Banks’ plan to set up mobile money transfer platform stalls - Corporate News
Listers This is an interesting one. An excerpt from the story in the Business Daily:- The Business Daily has learned that KBA member banks submitted their product and system proposals to the CBK in July ahead of the planned August launch date, seeking approvals. Such authorisations, which are ordinarily issued after a maximum of one month, are however yet to be issued, delaying the launch of a product that promises to revolutionise the financial services sector. Read on:- http://www.businessdailyafrica.com/Corporate-News/mobile-money-transfer-plat... As a matter of public interest it would be interesting to know why there's been such a delay in the regulatory approval of such a game changing initiative for the banking sector. Anyone who has an inkling on the workings at the Central Bank? It seems to me that 7 months waiting for an approval is simply too long... Ali Hussein Principal Hussein & Associates +254 0713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim "Discovery consists in seeing what everyone else has seen and thinking what no one else has thought". ~ Albert Szent-Györgyi Sent from my iPad
This would definitely spur competition in mobile money Ali. It is also unprecedented on the part of banks and it is innovation that the Regulator should have room for. Relatedly, there is an emerging niche of startups-payment exchange apps- where users link the app to their debit card and they can easily exchange money among themselves. Some apps are completely free for the user while others charge a percentage. See this article comparing apps Square Cash, Venmo (owned by Paypal), Google Wallet and Paypal. A convenient cashless economy. http://www.wsj.com/articles/SB10001424052702304536104579558071421978060 2017-01-04 10:17 GMT+03:00 Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke>:
Listers
This is an interesting one. An excerpt from the story in the Business Daily:-
The *Business Daily* has learned that KBA member banks submitted their product and system proposals to the CBK in July ahead of the planned August launch date, seeking approvals.
Such authorisations, which are ordinarily issued after a maximum of one month, are however yet to be issued, delaying the launch of a product that promises to revolutionise the financial services sector.
Read on:- http://www.businessdailyafrica.com/Corporate-News/mobile-money- transfer-platform-stalls/539550-3505860-item-0-9h14j8/index.html
As a matter of public interest it would be interesting to know why there's been such a delay in the regulatory approval of such a game changing initiative for the banking sector.
Anyone who has an inkling on the workings at the Central Bank? It seems to me that 7 months waiting for an approval is simply too long...
*Ali Hussein* *Principal* *Hussein & Associates* +254 0713 601113 <+254%20713%20601113>
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim
"Discovery consists in seeing what everyone else has seen and thinking what no one else has thought". ~ Albert Szent-Györgyi
Sent from my iPad
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Hello All. The regulator should work with the banks to open that new space. Imagine the charges you incur to "download" cash from your bank account to your mpesa account. Then you still have to incur a charge to transfer that money to an individual or buy fuel with lipa na mpesa. I hope the banks' innovation can help eliminate that second layer of charges borne by consumers. Best! On Jan 4, 2017 10:18, "Ali Hussein via kictanet" < kictanet@lists.kictanet.or.ke> wrote:
Listers
This is an interesting one. An excerpt from the story in the Business Daily:-
The *Business Daily* has learned that KBA member banks submitted their product and system proposals to the CBK in July ahead of the planned August launch date, seeking approvals.
Such authorisations, which are ordinarily issued after a maximum of one month, are however yet to be issued, delaying the launch of a product that promises to revolutionise the financial services sector.
Read on:- http://www.businessdailyafrica.com/Corporate-News/mobile-money- transfer-platform-stalls/539550-3505860-item-0-9h14j8/index.html
As a matter of public interest it would be interesting to know why there's been such a delay in the regulatory approval of such a game changing initiative for the banking sector.
Anyone who has an inkling on the workings at the Central Bank? It seems to me that 7 months waiting for an approval is simply too long...
*Ali Hussein* *Principal* *Hussein & Associates* +254 0713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim
"Discovery consists in seeing what everyone else has seen and thinking what no one else has thought". ~ Albert Szent-Györgyi
Sent from my iPad
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet
Unsubscribe or change your options at https://lists.kictanet.or.ke/ mailman/options/kictanet/jkieti%40gmail.com
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 online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
participants (3)
-
Ali Hussein -
Grace Mutung'u (Bomu) -
John Kieti