Monday, April 14, 2008

E-government and privacy

Online IPO Registrations I applied online for my Safaricom IPO shares.

There’s the offical site for the IPO registration that is very easy to use. Just type in your CDS number and ID number and ID/ passport number (that you used to open the CDS account) to get started ( it’s an indictment for investor education initiatives by the CMA that there are leaders and executives who still don’t know what a CDS account) - and you get all your information like contact information, select your stockbroker, how you want your refunds and dividends to be handled etc.

Some Kenyans, may find it unnerving to see their information in an online public database, like having Safaricom know where you are . The Electoral commission of Kenya (ECK) enabled online verification of vote registration (I checked and confirmed mine online, but it was missing from the voting day roll) in one of the many positive things they did before the election, and the Kenya Revenue Authority (KRA) which utilizes the internet for some clearing & forwarding processes ahs also promised to enable online tax filing and driver license.

Econet hiring Econet mobile has promised to launch services by August 2008, with new partners Essar. They even advertised for some jobs in the Friday paper, something they have done several times before. Hopefully the company will become operational and the jobs materialize


sunnykay said...

Hey Bankelele, How E-Government seems to be embraced by many govts, including ours, I wonder how many people know that they can do a lot more than email online.
Plus, having info online may not be as intrusive as here where anyone can tell you, when someone obtains your ID(SSN) you are at their mercy and your whole future can turn upside down.
Never having thought about this in KE, I am very conscious of the benefits of online actions but I would be more conscious of the security of the data esp for these sites.Interested in your comments on E-Government and where KE is on the learning curve.

Anonymous said...

I called my broker (Suntra) and they say even if I apply online I will still have to print the form and take it to them 'so they can have something to attach'. What is the advantage of applying online then?
I thought as long as I have given the broker the money and filled the form online they would just transfer the money as required?!

Anonymous said...

Given that the Zimele unit trust has gone down to 4 bob (from Ksh.5.5 in Dec) in this IPO time, is it a good idea to buy in for a quick appreciation in value post-IPO? Would this be better than getting a tiny allocation in the IPO?

MainaT said...

Banks, I see you succumbed to the lure of the IPo :-)

M said...

My problem with that site is that it's not clear
1) Who runs it
2) Where the data is stored
3) What they will do with that data.

You realize those guys now have a very comprehensive database of people's personal details, CDs numbers.

With this in mind just go and read the disclaimers and privacy policy. I especially like the part where they talk about their 'affiliates'. Who are these? For all we know it could be Mungiki!!!

With something this sensitive there should be someone willing to step up and take responsibility in case of any mishaps

bankelele said...

Sunnykay: It’s a nice start; I’ll go through the whole online process to see how it ends up. Identity theft is not a big matter here yet, but credit cards are routinely stolen/copied

MainaT: Yes I did, I don’t want to feel like a sucker if the share goes to 7 or 10. Overall investment is quite small, and I intend to increase after IPO

M: Very valid questions. I think it is Morgan Stanley who set up the online facility, (but they were only in chare of the international side). Let me read the disclaimer which I (of course) clicked through/signed without reading.

tumwijuke said...

My government's progression to e-governance is pitiable, to say the least. Apart from a few functions regarding the Uganda Revenue Authority, there is little else on offer. The government spent millions in 'migrating to the worldwide web' and has done little more than use it as a PR platform - a bad PR platform. It's too bad.

I long for the day when I can do more than read about where the Mayor of Kampala spent his vacation and the numerous visitors the Ministry of Transport ahs received.


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