There is alot that banks can do to embrace the mobile technology. This can only help them penetrate the areas of the market that they have not tapped and those areas are not viable to put up structures. I recall Mobile banking in Kenya back in the 60's and 70 where they had 4wd vieciles going to rural areas to meet the needs of the people. Now what they want is for you to come to them. Since we are soo busy and the banking halls are ovver crowded the time it take to make a simple transaction can cost you more than the transaction itself. Regulations are good to keep the check and balances however the check come as time goes and as users drive needs. As I see it here are some basic things that the banks are doing but could do more to get a share of the pie<br>
<h3 class="sectiontitle">Features of Mobile Banking</h3>
<p class="paragraph">As an Online Banking customer, you can use Mobile Banking to:</p>
<ul class="grey-bullet"><li class="standard-text">Access
your checking, savings, credit card, mortgage, line of credit, loan,
and other accounts with your and its affiliates</li><li class="standard-text">Pay your bills anywhere, anytime</li><li class="standard-text">Transfer funds immediately to any other account</li><li class="standard-text">Locate banking centers or ATMs, along with maps and directions</li>
</ul>
<h3 class="sectiontitle">Mobile Banking Security</h3>
<ul class="grey-bullet"><li class="standard-text">Your personal information is protected by advanced encryption technology to prevent unauthorized access</li><li class="standard-text">We are committed to protecting the privacy of your financial information.</li>
<li class="standard-text">0Ksh Liability online banking garantee ensures you're not responsible for any unauthorized transactions</li><li class="standard-text">Use of software and services from organizations like SiteKey® to verify your identity as we do for Online Banking, providing an extra layer of security for your peace of mind</li>
<li class="standard-text">Never transmit account number information</li></ul>
<h3 class="sectiontitle">Important Details</h3>
<p class="paragraph">Before using Mobile Banking, please note:</p>
<ul class="grey-bullet"><li class="standard-text">Your cell phone must be on the list of supported devices</li><li class="standard-text">Information such as payees or account numbers may appear truncated on the screen of your phone</li>
<li class="standard-text">All transfer and Bill Pay payees must be set up in Online Banking prior to making payments or transfers in Mobile Banking</li><li class="standard-text">Terms and conditions applicable to Online Banking apply to Mobile Banking</li>
<li class="standard-text">You
will be charged access rates depending on your carrier. Check with your
service provider for details on specific fees and charges.</li></ul><br>Thanks<br>Stephen Mwangi<br><br><br><div class="gmail_quote">On Tue, Oct 21, 2008 at 6:31 PM, Titus Njoroge <span dir="ltr"><<a href="mailto:titonjoroge@gmail.com">titonjoroge@gmail.com</a>></span> wrote:<br>
<blockquote class="gmail_quote" style="border-left: 1px solid rgb(204, 204, 204); margin: 0pt 0pt 0pt 0.8ex; padding-left: 1ex;">Banks are what i would call a "Protectionist" society... they see something that is very innovative, which is very good for the customer. However, instead of promoting it and using technology to enhance their operations, they look at it as a threat to their operations.<br>
<br>I think banks should be going Equity's way - they complement technology - their products are based on technology and they dont fight it. I agree that M-transactions need to be policied, but in such a way that these policies/regulations benefit the consumer. <br>
<br>As a consumer, i believe in a free world, where i can move easily with as few restrictions as possible, to the service provider who meets my requirements, with least risk possible. <br><br>My 2 cents thoughts.<br><br>
Regards,<br>Titus.<br><br><div class="gmail_quote">2008/10/21 John Maina <span dir="ltr"><<a href="mailto:j.maina@ymail.com" target="_blank">j.maina@ymail.com</a>></span><br><blockquote class="gmail_quote" style="border-left: 1px solid rgb(204, 204, 204); margin: 0pt 0pt 0pt 0.8ex; padding-left: 1ex;">
<div><div></div><div class="Wj3C7c">
<div><div style="font-family: times new roman,new york,times,serif; font-size: 12pt;"><div>Lizette and wainaina<br><br>Banks in this country never invest in innovation.<br><br>They invest on alot of research but never innovation. Where were they when Safaricom was researching and investing on technology? regulatingg MPESA will be so catastrophic. It should just be policed but not regulated and I believe thaat if at all Bw. Njuguna and PS. Ndemo are going to fall for the tricks of these banks then we are in for intersting times.<br>
<br>Banks must invest in innovation and they can easily get to Kenyan universities and sponsors competitions which will bring very much good results.<br><br>JM<br></div><div style="font-family: times new roman,new york,times,serif; font-size: 12pt;">
<br><div style="font-family: times new roman,new york,times,serif; font-size: 12pt;"><div>----- Original
Message ----<br>From: Lizette Kraft <<a href="mailto:lfkraft@gmail.com" target="_blank">lfkraft@gmail.com</a>><br>To: <a href="mailto:j.maina@ymail.com" target="_blank">j.maina@ymail.com</a><br>Cc: KICTAnet ICT Policy Discussions <<a href="mailto:kictanet@lists.kictanet.or.ke" target="_blank">kictanet@lists.kictanet.or.ke</a>><br>
