only 12 brokerage licences which requires an arm and leg to get one and thats why many brokers give crap customer services.
Then you keep wondering why we will remain forever poor. Attempts to investor for a small man like me are thwarted by all manner of customer service attendants.
I used to have a very good broker at the said firm called Chris. I don't know what happened, i think he was promoted.
Anyway too much.
JOBLESSNESS
ME, I SHIRO is a jobless woman. And all i can tell you that in Kenya, there are two types of people. Those who know someone and those who don't. I belong to the second group. I have been working for some time in a certain organization whose employees read who is who and who do you know and who is your father?! Unfortunately, when it came to permanent employment, this woman who knows nobody found her way out and left her position for somebody's relative at the certain organization.
I was reading an article Ababu Namwamba had written on Sunday Standard stating that Kenyans are afraid of coming back to Kenya because of ethnicity and patronage. And you have no idea just how deep rooted this is. If you are watching your gold fish stay where you are and don't bother feeling guilty working for NASA or whatever it is that feeds you. Your country has refused to address the question of tribalism and patronage. If your father's name does not sound familiar, you will be forever stuck in low end jobs back here.
Girl I feel your pain (((((hugs))))
ReplyDeleteI have been there and it is not a
nice experience.It is one of the reasons that I left Kenya.Since you work in a parastatal or rather used to, your job security was always tenous.That was one thing I disliked about Kenya.Like you said, if daddy's name didn't ring bells then you have to learn to look out for yourself.So much as it pains us, alot of us will be watching our gold fish in our air conditioned apartments for a long time to come.
As for stockbrokers, do try CFC.My mother speaks very highly of them.Other stockbrokers act like they are doing you a favour, unless you are talking about a 6 figure sale or buy.
Anyway msichana tuko pamoja!
tribalism, nepotism & patronage ails Kenya deeply like a bad cancer! Tis a pity that honest hardworking Kenyans are sucked into the rot.
ReplyDeleteGood luck with your search for a more satisfying and rewarding job based on merit and not on the ring of your surname. All the best!
Pole sana about the job situation. Hoping u pata a jobo soon. One day I am going to come and deal with that patronage thing. and by that time, i will be saying I am Raila's nephew from a sister who is not known in public
ReplyDeleteas for the stockbrokers, i have had enough of them to last me a lifetime. kwanza when you deal with the one here who has to deal with the one in Kenya. Buying shares takes almost a month. By the time yu get your shares, value went up kitambo.
Hi Shi.
ReplyDeleteAdmittedly am still a newbie when it comes to shares, but believe you me i have learnt more about them in two days than i ever imagined.
I hold in my hand the list of accredited stockbrokers, and the my choices are getting ever smaller, with Francis Drummond, Dyer & Blair, Nyaga, CFC crossed out.
At least (for me) it pays to know some people,(insert all of KBW) for free advice, maybe you can camp on Banks site like some of us!
Pole for the NAME=JOB scenario.
And yes, am still on hiatus, fighting them viruses!
This comment has been removed by a blog administrator.
ReplyDeleteHi,..
ReplyDeleteam sooo sorry,..i keep forgetting that why am working out of kenya since i want to get back as soon as i can. i hated saying my surname and immeaditely everyone latches on a famous person with that name to check if it was my father,....it happened everywhere even international NGOs which should know better!
sorry girl but i pray you get a job soon!!
ver sorry about your FD and job situations. Keep up the positive attitude and things will get better:
ReplyDeleteI feel for you being outta job and for the poor stock brokerage services. But Shiro, could you recognize gold if you saw it? Why? You are sitting on a goldmine- an opportunity is beckoning. You know what? Start your own brokerage firm and offer the good service you so dream about. I mean it, this is the proverbial silver lining in the cloud.
ReplyDeleteDon't ask me how to get started, I will only offer this: Money does not create ideas, it is ideas that create money!
