Kenya IGF Online Discussions. Day 3. Developments in Fintech and E-commerce
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. https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis... 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 Hussein Principal AHK & 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
Hi Ali, With regard to the question of mobile money lending, it is a subset of micro finance in many ways. It definitely leads to more financial inclusion for the unbanked and provides credit to those who would normally not be targeted by banks. However, the interest rates are sometimes so high that one wonders if the goal is financial inclusion or bondage through credit. There needs to be more transparency by the lending apps not only about their rates but how these are derived, what data they hold and for how long. The money lending apps are also marketed in isolation from other important information that one needs in order to make the most out of credit. In comparison to microfinance for example, the institutions take time to educate borrowers about finance, business plans, loan repayment plans etc. There are also social structures like women groups or SACCO groups that assist borrowers to reach their goals with the money they borrowed. This is a gap with mobile money lending apps which are more impersonal and agnostic about the purposes for borrowing. Regards, Il giovedì 12 luglio 2018, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> ha scritto:
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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bi ll-2018-analysis.html
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 Hussein* *Principal* *AHK & 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
To add to that on blockchain and cryptocurrencies.Cryptocurrencies like bitcoin are very volatile as indicated by the latest drop on value in the recent past. Block chain like distributed ledgers, smart contracts, ethereum etc have a future and are already being implemented in various sectors positively for lean operations, data security and accountability. Like the CBK governor Njoroge once said blockchain does have a future.Cryptocurrencies not so much. Kind regards Carol On Thu, 12 Jul 2018, 9:46 am Grace Bomu via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali, With regard to the question of mobile money lending, it is a subset of micro finance in many ways. It definitely leads to more financial inclusion for the unbanked and provides credit to those who would normally not be targeted by banks. However, the interest rates are sometimes so high that one wonders if the goal is financial inclusion or bondage through credit. There needs to be more transparency by the lending apps not only about their rates but how these are derived, what data they hold and for how long. The money lending apps are also marketed in isolation from other important information that one needs in order to make the most out of credit. In comparison to microfinance for example, the institutions take time to educate borrowers about finance, business plans, loan repayment plans etc. There are also social structures like women groups or SACCO groups that assist borrowers to reach their goals with the money they borrowed. This is a gap with mobile money lending apps which are more impersonal and agnostic about the purposes for borrowing.
Regards,
Il giovedì 12 luglio 2018, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> ha scritto:
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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis...
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 Hussein* *Principal* *AHK & 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
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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 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.
As regards 3. How about the Credit Reference Bureaus? Are they stuck in a time warp or is the legislation in place encumbering them from innovation? I once spoke to KBA's Dr. Habil Olaka and he noted that the CRB's role in the market has not been achieved as it is currently constituted. According to him, CRB was not to play the role of blacklisting persons who have defaulted but rather to inculcate an environment where people become responsible and similarly, help financial institutions to better price a person who is seeking financial help. This is a reason that led to the launch of the Loan Calculator by the KBA. There reasoning was it is better to get a loan from a bank rather than the mobile lending platforms. However, in line with what @GraceBomu notes on mobile lending, FSD in their 2017 report <http://fsdkenya.org/annual-report/2017-annual-report/> recommended that "As the market for digital loans grows and diversifies, further research is needed to help build a more complete and timely picture of how and whether these products can improve Kenyans’ lives." On Regulation: CBK has the best answer on how it regulates mobile lending institutions so that they are differentiated from the banks. However, I agree with BBK MD Jeremy Awori who says "Excessive control and regulation does not help the market. This is adding a lot of bureaucracy and cost, which will find its way to the charges of products" he spoke this yesterday. Same sentiments have been raised by Safaricom and also the CBK <https://www.businessdailyafrica.com/markets/marketnews/Proposed-finance-law-will-cripple-CBK--says-governor/3815534-4585524-dt5vtiz/index.html> as regards to the new Financial bill *Kind Regards,* *David Indeje * +254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko <http://bit.ly/2eJF9B4> <https://www.facebook.com/DavidIndeje/> <https://twitter.com/David_Indeje> <http://ke.linkedin.com/pub/david-indeje/17/7b9/647> Skype: david.indeje On Thu, 12 Jul 2018 at 09:47, Grace Bomu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali, With regard to the question of mobile money lending, it is a subset of micro finance in many ways. It definitely leads to more financial inclusion for the unbanked and provides credit to those who would normally not be targeted by banks. However, the interest rates are sometimes so high that one wonders if the goal is financial inclusion or bondage through credit. There needs to be more transparency by the lending apps not only about their rates but how these are derived, what data they hold and for how long. The money lending apps are also marketed in isolation from other important information that one needs in order to make the most out of credit. In comparison to microfinance for example, the institutions take time to educate borrowers about finance, business plans, loan repayment plans etc. There are also social structures like women groups or SACCO groups that assist borrowers to reach their goals with the money they borrowed. This is a gap with mobile money lending apps which are more impersonal and agnostic about the purposes for borrowing.
Regards,
Il giovedì 12 luglio 2018, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> ha scritto:
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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis...
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 Hussein* *Principal* *AHK & 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
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/davidindeje%40gmail.co...
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.
@ Indeje, I wonder whether we are being driven to a "you must have a credit score" world and thereby a situation where one might have to take a loan just to get a credit score. 2018-07-12 10:12 GMT+03:00 David Indeje via kictanet < kictanet@lists.kictanet.or.ke>:
As regards 3. How about the Credit Reference Bureaus? Are they stuck in a time warp or is the legislation in place encumbering them from innovation?
I once spoke to KBA's Dr. Habil Olaka and he noted that the CRB's role in the market has not been achieved as it is currently constituted. According to him, CRB was not to play the role of blacklisting persons who have defaulted but rather to inculcate an environment where people become responsible and similarly, help financial institutions to better price a person who is seeking financial help.
This is a reason that led to the launch of the Loan Calculator by the KBA. There reasoning was it is better to get a loan from a bank rather than the mobile lending platforms. However, in line with what @GraceBomu notes on mobile lending, FSD in their 2017 report <http://fsdkenya.org/annual-report/2017-annual-report/> recommended that "As the market for digital loans grows and diversifies, further research is needed to help build a more complete and timely picture of how and whether these products can improve Kenyans’ lives."
On Regulation: CBK has the best answer on how it regulates mobile lending institutions so that they are differentiated from the banks. However, I agree with BBK MD Jeremy Awori who says "Excessive control and regulation does not help the market. This is adding a lot of bureaucracy and cost, which will find its way to the charges of products" he spoke this yesterday. Same sentiments have been raised by Safaricom and also the CBK <https://www.businessdailyafrica.com/markets/marketnews/Proposed-finance-law-will-cripple-CBK--says-governor/3815534-4585524-dt5vtiz/index.html> as regards to the new Financial bill
*Kind Regards,*
*David Indeje *
+254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko <http://bit.ly/2eJF9B4>
<https://www.facebook.com/DavidIndeje/> <https://twitter.com/David_Indeje> <http://ke.linkedin.com/pub/david-indeje/17/7b9/647> Skype: david.indeje
On Thu, 12 Jul 2018 at 09:47, Grace Bomu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali, With regard to the question of mobile money lending, it is a subset of micro finance in many ways. It definitely leads to more financial inclusion for the unbanked and provides credit to those who would normally not be targeted by banks. However, the interest rates are sometimes so high that one wonders if the goal is financial inclusion or bondage through credit. There needs to be more transparency by the lending apps not only about their rates but how these are derived, what data they hold and for how long. The money lending apps are also marketed in isolation from other important information that one needs in order to make the most out of credit. In comparison to microfinance for example, the institutions take time to educate borrowers about finance, business plans, loan repayment plans etc. There are also social structures like women groups or SACCO groups that assist borrowers to reach their goals with the money they borrowed. This is a gap with mobile money lending apps which are more impersonal and agnostic about the purposes for borrowing.
