tag:blogger.com,1999:blog-9317825.post6394178729565339905..comments2023-10-30T15:29:59.720+03:00Comments on Bankelele: Bank’s Need to Embrace MPesabankelelehttp://www.blogger.com/profile/01180926084939364063noreply@blogger.comBlogger17125tag:blogger.com,1999:blog-9317825.post-20340085856404769312009-01-13T19:07:00.000+03:002009-01-13T19:07:00.000+03:00What is the security of MPESA,What is the security of MPESA,Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9317825.post-91099693380397876962009-01-08T19:36:00.000+03:002009-01-08T19:36:00.000+03:00With the passing of Kenya communications amendment...With the passing of Kenya communications amendment bill (2008) Safaricom will now pay its shareholders through MPESA,yet another chance for Safaricom to deny the banks much needed deposit. There is no way money deposited in MPESA account will find its way in a bank vault.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9317825.post-6774209939454847822008-12-31T17:29:00.000+03:002008-12-31T17:29:00.000+03:00Actually I would say it is regulation. Bankers are...Actually I would say it is regulation. Bankers are regulated by the Central Bank while telecoms are regulated by the CCK.<BR/><BR/>We are yet to have (although sources indicate we could soon) a Financial Services Authority like the FSA in the UK.<BR/>(www.kenyaaudit.blogspot.com)<BR/>Such a body would ideally not regulate people or organizations or sectors but PRODUCTS AND SERVICES.<BR/><BR/>With a service like M-PESa which is so far ahead of the curve that no regulation exists anywhere in the world to borrow notes from, you can understand the inertia our local regulators.<BR/><BR/>Additionally, until the President signs the Kenya Communications (Amendment) Bill into law, banks will be reluctant to engage in commerce that is not protected by any law.<BR/><BR/>As it exists now, the Evidence Act does not recognize electronic evidence.<BR/><BR/>But the KCA bill seeks to introduce electronic signatures and digital certification services.<BR/><BR/>Until then, Banks may just resort to these underhand tactics.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9317825.post-85518421936188178792008-12-31T17:11:00.000+03:002008-12-31T17:11:00.000+03:00Ssembonge: You are mistaken...YOUR bank might give...Ssembonge: You are mistaken...<BR/><BR/>YOUR bank might give you instant credit BUT banks are allowed 2-5 working days before they make your funds available depending on where the drawer's bank is located vis-a-vis yours.<BR/><BR/>Some US banks provide 'instant' credit based on your credit history, relationship, amount of the chq, etc. This 'trust' is earned.<BR/><BR/>BTW, some cheques e.g. Fed & State chqs get next day availability by law in most (if not all) states.<BR/><BR/>Some Kenyan banks will do the same especially the smaller banks that know/trust the customer. Of course, the bank will look at your history as a customer e.g. minimal bounced chqs, amount of the chq, overall banking relationship...coldtuskerhttps://www.blogger.com/profile/11310224592572460759noreply@blogger.comtag:blogger.com,1999:blog-9317825.post-59002604509618577442008-12-31T17:01:00.000+03:002008-12-31T17:01:00.000+03:00You guys are missing the crucial questions:Are the...You guys are missing the crucial questions:<BR/><BR/>Are there different sets of laws/regulations for banks & M-Pesa for the money transfer business?<BR/><BR/>If yes, why?coldtuskerhttps://www.blogger.com/profile/11310224592572460759noreply@blogger.comtag:blogger.com,1999:blog-9317825.post-28913817366244555942008-12-31T14:19:00.000+03:002008-12-31T14:19:00.000+03:00i think that the media in kenya are often misused ...i think that the media in kenya are often misused by politicians.. michuki looked like he had a score to settle even when he put out his comments on mpesa.. either that or he knows more than he is telling.... like ktn and those one year after the fact stories yesterday... any comments anyone.. put them on my blog.. www.panderosa.blogspot.comadam cartwrighthttps://www.blogger.com/profile/14470184193988729874noreply@blogger.comtag:blogger.com,1999:blog-9317825.post-20854754524323670232008-12-31T09:40:00.000+03:002008-12-31T09:40:00.000+03:00Kenyan banks have a long way to go as far as provi...Kenyan banks have a long way to go as far as providing service. It may be that the banking laws are outdated but their operations are sub-par. A good example is the cashing of yourc check. In the US, the funds are made available the moment you bank the check and you can actually cash the check over the counter.The Black Mambahttps://www.blogger.com/profile/13093261923557991519noreply@blogger.comtag:blogger.com,1999:blog-9317825.post-68703783373904579112008-12-31T08:32:00.000+03:002008-12-31T08:32:00.000+03:00Why use mpesa for laundering when we have hundreds...Why use mpesa for laundering when we have hundreds of convenient CASINOS?<BR/><BR/>Walk into any Casino in Kenya and look around you. <BR/><BR/>I don't see MPs gambling... Who else gets easy money - if not gangsters and politicians? <BR/><BR/>Who are these rich folks who can afford to lose millions every day? <BR/><BR/>Mpesa is teeny weeny and irrelevant compared CASINOS - thats where it all happens.