[kictanet] PRE KIGF ONLINE DISCUSSIONS DAY 4 -FINTECH ECOSYSTEM IN KENYA

Sat Jul 1 16:21:05 EAT 2017

Thanks for sharing this Ali.
On Jul 1, 2017 8:01 AM, "Ali Hussein via kictanet" <
kictanet at lists.kictanet.or.ke> wrote:

> The World Economic Forum has just released a white paper on a Blockchain:-
>
> The future of financial infrastructure: An ambitious look at how
> blockchain can reshape financial services
>
> The transformation of the financial services industry is top-of-mind for
> everyone in the field and blockchain might be the hottest topic in the
> rapidly changing world of Fintech. But how can this technology really help
> financial firms? This report from World Economic Forum takes a pragmatic
> approach to answering this question.
>
> Read on:-
>
> https://www.weforum.org/reports/the-future-of-financial-infrastructure-an-
> ambitious-look-at-how-blockchain-can-reshape-financial-services
>
> *Ali Hussein*
> *Principal*
> *Hussein & Associates*
> +254 0713 601113
>
> Twitter: @AliHKassim
>
> Skype: abu-jomo
>
> LinkedIn: http://ke.linkedin.com/in/alihkassim
>
> "We are what we repeatedly do. Excellence, therefore, is not an act but a
> habit."  ~ Aristotle
>
>
> Sent from my iPad
>
> On 30 Jun 2017, at 6:39 PM, Admin CampusCiti <info at campusciti.com> wrote:
>
> I would focus my conversation today on an enabling policy
> environment/Framework that will foster growth in this sector. What we are
> currently doing is playing in the periphery..
>
> 1. A new law needs to be enacted yesterday to enable Africa's first
> virtual bank to be born in Kenya. Not Nigeria. Not South Africa. This is
> the birth place of Mpesa for crying out loud! Where we account for 10% of
> ALL GLOBAL MOBILE MONEY TRANSACTIONS! Yet we have a policy and regulatory
> regime that is still steeped in the physical cash economy. I hope that the
> new government coming in - Jubilee, NASA, KASA or whatever other acronym
> comes to power recognizes these simple truth -
>
> - We don't visit banks anymore.
> - We don't line up at Kenya Power, Nairobi Water or other utilities to pay
> our bills.
> - we don't send money via Rift Valley express, Coast Bus or Posta.
> - we even pay our taxes virtually..
>
> We simply mpesa or pesalink..
>
> So how come the environment to do these simply are archaic from a
> regulatory point of view.
>
> Try for example to get a mobile wallet approved by the regulator...
>
> 2. A Sovereign Fund to pour money into this sector and nurture the next
> Global Fintech behemoth.
>
> We need to consolidate our gains by opening up the policy and regulatory
> framework to make it easy and fast to move to the next phase of this
> Fintech Innovation.
>
> *Ali Hussein*
> *Hussein & Associates*
> +254 0713 601113 / 0770906375
>
> Twitter: @AliHKassim
>
> Skype: abu-jomo
>
> LinkedIn: http://ke.linkedin.com/in/alihkassim
> <http://ke.linkedin.com/in/alihkassim>
>
> Blog: www.alyhussein.com
>
> "Discovery consists in seeing what everyone else has seen and thinking
> what no one else has thought".  ~ Albert Szent-Györgyi
>
> Sent from my iPad
>
> On 30 Jun 2017, at 4:19 PM, Watila Alex via kictanet <
> kictanet at lists.kictanet.or.ke> wrote:
>
> Good afternoon,
>
> Kenyan banks seem to be playing a catch up game to mpesa in the area of
> mobile banking.
>
>
>
> I have been watching with interest their introduction of pesalink.
>
> ·         Banks are actually not charging any transaction costs when you
> transfer money between accounts in the same bank
>
> ·         You can buy more M-AKIBA bonds on pesalink then when you use
> mpesa.
>
>
>
> *What is PesaLink?*
>
> *PesaLink is a money transfer service from a local Kenya Shillings bank
> account to another local Kenya Shillings bank account in real-time. It is a
> collaboration between all local banks who are members of the Kenya Bankers
> Association (KBA) and is managed by Integrated Payment Services Limited
> (IPSL) which is a subsidiary of KBA. PesaLink is real-time, available 24/7
> and you can transfer from as low as KES 10 to as high as KES. 999,999. It
> is also safe since it eliminates the use of cash as a mode of payment.*
>
>
>
> *https://ipsl.co.ke/pesalink/ <https://ipsl.co.ke/pesalink/>*
>
>
>
> Best Regards,
>
>
>
> Alex
>
>
>
>
>
> *From:* kictanet [mailto:kictanet-bounces+awatila=yahoo.co.uk at lists.
> kictanet.or.ke <kictanet-bounces+awatila=yahoo.co.uk at lists.kictanet.or.ke>]
> *On Behalf Of *Erick Mwangi via kictanet
> *Sent:* Friday, June 30, 2017 12:51 PM
> *To:* awatila at yahoo.co.uk
> *Cc:* Erick Mwangi <erick.mwangi at gmail.com>
> *Subject:* Re: [kictanet] PRE KIGF ONLINE DISCUSSIONS DAY 4 -FINTECH
> ECOSYSTEM IN KENYA
>
>
>
>
>
>
>
> The Uber snakes it away in the Nairobi morning traffic along Mombasa road
> - half asleep in the back seat, the city seeps through the car in a
> partially wound down window. The morning air is warm and as always the city
> is alive and awake.
>
>
>
>  Its hard to imagine 15 years ago I travelled this same route to the
> airport in a Matatu that had twigs on either side which stopped twice to
> ask for directions. Now the driver knows where I am going, knows the
> fastest routes and within 10min I have already transacted severally through
> mpesa and now on a conference call.
>
>
>
> Technology gains can only be best understood through story telling.