Regards,
Il giovedì 12 luglio 2018, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> ha scritto:
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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance- bill-2018-analysis.html
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 Hussein* *Principal* *AHK & 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
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
-- Grace Mutung'u Skype: gracebomu @Bomu PGP ID : 0x33A3450F
@Grace I guess so. But when you also flip it as a follow up to yesterday's discussion, we are also being driven to a situation where if you don't have any data available about you, then, it is not possible to get any financial help. So, I guess as technology continues to evolve so will people be required to do lots of things to fully benefit from it. *Kind Regards,* *David Indeje * +254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko <http://bit.ly/2eJF9B4> <https://www.facebook.com/DavidIndeje/> <https://twitter.com/David_Indeje> <http://ke.linkedin.com/pub/david-indeje/17/7b9/647> Skype: david.indeje On Thu, 12 Jul 2018 at 10:19, Grace Bomu <nmutungu@gmail.com> wrote:
@ Indeje, I wonder whether we are being driven to a "you must have a credit score" world and thereby a situation where one might have to take a loan just to get a credit score.
2018-07-12 10:12 GMT+03:00 David Indeje via kictanet < kictanet@lists.kictanet.or.ke>:
As regards 3. How about the Credit Reference Bureaus? Are they stuck in a time warp or is the legislation in place encumbering them from innovation?
I once spoke to KBA's Dr. Habil Olaka and he noted that the CRB's role in the market has not been achieved as it is currently constituted. According to him, CRB was not to play the role of blacklisting persons who have defaulted but rather to inculcate an environment where people become responsible and similarly, help financial institutions to better price a person who is seeking financial help.
This is a reason that led to the launch of the Loan Calculator by the KBA. There reasoning was it is better to get a loan from a bank rather than the mobile lending platforms. However, in line with what @GraceBomu notes on mobile lending, FSD in their 2017 report <http://fsdkenya.org/annual-report/2017-annual-report/> recommended that "As the market for digital loans grows and diversifies, further research is needed to help build a more complete and timely picture of how and whether these products can improve Kenyans’ lives."
On Regulation: CBK has the best answer on how it regulates mobile lending institutions so that they are differentiated from the banks. However, I agree with BBK MD Jeremy Awori who says "Excessive control and regulation does not help the market. This is adding a lot of bureaucracy and cost, which will find its way to the charges of products" he spoke this yesterday. Same sentiments have been raised by Safaricom and also the CBK <https://www.businessdailyafrica.com/markets/marketnews/Proposed-finance-law-will-cripple-CBK--says-governor/3815534-4585524-dt5vtiz/index.html> as regards to the new Financial bill
*Kind Regards,*
*David Indeje *
+254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko <http://bit.ly/2eJF9B4>
<https://www.facebook.com/DavidIndeje/> <https://twitter.com/David_Indeje> <http://ke.linkedin.com/pub/david-indeje/17/7b9/647> Skype: david.indeje
On Thu, 12 Jul 2018 at 09:47, Grace Bomu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali, With regard to the question of mobile money lending, it is a subset of micro finance in many ways. It definitely leads to more financial inclusion for the unbanked and provides credit to those who would normally not be targeted by banks. However, the interest rates are sometimes so high that one wonders if the goal is financial inclusion or bondage through credit. There needs to be more transparency by the lending apps not only about their rates but how these are derived, what data they hold and for how long. The money lending apps are also marketed in isolation from other important information that one needs in order to make the most out of credit. In comparison to microfinance for example, the institutions take time to educate borrowers about finance, business plans, loan repayment plans etc. There are also social structures like women groups or SACCO groups that assist borrowers to reach their goals with the money they borrowed. This is a gap with mobile money lending apps which are more impersonal and agnostic about the purposes for borrowing.
Regards,
Il giovedì 12 luglio 2018, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> ha scritto:
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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis...
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 Hussein* *Principal* *AHK & 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
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/nmutungu%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.
-- Grace Mutung'u Skype: gracebomu @Bomu PGP ID : 0x33A3450F
Thanks Grace and David. One thing that we may need to look as a country is how the Credit Reverence Bureaus operate. There is too much negative reporting as opposed to positive one. There is a story in the papers that reported that 10% of Kenyans are listed on CRB. What way forward? Ali Hussein Principal AHK & 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 12 Jul 2018, at 10:38 AM, David Indeje via kictanet <kictanet@lists.kictanet.or.ke> wrote:
@Grace I guess so. But when you also flip it as a follow up to yesterday's discussion, we are also being driven to a situation where if you don't have any data available about you, then, it is not possible to get any financial help. So, I guess as technology continues to evolve so will people be required to do lots of things to fully benefit from it.
Kind Regards,
David Indeje
+254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko Skype: david.indeje
On Thu, 12 Jul 2018 at 10:19, Grace Bomu <nmutungu@gmail.com> wrote: @ Indeje, I wonder whether we are being driven to a "you must have a credit score" world and thereby a situation where one might have to take a loan just to get a credit score.
2018-07-12 10:12 GMT+03:00 David Indeje via kictanet <kictanet@lists.kictanet.or.ke>:
As regards 3. How about the Credit Reference Bureaus? Are they stuck in a time warp or is the legislation in place encumbering them from innovation?
I once spoke to KBA's Dr. Habil Olaka and he noted that the CRB's role in the market has not been achieved as it is currently constituted. According to him, CRB was not to play the role of blacklisting persons who have defaulted but rather to inculcate an environment where people become responsible andsimilarly, help financial institutions to better price a person who is seeking financial help.
This is a reason that led to the launch of the Loan Calculator by the KBA. There reasoning was it is better to get a loan from a bank rather than the mobile lending platforms. However, in line with what @GraceBomu notes on mobile lending, FSD in their 2017 report recommended that "As the market for digital loans grows and diversifies, further research is needed to help build a more complete and timely picture of how and whether these products can improve Kenyans’ lives."
On Regulation: CBK has the best answer on how it regulates mobile lending institutions so that they are differentiated from the banks. However, I agree with BBK MD Jeremy Awori who says "Excessive control and regulation does not help the market. This is adding a lot of bureaucracy and cost, which will find its way to the charges of products" he spoke this yesterday. Same sentiments have been raised by Safaricom and also the CBK as regards to the new Financial bill
Kind Regards,
David Indeje
+254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko Skype: david.indeje
On Thu, 12 Jul 2018 at 09:47, Grace Bomu via kictanet <kictanet@lists.kictanet.or.ke> wrote: Hi Ali, With regard to the question of mobile money lending, it is a subset of micro finance in many ways. It definitely leads to more financial inclusion for the unbanked and provides credit to those who would normally not be targeted by banks. However, the interest rates are sometimes so high that one wonders if the goal is financial inclusion or bondage through credit. There needs to be more transparency by the lending apps not only about their rates but how these are derived, what data they hold and for how long. The money lending apps are also marketed in isolation from other important information that one needs in order to make the most out of credit. In comparison to microfinance for example, the institutions take time to educate borrowers about finance, business plans, loan repayment plans etc. There are also social structures like women groups or SACCO groups that assist borrowers to reach their goals with the money they borrowed. This is a gap with mobile money lending apps which are more impersonal and agnostic about the purposes for borrowing.
Regards,
Il giovedì 12 luglio 2018, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke> ha scritto:
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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis...
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 Hussein Principal AHK & 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
kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
-- Grace Mutung'u Skype: gracebomu @Bomu PGP ID : 0x33A3450F
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
Ali and team, First, we should acknowledge that Credit Referencing Bureaus in Kenya are key enablers for the growth of the country's consumer economy and the quality of consumer credit portfolios, whilst protecting the privacy and credit exposure of individual consumers. As a result, it is only prudent that CRBs with the massive information they hold they should facilitate the building of information capital can guide the pricing of loans by financial institutions. The ripple effect will result into an empowered Customer fully aware of his/ her credit histories, to negotiate better terms for credit with financial lenders. NB (my thoughts as a business journalist) *Kind Regards,* *David Indeje * +254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko <http://bit.ly/2eJF9B4> <https://www.facebook.com/DavidIndeje/> <https://twitter.com/David_Indeje> <http://ke.linkedin.com/pub/david-indeje/17/7b9/647> Skype: david.indeje On Thu, 12 Jul 2018 at 11:01, Ali Hussein <ali@hussein.me.ke> wrote:
Thanks Grace and David.