About cronysim, and nepotism in Kenya--that's how the world works my dear girl. Kenyan Newspapers cheat you it is called corruption. In the US where I live, they call it NETWORKING. They even teach you how to go about it in college! (Sorry for being anon. for now)
pole sweetie i too am currently going thru that.its all about who u know and that really sucks...to hell with being qualified, older, more experienced if u dont know nobody u better wait for the next bus
ReplyDeletepole sana
pole, i feel ur pain - lakini i was unemployed for 2 yrs in america - yes thats the hardest it can be no relatives
ReplyDelete- even the most menial job they would look at me and say lakini si you have somad and if we hire u will not last - crazy logic. lakini i perservered
When I was a little younger I thought you could actually get a job on qualifications and merit alone.
ReplyDeleteSadly no, and even those jobs they have in the papers I hear they have ready candidates, they just go through the motions to look transparent and accountable for the choice they finally make. I stand to be corrected on that but it has been my experience and many other young kenyans.
Hang in there and keep your head up.
The system in Kenya will forever hold us back. Being required to have parents or relaz in positions of power before getting a chance to do a job is crazy. And they'd always us only to work hard in school, make the grades, and we'd succeed, yeah right. Many of our parents/relaz gave up opportunities abroad to return home and work to change things. Sad that little has changed years later. Hope something comes up for you. Sometimes, things just have to work out.
ReplyDeleteah! sweetness...welcome to the jobless train.
ReplyDeleteI just quit my job too...errrm, details...so I feel you. Its scary being out here, but errm, hard times never last I promise.
I dunno anyone me, my daddy is just my daddy....but if I hear of anything, I will let you know....adn if you hear of anything, you let me know? yes? deal?
Hugs my darlin. Be well...take it easy, and its always for the better.
I am gonna be quite fine. I know. And my surname shall hence forth be somebody very famous you know.
ReplyDeleteAs for Anon, trust me i have thought of starting my brokerage firm so many times,.Thanks for the reminder. Are you all the above anons.
@Aco,i think i will change to CFC. Kenya needs a person of strong character and who is willing to live on strungi budget to make it.
@ak, thanks, cancer is better.
Kenyans reward mediocrity all the times and you wonder why we are so retrogressive!
@Udi, thanks. Majobhunting tena zimeanza.Ebu you toboa how you are Raila's nephew. I am waiting.
@Sammie, we need to exchange notes very soon.
@bankelele, thanks a lot. Be taking your advice. How do you change the account bTW?
@Nick, ooh dear. Wats happened? Ima get out of this place and i am sure they will not miss me.
Pole girl, the jobless train ain't the nicest place to be. Sometimes though, bad happenings may be a blessing in disguise...maybe as Anon sed this is an opportunity to channel that dissatisfaction. (No, for real, si we all need to grasp at the silver lining, no matter how awful things get).
ReplyDeleteAs for those stock brokers, not only are they brusque, at times bordering-on-plain-rude but a good number of them seem to have no idea in these fields they are supposedly 'experts'...
I know one or two who are quite good, though, my workmates have used them in the past.. if things get bad I cd hook you up :-)
Been there but what makes it better is God just tell him he has a wayof makingit more bearable as you tafuta and opening for you opportunities that you never thought about.
ReplyDeleteKeep your head up you too KM and Spidey!
Shiro, please do not forget that in every cloud there is a silver lining. Your disappointments will soon turn into appointments, keep looking at the bigger picture of your situation and dont lose focus and dont give up.
ReplyDeleteAs for brokers, I have seen its a common problem at least faced by most of us bloggers. I tried registering my own firm but I tell you its a task and a half. Political and NSE patronage counts. I was unsuccessful but I am trying a different approach. Once it works I will give those fake brokers a run for their clients.
I do believe in newspaper ads to an extent, maybe I am lucky to have had all my four jobs through the papers competitively. I keep off from parastatals and government positions. But its true in most instances its all on a 'Do you know anybody?' basis.
Good luck good girl and may God be with you.
p/s: Your bluish template is blurring my eyesight or is it my failing retina?
The storo is all to familiar... pole. It's sad to note that the same thing also happens here in the US. Learn to play the corporate game; it worked for me. Read; no illegal stuff like bribing... You'll make it make... take this experience to the next jobo you get. Best wishes!!!
