Relating to Fintech and eCommerce, they are bringing on board millions into the digital space.
For newly initiated, financial inclusion may not necessarily be the main aim but to dispense and test models which may explain why financial literacy, consumer education and credit rating awareness is not at the forefront.
"The Association of Digital Financial Providers" (does such exist?) - should take that up as the individual firms may be too busy executing on their innovations, proving to researchers and investors.
The Americanization of fintech cited to be Kenyan startups is a topic that refuses to be discussed. While there are Kenyan versions locally, the ability to propel as their peers cannot be compared.
The bigger wave in Africa's local fintech is probably coming soon when China's interests shift into more than the obvious infrastructure.
While slips arise from even giants, and the counteroffers apology, what is to be expected of local SMEs?
We expect many slips to be overlooked, go unnoticed or remain undocumented.
Be blessed.
Regards/Wangari
Facebook apologized Monday for temporarily unblocking users that people had blocked on the social network—a glitch that could have affected more than 800,000 users. The company revealed the slip-up in a blog post, saying the bug affected users between May 29 and June 5.
When you block someone on Facebook, they’re unable to see anything you post. Because of the glitch, the people who were unblocked could see content that users shared with “friends of friends.” They could also use Facebook Messenger to contact people who had blocked them. They could not see content shared with friends only. They also could not refriend anyone who had blocked them.
Dear listers.Since the advent of Mpesa, Kenya has been recognized as Ground Zero for Mobile Money/Payments Innovation the world over. According to a World Bank report one in every ten human beings regularly using mobile money is a a Kenyan.Over the last few years Fintech (Financial Technology) has become all the rage. American startups are setting up in Kenya. The more common ones that we know are Branch and Tala who combined have raised over $150m of venture funds in the last few years. These two are mainly mobile lending platforms. Insuretech is taking root. Payment Platforms are proliferating. Banks are jumping onto the Fintech Bandwagon with mainstream banks like Barclays and HF Group launching their mobile lending apps. Equity Bank boldly announced a few weeks ago that they are building an API Bank. Banking as a Service as it were.Not to be left out, Blockchain and it’s offspring, Bitcoin is threading to complete the upheavals in the financial sector. On top of it all the government is playing catch up on regulation with the announcement of the Finance Bill 2018. See analysis from KPMG on this.To ponder:-1. Are we moving too fast? Is there a need to take a chill pill and reflect on the gains and achievements of the sector? Should we regulate lightly or heavily?2. Should we regulate and cap the mobile lending platforms? Are they playing a crucial role of financial inclusion or are they just loan sharks on steroids?3. How about the Credit Reference Bureaus? Are they stuck in a time warp or is the legislation in place encumbering them from innovation?4. Lastly is the BlockChain conversation being overhyped? And how do you separate the technology from the cryptocurrencies it spawns?Over to you Listers.Ali HusseinPrincipalAHK & Associates+254 0713 601113"We are what we repeatedly do. Excellence, therefore, is not an act but a habit." ~ AristotleSent from my iPad
Dear listers.Since the advent of Mpesa, Kenya has been recognized as Ground Zero for Mobile Money/Payments Innovation the world over. According to a World Bank report one in every ten human beings regularly using mobile money is a a Kenyan.Over the last few years Fintech (Financial Technology) has become all the rage. American startups are setting up in Kenya. The more common ones that we know are Branch and Tala who combined have raised over $150m of venture funds in the last few years. These two are mainly mobile lending platforms. Insuretech is taking root. Payment Platforms are proliferating. Banks are jumping onto the Fintech Bandwagon with mainstream banks like Barclays and HF Group launching their mobile lending apps. Equity Bank boldly announced a few weeks ago that they are building an API Bank. Banking as a Service as it were.Not to be left out, Blockchain and it’s offspring, Bitcoin is threading to complete the upheavals in the financial sector. On top of it all the government is playing catch up on regulation with the announcement of the Finance Bill 2018. See analysis from KPMG on this.To ponder:-1. Are we moving too fast? Is there a need to take a chill pill and reflect on the gains and achievements of the sector? Should we regulate lightly or heavily?2. Should we regulate and cap the mobile lending platforms? Are they playing a crucial role of financial inclusion or are they just loan sharks on steroids?3. How about the Credit Reference Bureaus? Are they stuck in a time warp or is the legislation in place encumbering them from innovation?4. Lastly is the BlockChain conversation being overhyped? And how do you separate the technology from the cryptocurrencies it spawns?Over to you Listers.Ali HusseinPrincipalAHK & Associates+254 0713 601113"We are what we repeatedly do. Excellence, therefore, is not an act but a habit." ~ AristotleSent from my iPad