One thing that we may need to look as a country is how the Credit Reverence Bureaus operate. There is too much negative reporting as opposed to positive one. There is a story in the papers that reported that 10% of Kenyans are listed on CRB.
What way forward?
*Ali Hussein* *Principal* *AHK & 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 12 Jul 2018, at 10:38 AM, David Indeje via kictanet < kictanet@lists.kictanet.or.ke> wrote:
@Grace I guess so. But when you also flip it as a follow up to yesterday's discussion, we are also being driven to a situation where if you don't have any data available about you, then, it is not possible to get any financial help. So, I guess as technology continues to evolve so will people be required to do lots of things to fully benefit from it.
*Kind Regards,*
*David Indeje *
+254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko <http://bit.ly/2eJF9B4>
<https://www.facebook.com/DavidIndeje/> <https://twitter.com/David_Indeje> <http://ke.linkedin.com/pub/david-indeje/17/7b9/647> Skype: david.indeje
On Thu, 12 Jul 2018 at 10:19, Grace Bomu <nmutungu@gmail.com> wrote:
@ Indeje, I wonder whether we are being driven to a "you must have a credit score" world and thereby a situation where one might have to take a loan just to get a credit score.
2018-07-12 10:12 GMT+03:00 David Indeje via kictanet < kictanet@lists.kictanet.or.ke>:
As regards 3. How about the Credit Reference Bureaus? Are they stuck in a time warp or is the legislation in place encumbering them from innovation?
I once spoke to KBA's Dr. Habil Olaka and he noted that the CRB's role in the market has not been achieved as it is currently constituted. According to him, CRB was not to play the role of blacklisting persons who have defaulted but rather to inculcate an environment where people become responsible and similarly, help financial institutions to better price a person who is seeking financial help.
This is a reason that led to the launch of the Loan Calculator by the KBA. There reasoning was it is better to get a loan from a bank rather than the mobile lending platforms. However, in line with what @GraceBomu notes on mobile lending, FSD in their 2017 report <http://fsdkenya.org/annual-report/2017-annual-report/> recommended that "As the market for digital loans grows and diversifies, further research is needed to help build a more complete and timely picture of how and whether these products can improve Kenyans’ lives."
On Regulation: CBK has the best answer on how it regulates mobile lending institutions so that they are differentiated from the banks. However, I agree with BBK MD Jeremy Awori who says "Excessive control and regulation does not help the market. This is adding a lot of bureaucracy and cost, which will find its way to the charges of products" he spoke this yesterday. Same sentiments have been raised by Safaricom and also the CBK <https://www.businessdailyafrica.com/markets/marketnews/Proposed-finance-law-will-cripple-CBK--says-governor/3815534-4585524-dt5vtiz/index.html> as regards to the new Financial bill
*Kind Regards,*
*David Indeje *
+254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko <http://bit.ly/2eJF9B4>
<https://www.facebook.com/DavidIndeje/> <https://twitter.com/David_Indeje> <http://ke.linkedin.com/pub/david-indeje/17/7b9/647> Skype: david.indeje
On Thu, 12 Jul 2018 at 09:47, Grace Bomu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali, With regard to the question of mobile money lending, it is a subset of micro finance in many ways. It definitely leads to more financial inclusion for the unbanked and provides credit to those who would normally not be targeted by banks. However, the interest rates are sometimes so high that one wonders if the goal is financial inclusion or bondage through credit. There needs to be more transparency by the lending apps not only about their rates but how these are derived, what data they hold and for how long. The money lending apps are also marketed in isolation from other important information that one needs in order to make the most out of credit. In comparison to microfinance for example, the institutions take time to educate borrowers about finance, business plans, loan repayment plans etc. There are also social structures like women groups or SACCO groups that assist borrowers to reach their goals with the money they borrowed. This is a gap with mobile money lending apps which are more impersonal and agnostic about the purposes for borrowing.
Regards,
Il giovedì 12 luglio 2018, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> ha scritto:
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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis...
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 Hussein* *Principal* *AHK & 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
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/davidindeje%40gmail.co...
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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/nmutungu%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.
-- Grace Mutung'u Skype: gracebomu @Bomu PGP ID : 0x33A3450F
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/info%40alyhussein.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.
David The question I pause is this:- Are the CRBs aligned with the new dispensation? Fintech, real time information? My take is that they haven’t kept up with the times. Maybe this is a regulatory issue. Listers, your thoughts? Ali Hussein +254 0713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: 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 12 Jul 2018, at 11:11 AM, David Indeje via kictanet <kictanet@lists.kictanet.or.ke> wrote:
Ali and team,
First, we should acknowledge that Credit Referencing Bureaus in Kenya are key enablers for the growth of the country's consumer economy and the quality of consumer credit portfolios, whilst protecting the privacy and credit exposure of individual consumers.
As a result, it is only prudent that CRBs with the massive information they hold they should facilitate the building of information capital can guide the pricing of loans by financial institutions. The ripple effect will result into an empowered Customer fully aware of his/ her credit histories, to negotiate better terms for credit with financial lenders.
NB (my thoughts as a business journalist)
Kind Regards,
David Indeje
+254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko Skype: david.indeje
On Thu, 12 Jul 2018 at 11:01, Ali Hussein <ali@hussein.me.ke> wrote: Thanks Grace and David.
One thing that we may need to look as a country is how the Credit Reverence Bureaus operate. There is too much negative reporting as opposed to positive one. There is a story in the papers that reported that 10% of Kenyans are listed on CRB.
What way forward?
Ali Hussein Principal AHK & 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 12 Jul 2018, at 10:38 AM, David Indeje via kictanet <kictanet@lists.kictanet.or.ke> wrote:
@Grace I guess so. But when you also flip it as a follow up to yesterday's discussion, we are also being driven to a situation where if you don't have any data available about you, then, it is not possible to get any financial help. So, I guess as technology continues to evolve so will people be required to do lots of things to fully benefit from it.
Kind Regards,
David Indeje
+254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko Skype: david.indeje
On Thu, 12 Jul 2018 at 10:19, Grace Bomu <nmutungu@gmail.com> wrote: @ Indeje, I wonder whether we are being driven to a "you must have a credit score" world and thereby a situation where one might have to take a loan just to get a credit score.
2018-07-12 10:12 GMT+03:00 David Indeje via kictanet <kictanet@lists.kictanet.or.ke>:
As regards 3. How about the Credit Reference Bureaus? Are they stuck in a time warp or is the legislation in place encumbering them from innovation?
I once spoke to KBA's Dr. Habil Olaka and he noted that the CRB's role in the market has not been achieved as it is currently constituted. According to him, CRB was not to play the role of blacklisting persons who have defaulted but rather to inculcate an environment where people become responsible andsimilarly, help financial institutions to better price a person who is seeking financial help.
This is a reason that led to the launch of the Loan Calculator by the KBA. There reasoning was it is better to get a loan from a bank rather than the mobile lending platforms. However, in line with what @GraceBomu notes on mobile lending, FSD in their 2017 report recommended that "As the market for digital loans grows and diversifies, further research is needed to help build a more complete and timely picture of how and whether these products can improve Kenyans’ lives."
On Regulation: CBK has the best answer on how it regulates mobile lending institutions so that they are differentiated from the banks. However, I agree with BBK MD Jeremy Awori who says "Excessive control and regulation does not help the market. This is adding a lot of bureaucracy and cost, which will find its way to the charges of products" he spoke this yesterday. Same sentiments have been raised by Safaricom and also the CBK as regards to the new Financial bill
Kind Regards,
David Indeje
+254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko Skype: david.indeje
On Thu, 12 Jul 2018 at 09:47, Grace Bomu via kictanet <kictanet@lists.kictanet.or.ke> wrote: Hi Ali, With regard to the question of mobile money lending, it is a subset of micro finance in many ways. It definitely leads to more financial inclusion for the unbanked and provides credit to those who would normally not be targeted by banks. However, the interest rates are sometimes so high that one wonders if the goal is financial inclusion or bondage through credit. There needs to be more transparency by the lending apps not only about their rates but how these are derived, what data they hold and for how long. The money lending apps are also marketed in isolation from other important information that one needs in order to make the most out of credit. In comparison to microfinance for example, the institutions take time to educate borrowers about finance, business plans, loan repayment plans etc. There are also social structures like women groups or SACCO groups that assist borrowers to reach their goals with the money they borrowed. This is a gap with mobile money lending apps which are more impersonal and agnostic about the purposes for borrowing.