> Fintech is definitely here with us.
>
>
>
> *1. Is the business environment in Kenya conducive for FinTech business?*
>
> Yes Certainly - Disruption as it turns out, is as much a form of social
> evolution as it is of technological improvements. We are
> all evolving socially and otherwise.
>
>
> *3. Have banks finally caught on FinTech with their solutions?*
>
> I think Banks are catching up on this technology as they continue
> to understand it better. Its however quite clear banks will lead on this
> and not the Fintechs as much touted.
>
>
> *4. How will bitcoins & block chain technology affect the market?*
>
> When you speak with someone in the Bitcoin community, their is only one
> thing mentioned - as was during the dot. come era. In every conversation
> "Bitcoin is here and will change everything". What all those
> Crypto-pundits fail to remember or read about is at the beginning of the
> dot.com boom there were Netscape, Yahoo, AOL, Lycos Alsta Vista etc. the
> outcome yielded different winners: Amazon Google, Salesforce etc.
>
>
>
> Again, as with dot.com there is something the larger public don't
> understand. While the media mulls over Bitcoin and and gives credence to a
> slew of people proclaiming a "decentralised network that no one will own"
> to a naive public and convincing them to dump millions into "ICO", there is
> something else happening. Consider FAAMG (Facebook, Apple, Amazon,
> Microsoft, Google) do you think its a coincidence they are major
> deployments for many Blockchain networks?
>
>
>
> As with previous games the winners are already taking in massive rewards
> because they are already hooked into an existing IT and
> Banking Infrastructure. Currently investments are only flowing into
> Blockchain infrastructure that must be enterprise grade. Same as the
> Internet didn't make IT departments irrelevant, Blockchain will not replace
> IT departments. What will change is the speed and types of skillset needed
> in it. There will be no immediate shift to everything Blockchain  - there
> will be long periods of co-existing and integration with existing IT
> systems. However Blockchain will lead to a strong surge in cloud adoption.
>
>
>
> The consequence of Blockchain among consumers will be most felt in
> Infrastructure were developments relating to Identity, Privacy and Security
> are taking shape.
>
>
>
> I don't think Bitcoin has a future
>
>
>
>
>
>
> E Njoroge Mwangi
>
> Technology| FINTECH | Big Data
>
>
>
> Cell +44 7539372742
>
> Skype: Erick.mwangi
>
>
>
> On Fri, Jun 30, 2017 at 9:01 AM, Francis Monyango via kictanet <
> kictanet at lists.kictanet.or.ke> wrote:
>
> Morning,
>
>
>
> Fintech seems to be technical but because we are all involved in it one
> way or another, we definitely have lessons and opinions on what needs to be
> done.
>
>
>
> *1. Is the business environment in Kenya conducive for FinTech business?*
>
> *My answer would be yes. Yes because our internet penetration levels are
> really high compared other African states. Keeping in mind how mobile money
> has also picked up, there is definitely a conducive environment for
> fintech.*
>
>
> *3. Have banks finally caught on FinTech with their solutions?*
>
> *Banks have not really caught up but they are trying to blend their
> products with technological solutions. The wake up call seems to be when
> interest rates were capped.*
>
>
> *4. How will bitcoins & block chain technology affect the market?*
>
>
>
> *Crypto currencies such as bitcoin have started being hyped by block chain
> enthusiasts. However, the moment CBK will recognise it, it's true effect
> will be seen.*
>
>
>
> On 30 Jun 2017 08:24, "Rosemary Koech-Kimwatu via kictanet" <
> kictanet at lists.kictanet.or.ke> wrote:
>
> Dear Listers,
>
>
>
> Our discussion topic today is the FinTech Ecosystem. Kenya is the
> birthplace of some of the most revolutionary FinTech ideas and today we
> will try to answer the following questions:-
>
>
>
> *1. Is the business environment in Kenya conducive for FinTech business?*
>
>
> *2, What is the experience of companies scaling &
> deploying FinTech to other countries in the region?*
>
>
> *3. Have banks finally caught on FinTech with their solutions?*
>
>
> *4. How will bitcoins & block chain technology affect the market?*
>
>
>
>
>
> Looking forward to a great discussion!
>
>
>
> --
>
> Rosemary Koech-Kimwatu
>
> Advocate -FinTech and ICT Policy
>
> Head of Legal and Regulatory Affairs-Wayawaya
>
> Tel: +254 718 181644 <+254%20718%20181644>
>
>
>
>
>
>
>
>
>
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> sector in support of the national aim of ICT enabled growth and development.
>
> KICTANetiquette : Adhere to the same standards of acceptable behaviors
> online that you follow in real life: respect people's times and bandwidth,
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> The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform
> for people and institutions interested and involved in ICT policy and
> regulation. The network aims to act as a catalyst for reform in the ICT
> sector in support of the national aim of ICT enabled growth and development.
>
> KICTANetiquette : Adhere to the same standards of acceptable behaviors
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