Sent: Tuesday, October 21, 2008 2:26:29 PM<br>Subject: Re: [kictanet] Kenya's Banks ask for regulation on Mobile Money Transfers<br><br>
<div>Hey what's up with these Banks who give their customers a real raw deal anyway!! The banks have never done anything for the people other than use them! Now they want to crush the one system that helps and allows the rich and the poor and marginalised to send funds without having to pay the drastic fees the banks charge. Everytime there is something that works for the masses and not just the priviledged there is an uproar to defeat the purpose!! The banks need the competition so they can learn to respect all. People in business in Kenya have for too long ripped off the wanainchi and they will have to learn to respect the consumers. Good on CBK not to agree bring M-Pesa and the like under their ACT. It shouldn't be allowed to operate without rules and regulations of course, to protect peoples money but we should do all possible to help technology take root that can help the people. My opinion entirely!</div>
<div> </div>
<div><br><br> </div>
</div><div><div><div></div><div><span class="gmail_quote">On 10/18/08, <b class="gmail_sendername">alice</b> <<a rel="nofollow" href="mailto:alice@apc.org" target="_blank">alice@apc.org</a>> wrote:</span>
</div></div><blockquote class="gmail_quote" style="border-left: 1px solid rgb(204, 204, 204); margin: 0px 0px 0px 0.8ex; padding-left: 1ex;"><div><div></div><div><br> (From Balancing Act)<br><br><br>
<br> Kenya's Banks ask for regulation on Mobile Money Transfers<br>
<br>The banking fraternity is crying foul over what it described as unfair<br>and increasing competition from money transfer operators. The industry<br>says the operators are enjoying privileges similar to those extended to<br>
deposit taking institutions despite not being covered by the same<br>regulatory regime.<br><br>"Currently, there is no legal framework within which these entities<br>provide their services despite behaving like current account<br>
institutions," says John Wanyela, executive director of the Kenya<br>Bankers Association. "If these operators want to join the financial<br>sector, they have to be properly licensed."<br><br>The bankers are calling on the government to subject the services to<br>
prudential regulations "for robust and secure movement of funds across<br>the economy." Under the proposed guideline, the services will have to be<br>supervised by a specialised financial regulatory authority that will<br>
oversee their financial soundness and stability.<br><br>Currently, the two leading mobile phone service providers - Zain and<br>Safaricom - are offering money-transfer services in the country under<br>Sokotele and M-Pesa brands respectively. Like other deposit takers, the<br>
bankers association wants the mobile cash transfer operators restricted<br>on how much deposits they can take.<br><br>To avert undue competition with the banking fraternity, Wanyela says,<br>M-Pesa and Sokotele services have to meet the capitalisation requirement<br>
as stipulated in the Banking Act. According to the Act, a deposit taking<br>institution should maintain a minimum capitalisation of Ksh250 million<br>($3.5 million).<br><br>This is however expected to double come December next year before<br>
hitting Ksh1 billion ($14.2 million) by 2010 after capitalisation<br>requirements were amended in this financial year's budget. The bankers<br>also say the "digital money" has implications for the conduct of<br>
monetary policy by the Central Bank of Kenya.<br><br>To control inflation levels in the country, CBK continuously monitors<br>the amount of money in circulation, mainly in the hands of people and<br>commercial banks. With the monies in circulation, CBK is in a position<br>
to maintain a reserve money target and, therefore, intervene to control<br>inflation. Observers say it is this huge amount of money circulating<br>electronically that has defeated CBK in the fight against inflation.<br><br>
Wanyela says it is time the government stepped in to ensure M-Pesa and<br>Sokotele services are regulated before "something goes wrong." Debate<br>has been rife on who should regulate the mobile phone money transfer<br>
operators, with some arguing that the CBK should be party to the<br>issuance of guidelines as "part of M-Pesa and Sokotele services fall<br>under the national payments system."<br><br>Fundamentally, the two mobile operations are guided by the<br>
Communications Commission of Kenya. Early last month, CBK said it had no<br>intention of bringing the mobile cash transfer services under the<br>Banking Act.<br><br>It claimed that treating the money transfer services under the Act may<br>
impede competition in sector that is still at its infancy in a country<br>whose majority population has limited access to financial services.<br><br><br>Safaricom statistics show that as at the end of the first quarter of<br>
this year, more than Ksh3.1 billion ($44.2 million) had been<br>transferred. From its launch in March 2007 till May this year, the<br>service has facilitated the transfer of more than Ksh23.77 billion<br>($339.5 million).<br>
(Source: The East African)<br><br>For further information on mobile payments in Africa purchase Balancing<br>Act's report "M-Money - Finances, Banking and Payments through mobile<br>phones"<br><br><br><br>
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</blockquote></div><div><br><br clear="all"><br>-- <br>Lizette Kraft<br>P.O. Box 18488, 00500<br>Nairobi, Kenya<br>Cell: 0722-800362
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