Regards,
Il giovedì 12 luglio 2018, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke> ha scritto: > 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. > > https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis... > > 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 Hussein > Principal > AHK & 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 _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
-- Grace Mutung'u Skype: gracebomu @Bomu PGP ID : 0x33A3450F
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/info%40alyhussein.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.
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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 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.
Good afternoon, It actually is happening in Kenya. The longer you stay without a loan the lower your score becomes. Also in the western world, people that do not need a loan still take them to keep up their credit scores. Call it the cost of living in a data analytics driven world or is it wrong assumptions built into the algorithms? Regards, Alex Watila From: kictanet <kictanet-bounces+awatila=yahoo.co.uk@lists.kictanet.or.ke> On Behalf Of Grace Bomu via kictanet Sent: Thursday, July 12, 2018 10:19 To: awatila@yahoo.co.uk Cc: Grace Bomu <nmutungu@gmail.com> Subject: Re: [kictanet] Kenya IGF Online Discussions. Day 3. Developments in Fintech and E-commerce @ Indeje, I wonder whether we are being driven to a "you must have a credit score" world and thereby a situation where one might have to take a loan just to get a credit score. 2018-07-12 10:12 GMT+03:00 David Indeje via kictanet <kictanet@lists.kictanet.or.ke <mailto:kictanet@lists.kictanet.or.ke> >: As regards 3. How about the Credit Reference Bureaus? Are they stuck in a time warp or is the legislation in place encumbering them from innovation? I once spoke to KBA's Dr. Habil Olaka and he noted that the CRB's role in the market has not been achieved as it is currently constituted. According to him, CRB was not to play the role of blacklisting persons who have defaulted but rather to inculcate an environment where people become responsible and similarly, help financial institutions to better price a person who is seeking financial help. This is a reason that led to the launch of the Loan Calculator by the KBA. There reasoning was it is better to get a loan from a bank rather than the mobile lending platforms. However, in line with what @GraceBomu notes on mobile lending, FSD in their 2017 report <http://fsdkenya.org/annual-report/2017-annual-report/> recommended that "As the market for digital loans grows and diversifies, further research is needed to help build a more complete and timely picture of how and whether these products can improve Kenyans’ lives." On Regulation: CBK has the best answer on how it regulates mobile lending institutions so that they are differentiated from the banks. However, I agree with BBK MD Jeremy Awori who says "Excessive control and regulation does not help the market. This is adding a lot of bureaucracy and cost, which will find its way to the charges of products" he spoke this yesterday. Same sentiments have been raised by Safaricom and also the CBK <https://www.businessdailyafrica.com/markets/marketnews/Proposed-finance-law-will-cripple-CBK--says-governor/3815534-4585524-dt5vtiz/index.html> as regards to the new Financial bill Kind Regards, David Indeje <https://cytonn.sheerhr.com/signature/icon/ico-phone.png> +254 (0) 711 385 945| +254 (0) 734 024 856 <https://cytonn.sheerhr.com/signature/icon/ico-web.png> Khusoko <http://bit.ly/2eJF9B4> <https://www.facebook.com/DavidIndeje/> <https://twitter.com/David_Indeje> <http://ke.linkedin.com/pub/david-indeje/17/7b9/647> Skype: david.indeje On Thu, 12 Jul 2018 at 09:47, Grace Bomu via kictanet <kictanet@lists.kictanet.or.ke <mailto:kictanet@lists.kictanet.or.ke> > wrote: Hi Ali, With regard to the question of mobile money lending, it is a subset of micro finance in many ways. It definitely leads to more financial inclusion for the unbanked and provides credit to those who would normally not be targeted by banks. However, the interest rates are sometimes so high that one wonders if the goal is financial inclusion or bondage through credit. There needs to be more transparency by the lending apps not only about their rates but how these are derived, what data they hold and for how long. The money lending apps are also marketed in isolation from other important information that one needs in order to make the most out of credit. In comparison to microfinance for example, the institutions take time to educate borrowers about finance, business plans, loan repayment plans etc. There are also social structures like women groups or SACCO groups that assist borrowers to reach their goals with the money they borrowed. This is a gap with mobile money lending apps which are more impersonal and agnostic about the purposes for borrowing. Regards, Il giovedì 12 luglio 2018, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke <mailto:kictanet@lists.kictanet.or.ke> > ha scritto: 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. https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis... 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 Hussein Principal AHK & 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 _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke <mailto:kictanet@lists.kictanet.or.ke> https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke <http://www.eacdirectory.co.ke> Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/davidindeje%40gmail.co... 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. _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke <mailto:kictanet@lists.kictanet.or.ke> https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke <http://www.eacdirectory.co.ke> Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/nmutungu%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. -- Grace Mutung'u Skype: gracebomu @Bomu PGP ID : 0x33A3450F
Alex Thanks for that. You are quite right. Someone within the CRB space one told me that if you apply for a loan for the first time your score is pretty low because of the fact that there is no data on you. Regards *Ali Hussein* *Principal* *AHK & Associates* Tel: +254 713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim> 13th Floor , Delta Towers, Oracle Wing, Chiromo Road, Westlands, Nairobi, Kenya. Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with. On Thu, Jul 12, 2018 at 12:36 PM, Alex Watila via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Good afternoon,
It actually is happening in Kenya. The longer you stay without a loan the lower your score becomes.
Also in the western world, people that do not need a loan still take them to keep up their credit scores.
Call it the cost of living in a data analytics driven world or is it wrong assumptions built into the algorithms?
Regards,
Alex Watila
*From:* kictanet <kictanet-bounces+awatila=yaho o.co.uk@lists.kictanet.or.ke> *On Behalf Of *Grace Bomu via kictanet *Sent:* Thursday, July 12, 2018 10:19 *To:* awatila@yahoo.co.uk *Cc:* Grace Bomu <nmutungu@gmail.com> *Subject:* Re: [kictanet] Kenya IGF Online Discussions. Day 3. Developments in Fintech and E-commerce
@ Indeje, I wonder whether we are being driven to a "you must have a credit score" world and thereby a situation where one might have to take a loan just to get a credit score.
2018-07-12 10:12 GMT+03:00 David Indeje via kictanet < kictanet@lists.kictanet.or.ke>:
As regards 3. How about the Credit Reference Bureaus? Are they stuck in a time warp or is the legislation in place encumbering them from innovation?
I once spoke to KBA's Dr. Habil Olaka and he noted that the CRB's role in the market has not been achieved as it is currently constituted.
According to him, CRB was not to play the role of blacklisting persons who have defaulted but rather to inculcate an environment where people become responsible and
similarly,
help financial institutions to better price a person who is seeking financial help.
This is a reason that led to the launch of the Loan Calculator by the KBA. There reasoning was it is better to get a loan from a bank rather than the mobile lending platforms.
However, in line with what @GraceBomu notes on mobile lending, FSD in their 2017 report <http://fsdkenya.org/annual-report/2017-annual-report/> recommended that "As the market for digital loans grows and diversifies, further research is needed to help build a more complete and timely picture of how and whether these products can improve Kenyans’ lives."
On Regulation: CBK has the best answer on how it regulates mobile lending institutions so that they are differentiated from the banks. However, I agree with BBK MD Jeremy Awori who says "Excessive control and regulation does not help the market. This is adding a lot of bureaucracy and cost, which will find its way to the charges of products" he spoke this yesterday.
