[kictanet] Day 2 of 10:-BPO discussions, Legal and Regulatory Frameworks

[Bildad Kagai]

Am a novice when it comes to research based debates....but I do like  
due diligence. Mine is a practical example related to banking...for  
this case 'Money Process Outsourcing'. I am unable to transact  
specific deals with Barclays Kenya due to a horribly slow paperwork  
trail and irrelevant telephone calls to me that don't help the process.

In the meantime, a leaner less sophisticated 'branch' of the same bank  
(Barclays Seychelles) is able to give me a facility that allows me to  
do proper e-transactions including 'viewing but not transacting' my  
Kenyan accounts online. The manager in Victoria was at pains to  
explain to me why Kenya does not have such facilities. I did also ask  
him if an optic fiber submarine cable (Seychelles does not have any at  
the moment) was a factor in their long term business strategy, ....he  
did not think so.

Going back to the question posed by Catherine;

On Jun 3, 2009, at 2:50 PM, Catherine Adeya wrote:

>  is there something in our institutional framework that needs to be  
> addressed or have we got it right? If we have then what are we doing  
> wrong?

I would answer, yes.
1. Constricting policy on private sector or lack of the same could be  
the reason why Barclays Kenya is unable to offer me integrator  
services. Whether the submarine cable lands or not, I do not think its  
going to help Barclays Kenya offer me the services I get in Barclays  
Seychelles.
2. When I land at Mahe airport (at least KQ does that twice a week)  
offshore account opening banners and pamphlets are the first  
billboards that hit you. And you can open an offshore company and get  
all the necessary approvals and paperwork done in less than 48 hours.  
It takes another seven days to have your Barclays offshore account  
running and the minimum deposit to activate the account is a miserable  
500 bucks.

Now, that sounds like a Vision 2030 to me. Africans need not go to  
Cayman and Geneva for offshore banking so long as Barclays Seychelles  
continues getting their *** right. With regard to getting these  
services here in Nairobi when the submarine cable lands....I think I  
will lay back and wait to see what happens. For now, I will continue  
to outsource my banking requirements to Seychelles hopefully until  
2030 when that vision becomes a reality

You can learn more about this service at;

www.integrator.barclays.com

Seychelles
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