ReplyDeleteAs for the stock broker, call up Mr Namu, formerly of Shah Munge, he's great!!!
Like most of us, when I left college I hustled. So hard. Not for a job, for internship. Tarmaced all over, looking for a place where I would donkey myself FOR FREE, and it was still like hitting a brick wall! Finally, I managed to get foot in the door of place where they milked me for all I was worth, before an opportunity presented itself...
ReplyDeleteThe worst part is, I keep seeing the sons and daughters of so and so, who is who, casually walking in as interns while on holiday break, walk out when they get bored, walk back in if holiday is too long, get paid for sitting in office looking pretty... and it's the private sector. And it's the way the corporate world is. And it sucks.
Refuse to be insignificant. Show them.
Shi,
ReplyDeleteNo, I am not all the Anons above. I was only one.
When I used to blog in the open world, you could have found me here: http://toboa.blogspot.com. I somehow got tired of that and I am currently building my home here:htp://www.porojo.com
I try my hand in NYSE (Wall Street), but tell you what? The New York Stock Exchange is full of 'Wanjuaji' and it is hard to make money here. PUTTING it away (if you know what I mean, is hard here). The kill can only be made in Nairobi.
Glad to know that you have thought of starting your own brokerage. Will you be the girl that connects the Kenyan diaspora with NSE?
Ring me up when you are finally done with opening your brokerage. Because I believe you could do that!
Think outside the box [Outside Taco Bun, we say here]. YES, Because you can.
If this sounds more than a comment, forgive me.
I am still there hanging on
ReplyDeleteWow, girl you've brought it all back to me. I tarmacked for ages in Nairobi, and it was one of the most demoralizing experiences of my life. Having excellent credentials, being so ambitious and determined, but being rejected day after day. It was soul-destroying. And then when I finally landed a miserable job, I was expected to work all hours of the day for a pittance! Thanks for that post. It's made me appreciate where I am now, and how far I've come. Keep your head up and keep going. You'll be fine. Be blessed.
ReplyDeleteHey gal!Hope you are still going strong.I tarmacked once and I know how hard it is but I am sure with your credentials and faith things will come up.To be on the safe side stop taking nice clothes on credit at Sunbeam!
ReplyDeleteAfter all is said & done, whats the diffn between Networking & Kujuana???
ReplyDeleteIs getting a hook-up wrong...esp if you also meet the qualifications?
Haiya kairetu, I could have sworn I left a comment here those days!! Anyway, I'll call you we have a drink. Im buying.
ReplyDeleteBy the way, that stockbrokerage idea might merit some thought.
Think outside the box.
Oh AND http://www.stevepavlina.com/blog/2006/07/10-reasons-you-should-never-get-a-job/
Read that article. Brilliant!
Thanks a lot people. Ms K, holla.
ReplyDeleteneva too late to wish you all the best.
ReplyDeleteopportunities are plenty and soon you shall be back.
cheers
Trust God to give you a wonderful job, at his own right time...I'll put you in my prayers :-)
ReplyDeletehi Shiroh ... sorry for the predicament ... and thanks a lot for telling me to stick to cpas ... it is sad to know that that should be the case in kenya ... that you should know someone in order to go anywhere ... and that you should so selfishly have to lose your job so that mr. fatandhappy can buy a mop for his palace ... many guys i know have already lost their jobs like that ... and the recent retrenchment at kbl really affected a lot of peeps ... it kinda makes me gloomy at times ... but with a girl of your determination am sure you'll come through it strong
ReplyDeleteinvestment ... tried buying the kengen shares ... am still in campo and so full of naivete ... hope i will learn more and reap all those rewards that the stock exchange claims it has
POle about the job thing. We have a long way to go before we get where we need to be. As long as there's tribal politics and a sucky economy, nepotism will countinue to be the rule not the exception. Don't worry I'm sure you'll find something soon.
ReplyDeleteWacha I keep you busy by tagging you.
It's sad. It's sad that people refuse to face reality. That they'd rather choose kinship over perfomance. Oh boy! and the way i am yearinging to finish school and then come work in kenya - and i know nobody.
ReplyDelete