Same sentiments have been raised by Safaricom and also the CBK <https://www.businessdailyafrica.com/markets/marketnews/Proposed-finance-law-will-cripple-CBK--says-governor/3815534-4585524-dt5vtiz/index.html> as regards to the new Financial bill
*Kind Regards,*
*David Indeje *
+254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko <http://bit.ly/2eJF9B4>
<https://www.facebook.com/DavidIndeje/> <https://twitter.com/David_Indeje> <http://ke.linkedin.com/pub/david-indeje/17/7b9/647> Skype: david.indeje
On Thu, 12 Jul 2018 at 09:47, Grace Bomu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
With regard to the question of mobile money lending, it is a subset of micro finance in many ways. It definitely leads to more financial inclusion for the unbanked and provides credit to those who would normally not be targeted by banks. However, the interest rates are sometimes so high that one wonders if the goal is financial inclusion or bondage through credit. There needs to be more transparency by the lending apps not only about their rates but how these are derived, what data they hold and for how long. The money lending apps are also marketed in isolation from other important information that one needs in order to make the most out of credit. In comparison to microfinance for example, the institutions take time to educate borrowers about finance, business plans, loan repayment plans etc. There are also social structures like women groups or SACCO groups that assist borrowers to reach their goals with the money they borrowed. This is a gap with mobile money lending apps which are more impersonal and agnostic about the purposes for borrowing.
Regards,
Il giovedì 12 luglio 2018, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> ha scritto:
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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance- bill-2018-analysis.html
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 Hussein*
*Principal*
*AHK & 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
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/ mailman/options/kictanet/davidindeje%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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/ mailman/options/kictanet/nmutungu%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.
--
Grace Mutung'u Skype: gracebomu @Bomu PGP ID : 0x33A3450F
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/ mailman/options/kictanet/info%40alyhussein.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.
If credit rating pushes people out of the credit system, then we shouldn't be surprised at the acceptance of alternative finance like cryptocurrencies. Il giovedì 12 luglio 2018, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> ha scritto:
Alex
Thanks for that. You are quite right. Someone within the CRB space one told me that if you apply for a loan for the first time your score is pretty low because of the fact that there is no data on you.
Regards
*Ali Hussein*
*Principal*
*AHK & Associates*
Tel: +254 713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim>
13th Floor , Delta Towers, Oracle Wing,
Chiromo Road, Westlands,
Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Thu, Jul 12, 2018 at 12:36 PM, Alex Watila via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Good afternoon,
It actually is happening in Kenya. The longer you stay without a loan the lower your score becomes.
Also in the western world, people that do not need a loan still take them to keep up their credit scores.
Call it the cost of living in a data analytics driven world or is it wrong assumptions built into the algorithms?
Regards,
Alex Watila
*From:* kictanet <kictanet-bounces+awatila=yaho o.co.uk@lists.kictanet.or.ke> *On Behalf Of *Grace Bomu via kictanet *Sent:* Thursday, July 12, 2018 10:19 *To:* awatila@yahoo.co.uk *Cc:* Grace Bomu <nmutungu@gmail.com> *Subject:* Re: [kictanet] Kenya IGF Online Discussions. Day 3. Developments in Fintech and E-commerce
@ Indeje, I wonder whether we are being driven to a "you must have a credit score" world and thereby a situation where one might have to take a loan just to get a credit score.
2018-07-12 10:12 GMT+03:00 David Indeje via kictanet < kictanet@lists.kictanet.or.ke>:
As regards 3. How about the Credit Reference Bureaus? Are they stuck in a time warp or is the legislation in place encumbering them from innovation?
I once spoke to KBA's Dr. Habil Olaka and he noted that the CRB's role in the market has not been achieved as it is currently constituted.
According to him, CRB was not to play the role of blacklisting persons who have defaulted but rather to inculcate an environment where people become responsible and
similarly,
help financial institutions to better price a person who is seeking financial help.
This is a reason that led to the launch of the Loan Calculator by the KBA. There reasoning was it is better to get a loan from a bank rather than the mobile lending platforms.
However, in line with what @GraceBomu notes on mobile lending, FSD in their 2017 report <http://fsdkenya.org/annual-report/2017-annual-report/> recommended that "As the market for digital loans grows and diversifies, further research is needed to help build a more complete and timely picture of how and whether these products can improve Kenyans’ lives."
On Regulation: CBK has the best answer on how it regulates mobile lending institutions so that they are differentiated from the banks. However, I agree with BBK MD Jeremy Awori who says "Excessive control and regulation does not help the market. This is adding a lot of bureaucracy and cost, which will find its way to the charges of products" he spoke this yesterday.
Same sentiments have been raised by Safaricom and also the CBK <https://www.businessdailyafrica.com/markets/marketnews/Proposed-finance-law-will-cripple-CBK--says-governor/3815534-4585524-dt5vtiz/index.html> as regards to the new Financial bill
*Kind Regards,*
*David Indeje *
+254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko <http://bit.ly/2eJF9B4>
<https://www.facebook.com/DavidIndeje/> <https://twitter.com/David_Indeje> <http://ke.linkedin.com/pub/david-indeje/17/7b9/647> Skype: david.indeje
On Thu, 12 Jul 2018 at 09:47, Grace Bomu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
With regard to the question of mobile money lending, it is a subset of micro finance in many ways. It definitely leads to more financial inclusion for the unbanked and provides credit to those who would normally not be targeted by banks. However, the interest rates are sometimes so high that one wonders if the goal is financial inclusion or bondage through credit. There needs to be more transparency by the lending apps not only about their rates but how these are derived, what data they hold and for how long. The money lending apps are also marketed in isolation from other important information that one needs in order to make the most out of credit. In comparison to microfinance for example, the institutions take time to educate borrowers about finance, business plans, loan repayment plans etc. There are also social structures like women groups or SACCO groups that assist borrowers to reach their goals with the money they borrowed. This is a gap with mobile money lending apps which are more impersonal and agnostic about the purposes for borrowing.
Regards,
Il giovedì 12 luglio 2018, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> ha scritto:
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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bi ll-2018-analysis.html
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 Hussein*
*Principal*
*AHK & 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
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/m ailman/options/kictanet/davidindeje%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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/m ailman/options/kictanet/nmutungu%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.
--
Grace Mutung'u Skype: gracebomu @Bomu PGP ID : 0x33A3450F
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/m ailman/options/kictanet/info%40alyhussein.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.
-- Grace Mutung'u Skype: gracebomu @Bomu PGP ID : 0x33A3450F
The World Bank, in a paper says "There are several policy alternatives that can both protect borrowers from excessive interest rates and limit the negative consequences of interest rate caps. These include wider adoption of credit scoring through credit bureaus so banks can differentiate lenders based on risk; more efficient loan foreclosure procedures and movable collateral registries; and greater emphasis on strengthening consumer protection measures through debt counseling and streamlined redressal mechanisms." http://blogs.worldbank.org/allaboutfinance/cap-or-not-cap-what-does-kenya-s-... On Thu, 12 Jul 2018 7:19 pm Grace Bomu via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
If credit rating pushes people out of the credit system, then we shouldn't be surprised at the acceptance of alternative finance like cryptocurrencies.
Il giovedì 12 luglio 2018, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> ha scritto:
Alex
Thanks for that. You are quite right. Someone within the CRB space one told me that if you apply for a loan for the first time your score is pretty low because of the fact that there is no data on you.
Regards
*Ali Hussein*
*Principal*
*AHK & Associates*
Tel: +254 713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim>
13th Floor , Delta Towers, Oracle Wing,
Chiromo Road, Westlands,
Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Thu, Jul 12, 2018 at 12:36 PM, Alex Watila via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Good afternoon,
It actually is happening in Kenya. The longer you stay without a loan the lower your score becomes.
Also in the western world, people that do not need a loan still take them to keep up their credit scores.
Call it the cost of living in a data analytics driven world or is it wrong assumptions built into the algorithms?