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-9317825.post-60914070194988144742008-12-31T04:58:00.000+03:002008-12-31T04:58:00.000+03:00people used to launder money using western union $...people used to launder money using western union $500 dollars at a time, until the patriot act came along. so definitely mpesa is an avenue. but me thinks that should be the least of GOK's concerns they have bigger issues to deal withAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-9317825.post-5806285707434450392008-12-30T20:21:00.000+03:002008-12-30T20:21:00.000+03:00the reason cbk and the ministry are yelling so lou...the reason cbk and the ministry are yelling so loud is because they cannot monitor transactions... as far fetched as it sound this thing could actually work... as long as you control m-pesa, what is to stop you from running you r cash through it at whatever amounts... may be not in the form we are thinking about it right now but as usual we will find out six or seven years after the bargain... the main reason i quoted charter house.... they actually laundered billions for nakumatt before the cbk caught on. paying off people quietly has taken years. but at least the cases are dying away quietly.... remeber, michael joseph actually owns several acres down in lewa, inside the conservancy, he lives close to ian craig.. that palce is a hunting club....just open ua mind.. ps these are not accusations, they might be a lot of hot air but me thinks we should be asking about mobitelea again. just think of the safaricom dividend. billions. with western union now in the mix... where this thing stops is anyones guess. imaginantiv her.adam cartwrighthttps://www.blogger.com/profile/14470184193988729874noreply@blogger.comtag:blogger.com,1999:blog-9317825.post-57723260571698656712008-12-30T17:47:00.000+03:002008-12-30T17:47:00.000+03:00adam: good points, as you know m-pesa is owned by ...adam: good points, as you know m-pesa is owned by vodafone who have licensed it to safaricom - maybe more (local) processing centres would be in order?<BR/>- on laundering, i disagree, it's too cumbersome to repeat $500 transacations each time!bankelelehttps://www.blogger.com/profile/01180926084939364063noreply@blogger.comtag:blogger.com,1999:blog-9317825.post-59857172963542639952008-12-30T16:00:00.000+03:002008-12-30T16:00:00.000+03:00by the way i am trying to get my blog www.panderos...by the way i am trying to get my blog www.panderosa@blogspot.com back in business.... a few pointers anyone....adam cartwrighthttps://www.blogger.com/profile/14470184193988729874noreply@blogger.comtag:blogger.com,1999:blog-9317825.post-12999257936146797082008-12-30T15:58:00.000+03:002008-12-30T15:58:00.000+03:00you know m-pesa is like aboon to many kenyans but...you know m-pesa is like aboon to many kenyans but several issues.... it is housed in sky scraper in britain, where a server cues the transactions realtime. it is like equity bank which has one back office for most of its new branches where all transaction are relayed before being transitted relatime to the front office or branch where the customer is.<BR/><BR/>while michuki was alrmist, a five minute hitch for m-pesa means a queue of transactions that is almost three days long as, the company sorts out the threads...knowing kenya and how companies like nakumatt and charter house operated in the wide open air, it would be possible to launder money through m-pesa, note that 1. anyone can own a lie, even though you present identification, there is the atm function and if done cosnsistently doesnt raise a red flag. one person can operate ten different m-pesa accounts. but i think the service is a blast... kudos safaricom....adam cartwrighthttps://www.blogger.com/profile/14470184193988729874noreply@blogger.comtag:blogger.com,1999:blog-9317825.post-40851215965145161102008-12-30T09:23:00.000+03:002008-12-30T09:23:00.000+03:00Daniel Waweru: It's the 'unbanked' who have made M...Daniel Waweru: It's the 'unbanked' who have made M-pesa, but more 'banked' are realsing its potential<BR/><BR/>Ka-investor: We (They) are risk averse, things liek e-banking have been put on the back burner, whiel many of the phone banking products are too expensive<BR/><BR/>MainaT: will check out the SK thread.<BR/>(This time Equity could also be on the receiving end)bankelelehttps://www.blogger.com/profile/01180926084939364063noreply@blogger.comtag:blogger.com,1999:blog-9317825.post-79176243433663915852008-12-30T09:06:00.000+03:002008-12-30T09:06:00.000+03:00We had a fairly tedious discussion at stockskenya ...We had a fairly tedious discussion at stockskenya on this issue http://www.stockskenya.com/newsite/stkForumTopic.aspx?stk=1005&top=11322.<BR/>It boils down to the banks waiting for 18months to get someone (who is probably too old to appreciate what mpesa is doing?) instead of embracing or bringing in substitutes (as Equity has done).MainaThttps://www.blogger.com/profile/12266497232119983697noreply@blogger.comtag:blogger.com,1999:blog-9317825.post-66051514312426908952008-12-29T21:42:00.000+03:002008-12-29T21:42:00.000+03:00great analysis. Banks are being too rigid and non-...great analysis. Banks are being too rigid and non-receptive to something that has been accepted by amolst all of their target customers. the most logical thing for them to do is help m-pesa conform to the said regulations and partner with it. no mater what they do, m-pesa is here to stay. it represents change we can believe in and no one can stop it now.kainvestorhttps://www.blogger.com/profile/18134557216145222316noreply@blogger.comtag:blogger.com,1999:blog-9317825.post-26855666066218772542008-12-29T18:59:00.000+03:002008-12-29T18:59:00.000+03:00Banks,Fantastic post as ever. The banks are being ...Banks,<BR/><BR/>Fantastic post as ever. The banks are being unimaginative: you'd think they would figure out a way to make money off mpesa themselves?Daniel Waweruhttps://www.blogger.com/profile/03823498765657620266noreply@blogger.com