Regards,
Alex Watila
*From:* kictanet <kictanet-bounces+awatila= yahoo.co.uk@lists.kictanet.or.ke> *On Behalf Of *Grace Bomu via kictanet *Sent:* Thursday, July 12, 2018 10:19 *To:* awatila@yahoo.co.uk *Cc:* Grace Bomu <nmutungu@gmail.com> *Subject:* Re: [kictanet] Kenya IGF Online Discussions. Day 3. Developments in Fintech and E-commerce
@ Indeje, I wonder whether we are being driven to a "you must have a credit score" world and thereby a situation where one might have to take a loan just to get a credit score.
2018-07-12 10:12 GMT+03:00 David Indeje via kictanet < kictanet@lists.kictanet.or.ke>:
As regards 3. How about the Credit Reference Bureaus? Are they stuck in a time warp or is the legislation in place encumbering them from innovation?
I once spoke to KBA's Dr. Habil Olaka and he noted that the CRB's role in the market has not been achieved as it is currently constituted.
According to him, CRB was not to play the role of blacklisting persons who have defaulted but rather to inculcate an environment where people become responsible and
similarly,
help financial institutions to better price a person who is seeking financial help.
This is a reason that led to the launch of the Loan Calculator by the KBA. There reasoning was it is better to get a loan from a bank rather than the mobile lending platforms.
However, in line with what @GraceBomu notes on mobile lending, FSD in their 2017 report <http://fsdkenya.org/annual-report/2017-annual-report/> recommended that "As the market for digital loans grows and diversifies, further research is needed to help build a more complete and timely picture of how and whether these products can improve Kenyans’ lives."
On Regulation: CBK has the best answer on how it regulates mobile lending institutions so that they are differentiated from the banks. However, I agree with BBK MD Jeremy Awori who says "Excessive control and regulation does not help the market. This is adding a lot of bureaucracy and cost, which will find its way to the charges of products" he spoke this yesterday.
Same sentiments have been raised by Safaricom and also the CBK <https://www.businessdailyafrica.com/markets/marketnews/Proposed-finance-law-will-cripple-CBK--says-governor/3815534-4585524-dt5vtiz/index.html> as regards to the new Financial bill
*Kind Regards,*
*David Indeje *
+254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko <http://bit.ly/2eJF9B4>
<https://www.facebook.com/DavidIndeje/> <https://twitter.com/David_Indeje> <http://ke.linkedin.com/pub/david-indeje/17/7b9/647> Skype: david.indeje
On Thu, 12 Jul 2018 at 09:47, Grace Bomu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
With regard to the question of mobile money lending, it is a subset of micro finance in many ways. It definitely leads to more financial inclusion for the unbanked and provides credit to those who would normally not be targeted by banks. However, the interest rates are sometimes so high that one wonders if the goal is financial inclusion or bondage through credit. There needs to be more transparency by the lending apps not only about their rates but how these are derived, what data they hold and for how long. The money lending apps are also marketed in isolation from other important information that one needs in order to make the most out of credit. In comparison to microfinance for example, the institutions take time to educate borrowers about finance, business plans, loan repayment plans etc. There are also social structures like women groups or SACCO groups that assist borrowers to reach their goals with the money they borrowed. This is a gap with mobile money lending apps which are more impersonal and agnostic about the purposes for borrowing.
Regards,
Il giovedì 12 luglio 2018, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> ha scritto:
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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis...
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 Hussein*
*Principal*
*AHK & 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
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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 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.
--
Grace Mutung'u Skype: gracebomu @Bomu PGP ID : 0x33A3450F
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
-- Grace Mutung'u Skype: gracebomu @Bomu PGP ID : 0x33A3450F
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/davidindeje%40gmail.co...
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.
Grace Great points on the interest rates. Let me pause a question:- There is a risk element to the alternative credit component. Lack of credit risk information being one. Do you think this makes it a high cost product? Ali Hussein Principal AHK & 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 12 Jul 2018, at 9:44 AM, Grace Bomu <nmutungu@gmail.com> wrote:
Hi Ali, With regard to the question of mobile money lending, it is a subset of micro finance in many ways. It definitely leads to more financial inclusion for the unbanked and provides credit to those who would normally not be targeted by banks. However, the interest rates are sometimes so high that one wonders if the goal is financial inclusion or bondage through credit. There needs to be more transparency by the lending apps not only about their rates but how these are derived, what data they hold and for how long. The money lending apps are also marketed in isolation from other important information that one needs in order to make the most out of credit. In comparison to microfinance for example, the institutions take time to educate borrowers about finance, business plans, loan repayment plans etc. There are also social structures like women groups or SACCO groups that assist borrowers to reach their goals with the money they borrowed. This is a gap with mobile money lending apps which are more impersonal and agnostic about the purposes for borrowing.
Regards,
Il giovedì 12 luglio 2018, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke> ha scritto:
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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis...
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 Hussein Principal AHK & 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
Good afternoon Listers, To add to Bomu’s contribution on bondage through credit. A dark side of mobile lending has occurred. That of defaults. A month ago we had various news stories of approximately 500,000 Kenyan’s listed at the CRB for default on mobile loans * https://www.tuko.co.ke/275984-500000-kenyans-blacklisted-by-credit-bureau-de... · https://www.the-star.co.ke/news/2018/06/12/mobi-cash-borrow-now-cry-later_c1... Best Regards, Alex Watila From: kictanet <kictanet-bounces+awatila=yahoo.co.uk@lists.kictanet.or.ke> On Behalf Of Grace Bomu via kictanet Sent: Thursday, July 12, 2018 09:45 To: awatila@yahoo.co.uk Cc: Grace Bomu <nmutungu@gmail.com> Subject: Re: [kictanet] Kenya IGF Online Discussions. Day 3. Developments in Fintech and E-commerce Hi Ali, With regard to the question of mobile money lending, it is a subset of micro finance in many ways. It definitely leads to more financial inclusion for the unbanked and provides credit to those who would normally not be targeted by banks. However, the interest rates are sometimes so high that one wonders if the goal is financial inclusion or bondage through credit. There needs to be more transparency by the lending apps not only about their rates but how these are derived, what data they hold and for how long. The money lending apps are also marketed in isolation from other important information that one needs in order to make the most out of credit. In comparison to microfinance for example, the institutions take time to educate borrowers about finance, business plans, loan repayment plans etc. There are also social structures like women groups or SACCO groups that assist borrowers to reach their goals with the money they borrowed. This is a gap with mobile money lending apps which are more impersonal and agnostic about the purposes for borrowing. Regards, Il giovedì 12 luglio 2018, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke <mailto:kictanet@lists.kictanet.or.ke> > ha scritto: 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. https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis... 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 Hussein Principal AHK & 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
Hi Ali, 1. We have made many gains in the Fintech and E-Commerce space due to a conducive Policy environment. I am curious to understand why our market is attracting a lot of venture capital. Is it that we are innovative or do we offer cheap labor?, is there any capital flight associated with the Venture Capital that is being channeled into our market. I ask this considering the long debate about who invented and owned MPESA. It eventually turned out that after all it was not a Kenyan. 2. How much is the Kenyan Government through the parent Ministry of Information and Communications Technology pumping into the FINTECH and Innovation Space. Better still do we have any Research and Development fund to support the sector beyond the Nairobi Innovation Week. I appreciate the fact that we have a CS who is at the fore front of Innovation but are we matching the same with the kind of budget being allocated to the Standard Gauge Railway? 3. I would also like to find out from listers that might be in the know , how many Kenyans have access to mobile money and gaps if any that might exist. Is there any research that has been done that is showing the current status of the Fintech and e-commerce eco-system. asking for Wakanda On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke> wrote:
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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis...
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 Hussein Principal AHK & 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
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators. kind regards Carolyne On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
1. We have made many gains in the Fintech and E-Commerce space due to a conducive Policy environment. I am curious to understand why our market is attracting a lot of venture capital. Is it that we are innovative or do we offer cheap labor?, is there any capital flight associated with the Venture Capital that is being channeled into our market. I ask this considering the long debate about who invented and owned MPESA. It eventually turned out that after all it was not a Kenyan. 2. How much is the Kenyan Government through the parent Ministry of Information and Communications Technology pumping into the FINTECH and Innovation Space. Better still do we have any Research and Development fund to support the sector beyond the Nairobi Innovation Week. I appreciate the fact that we have a CS who is at the fore front of Innovation but are we matching the same with the kind of budget being allocated to the Standard Gauge Railway? 3. I would also like to find out from listers that might be in the know , how many Kenyans have access to mobile money and gaps if any that might exist. Is there any research that has been done that is showing the current status of the Fintech and e-commerce eco-system.
asking for Wakanda
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
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
On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke> wrote: that 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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis...
To ponder:-
1. Are we moving too fast? Is there a need to take a chill pill and
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
reflect 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 Hussein Principal AHK & 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
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/carolynemimano%40gmail...
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.
Dear Carolyne, Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally? Best Regards On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote:
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
1. We have made many gains in the Fintech and E-Commerce space due to a conducive Policy environment. I am curious to understand why our market is attracting a lot of venture capital. Is it that we are innovative or do we offer cheap labor?, is there any capital flight associated with the Venture Capital that is being channeled into our market. I ask this considering the long debate about who invented and owned MPESA. It eventually turned out that after all it was not a Kenyan. 2. How much is the Kenyan Government through the parent Ministry of Information and Communications Technology pumping into the FINTECH and Innovation Space. Better still do we have any Research and Development fund to support the sector beyond the Nairobi Innovation Week. I appreciate the fact that we have a CS who is at the fore front of Innovation but are we matching the same with the kind of budget being allocated to the Standard Gauge Railway? 3. I would also like to find out from listers that might be in the know , how many Kenyans have access to mobile money and gaps if any that might exist. Is there any research that has been done that is showing the current status of the Fintech and e-commerce eco-system.
asking for Wakanda
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
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
On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke> wrote: that 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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis...
To ponder:-
1. Are we moving too fast? Is there a need to take a chill pill and
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
reflect 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 Hussein Principal AHK & 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
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/carolynemimano%40gmail...
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.
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya Traction, traction, traction...@Barrack, your Wakanda should to know the above by now. Be blessed.Regards/Wangari--- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth". On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet <kictanet@lists.kictanet.or.ke> wrote: Dear Carolyne, Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally? Best Regards On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote:
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
1. We have made many gains in the Fintech and E-Commerce space due to a conducive Policy environment. I am curious to understand why our market is attracting a lot of venture capital. Is it that we are innovative or do we offer cheap labor?, is there any capital flight associated with the Venture Capital that is being channeled into our market. I ask this considering the long debate about who invented and owned MPESA. It eventually turned out that after all it was not a Kenyan. 2. How much is the Kenyan Government through the parent Ministry of Information and Communications Technology pumping into the FINTECH and Innovation Space. Better still do we have any Research and Development fund to support the sector beyond the Nairobi Innovation Week. I appreciate the fact that we have a CS who is at the fore front of Innovation but are we matching the same with the kind of budget being allocated to the Standard Gauge Railway? 3. I would also like to find out from listers that might be in the know , how many Kenyans have access to mobile money and gaps if any that might exist. Is there any research that has been done that is showing the current status of the Fintech and e-commerce eco-system.
asking for Wakanda
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
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
On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke> wrote: that 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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis...
To ponder:-
1. Are we moving too fast? Is there a need to take a chill pill and
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
reflect 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 Hussein Principal AHK & 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
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/carolynemimano%40gmail...
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.
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/wangarikabiru%40yahoo.... 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.
Good people Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today. Thank you all! *Ali Hussein* *Principal* *AHK & Associates* Tel: +254 713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim> 13th Floor , Delta Towers, Oracle Wing, Chiromo Road, Westlands, Nairobi, Kenya. Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with. On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet < kictanet@lists.kictanet.or.ke> wrote:
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya
Traction, traction, traction... @Barrack, your Wakanda should to know the above by now.
Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Carolyne,
Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally?
Best Regards
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
1. We have made many gains in the Fintech and E-Commerce space due to a conducive Policy environment. I am curious to understand why our market is attracting a lot of venture capital. Is it that we are innovative or do we offer cheap labor?, is there any capital flight associated with the Venture Capital that is being channeled into our market. I ask this considering the long debate about who invented and owned MPESA. It eventually turned out that after all it was not a Kenyan. 2. How much is the Kenyan Government through the parent Ministry of Information and Communications Technology pumping into the FINTECH and Innovation Space. Better still do we have any Research and Development fund to support the sector beyond the Nairobi Innovation Week. I appreciate the fact that we have a CS who is at the fore front of Innovation but are we matching the same with the kind of budget being allocated to the Standard Gauge Railway? 3. I would also like to find out from listers that might be in the know , how many Kenyans have access to mobile money and gaps if any that might exist. Is there any research that has been done that is showing the current status of the Fintech and e-commerce eco-system.
asking for Wakanda
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
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
On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke> wrote: that 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
On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote: 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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance- bill-2018-analysis.html
To ponder:-
1. Are we moving too fast? Is there a need to take a chill pill and
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
reflect 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 Hussein Principal AHK & 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
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/ carolynemimano%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.
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/ mailman/options/kictanet/wangarikabiru%40yahoo.co.uk
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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/ mailman/options/kictanet/info%40alyhussein.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.
Dear Listers, Allow me to respond to questions 1 & 4. 1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive. 2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty? Kind regards, On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Good people
Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today.
Thank you all!
*Ali Hussein*
*Principal*
*AHK & Associates*
Tel: +254 713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim>
13th Floor , Delta Towers, Oracle Wing,
Chiromo Road, Westlands,
Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet < kictanet@lists.kictanet.or.ke> wrote:
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya
Traction, traction, traction... @Barrack, your Wakanda should to know the above by now.
Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Carolyne,
Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally?
Best Regards
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
1. We have made many gains in the Fintech and E-Commerce space due to a conducive Policy environment. I am curious to understand why our market is attracting a lot of venture capital. Is it that we are innovative or do we offer cheap labor?, is there any capital flight associated with the Venture Capital that is being channeled into our market. I ask this considering the long debate about who invented and owned MPESA. It eventually turned out that after all it was not a Kenyan. 2. How much is the Kenyan Government through the parent Ministry of Information and Communications Technology pumping into the FINTECH and Innovation Space. Better still do we have any Research and Development fund to support the sector beyond the Nairobi Innovation Week. I appreciate the fact that we have a CS who is at the fore front of Innovation but are we matching the same with the kind of budget being allocated to the Standard Gauge Railway? 3. I would also like to find out from listers that might be in the know , how many Kenyans have access to mobile money and gaps if any that might exist. Is there any research that has been done that is showing the current status of the Fintech and e-commerce eco-system.
asking for Wakanda
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
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
On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke> wrote: that 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
On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote: 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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bi ll-2018-analysis.html
To ponder:-
1. Are we moving too fast? Is there a need to take a chill pill and
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
reflect 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 Hussein Principal AHK & 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
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/m ailman/options/kictanet/wangarikabiru%40yahoo.co.uk
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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
Unsubscribe or change your options at https://lists.kictanet.or.ke/m ailman/options/kictanet/info%40alyhussein.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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
-- Rosemary Koech-Kimwatu Advocate Legal and Regulatory Specialist- Oxygene MCL Tel: +254 718 181644
Rosemary, on Blockchain, you bring up very important points to consider; I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand. Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge. Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach. Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations. We must do the same, as the future Internet will be tokenized; In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc). Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here.... My 2 cryptos. John K. On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Listers,
Allow me to respond to questions 1 & 4.
1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive.
2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty?
Kind regards,
On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Good people
Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today.
Thank you all!
*Ali Hussein*
*Principal*
*AHK & Associates*
Tel: +254 713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim>
13th Floor , Delta Towers, Oracle Wing,
Chiromo Road, Westlands,
Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet < kictanet@lists.kictanet.or.ke> wrote:
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya
Traction, traction, traction... @Barrack, your Wakanda should to know the above by now.
Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Carolyne,
Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally?
Best Regards
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
1. We have made many gains in the Fintech and E-Commerce space due to a conducive Policy environment. I am curious to understand why our market is attracting a lot of venture capital. Is it that we are innovative or do we offer cheap labor?, is there any capital flight associated with the Venture Capital that is being channeled into our market. I ask this considering the long debate about who invented and owned MPESA. It eventually turned out that after all it was not a Kenyan. 2. How much is the Kenyan Government through the parent Ministry of Information and Communications Technology pumping into the FINTECH and Innovation Space. Better still do we have any Research and Development fund to support the sector beyond the Nairobi Innovation Week. I appreciate the fact that we have a CS who is at the fore front of Innovation but are we matching the same with the kind of budget being allocated to the Standard Gauge Railway? 3. I would also like to find out from listers that might be in the know , how many Kenyans have access to mobile money and gaps if any that might exist. Is there any research that has been done that is showing the current status of the Fintech and e-commerce eco-system.
asking for Wakanda
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
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
On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke> wrote: that 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
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.
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bi ll-2018-analysis.html
To ponder:-
1. Are we moving too fast? Is there a need to take a chill pill and
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
reflect 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 Hussein Principal AHK & 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
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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
On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote: threading platform privacy, do
not spam, do not market your wares or qualifications.
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
-- Rosemary Koech-Kimwatu Advocate Legal and Regulatory Specialist- Oxygene MCL Tel: +254 718 181644
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
Actually cryptocurrencies are enabled by blockchain technology.Blockchain being the underlying technology it can run independently of cryptocurrency.And a lot of blockchain technologies actually do not involve cryptocurrencies. Blockchain has also developed into other more recent technologies such as ethereum and has been successful. Just like the example of Safaricom which just recently relocated its data centre from Europe-Germany to Kenya a lot of our blockchain use will be internationally located until the technology and expertise is vast. Regards Carolyne On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Rosemary, on Blockchain, you bring up very important points to consider;
I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand.
Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge.
Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach.
Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations.
We must do the same, as the future Internet will be tokenized;
In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc).
Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here....
My 2 cryptos.
John K.
On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Listers,
Allow me to respond to questions 1 & 4.
1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive.
2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty?
Kind regards,
On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Good people
Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today.
Thank you all!
*Ali Hussein*
*Principal*
*AHK & Associates*
Tel: +254 713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim>
13th Floor , Delta Towers, Oracle Wing,
Chiromo Road, Westlands,
Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet < kictanet@lists.kictanet.or.ke> wrote:
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya
Traction, traction, traction... @Barrack, your Wakanda should to know the above by now.
Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Carolyne,
Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally?
Best Regards
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
1. We have made many gains in the Fintech and E-Commerce space due to a conducive Policy environment. I am curious to understand why our market is attracting a lot of venture capital. Is it that we are innovative or do we offer cheap labor?, is there any capital flight associated with the Venture Capital that is being channeled into our market. I ask this considering the long debate about who invented and owned MPESA. It eventually turned out that after all it was not a Kenyan. 2. How much is the Kenyan Government through the parent Ministry of Information and Communications Technology pumping into the FINTECH and Innovation Space. Better still do we have any Research and Development fund to support the sector beyond the Nairobi Innovation Week. I appreciate the fact that we have a CS who is at the fore front of Innovation but are we matching the same with the kind of budget being allocated to the Standard Gauge Railway? 3. I would also like to find out from listers that might be in the know , how many Kenyans have access to mobile money and gaps if any that might exist. Is there any research that has been done that is showing the current status of the Fintech and e-commerce eco-system.
asking for Wakanda
On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke> wrote: > 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
to > complete the upheavals in the financial sector. On top of it all
> government is playing catch up on regulation with the announcement of > the > Finance Bill 2018. See analysis from KPMG on this. > >
https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis...
> > 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
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 Hussein > Principal > AHK & 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
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder
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
On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote: threading the they platform privacy, do
not spam, do not market your wares or qualifications.
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
-- Rosemary Koech-Kimwatu Advocate Legal and Regulatory Specialist- Oxygene MCL Tel: +254 718 181644
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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.
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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.
Great conversations. I particularly like the angle of sovereignty brought out by Rosemary. However as we navigate this space we need to be careful not to put ourselves in an island and ‘Balkanize ‘ the BlockChain. @John, the whole aspect of BlockChain is decentralized and the tokenization model is intrinsic to its value proposition. I’lol be keen to understand how that would work without tokenization. Happy to discuss this point. On innovation and funding of startups in Africa there’s been an alleged bias towards ‘foreigners’. My take on that is that those allegations are too simplistic. As a country and continent we MUST fund our own startups and not wait for ‘handouts’ from the West. Money is racist, tribal and parochial. It is what it is. Regards Ali Hussein +254 0713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: 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 13 Jul 2018, at 8:17 PM, carolyne mimano via kictanet <kictanet@lists.kictanet.or.ke> wrote:
Actually cryptocurrencies are enabled by blockchain technology.Blockchain being the underlying technology it can run independently of cryptocurrency.And a lot of blockchain technologies actually do not involve cryptocurrencies. Blockchain has also developed into other more recent technologies such as ethereum and has been successful. Just like the example of Safaricom which just recently relocated its data centre from Europe-Germany to Kenya a lot of our blockchain use will be internationally located until the technology and expertise is vast.
Regards Carolyne
On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, <kictanet@lists.kictanet.or.ke> wrote: Rosemary, on Blockchain, you bring up very important points to consider;
I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand.
Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge.
Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach.
Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations.
We must do the same, as the future Internet will be tokenized;
In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc).
Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here....
My 2 cryptos.
John K.
On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet <kictanet@lists.kictanet.or.ke> wrote: Dear Listers,
Allow me to respond to questions 1 & 4.
1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive.
2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty?
Kind regards,
On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke> wrote: Good people
Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today.
Thank you all!
Ali Hussein Principal AHK & Associates
Tel: +254 713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim
13th Floor , Delta Towers, Oracle Wing, Chiromo Road, Westlands, Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet <kictanet@lists.kictanet.or.ke> wrote:
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya
Traction, traction, traction... @Barrack, your Wakanda should to know the above by now.
Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet <kictanet@lists.kictanet.or.ke> wrote:
Dear Carolyne,
Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally?
Best Regards
On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote:
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
> Hi Ali, > > 1. We have made many gains in the Fintech and E-Commerce space due to > a conducive Policy environment. I am curious to understand why our > market is attracting a lot of venture capital. Is it that we are > innovative or do we offer cheap labor?, is there any capital flight > associated with the Venture Capital that is being channeled into our > market. I ask this considering the long debate about who invented and > owned MPESA. It eventually turned out that after all it was not a > Kenyan. > 2. How much is the Kenyan Government through the parent Ministry of > Information and Communications Technology pumping into the FINTECH and > Innovation Space. Better still do we have any Research and Development > fund to support the sector beyond the Nairobi Innovation Week. I > appreciate the fact that we have a CS who is at the fore front of > Innovation but are we matching the same with the kind of budget being > allocated to the Standard Gauge Railway? > 3. I would also like to find out from listers that might be in the > know , how many Kenyans have access to mobile money and gaps if any > that might exist. Is there any research that has been done that is > showing the current status of the Fintech and e-commerce eco-system. > > asking for Wakanda > > On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke> > wrote: > > 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. > > > > > https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis... > > > > 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 Hussein > > Principal > > AHK & 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 > > > -- > Barrack O. Otieno > +254721325277 > +254733206359 > Skype: barrack.otieno > PGP ID: 0x2611D86A > > _______________________________________________ > kictanet mailing list > kictanet@lists.kictanet.or.ke > https://lists.kictanet.or.ke/mailman/listinfo/kictanet > Twitter: http://twitter.com/kictanet > Facebook: https://www.facebook.com/KICTANet/ > Domain Registration sponsored by www.eacdirectory.co.ke > > Unsubscribe or change your options at > https://lists.kictanet.or.ke/mailman/options/kictanet/carolynemimano%40gmail... > > 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.
>
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
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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.
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Update: Lawyers want Parliament to cap cost of mobile loans https://www.businessdailyafrica.com/economy/Lawyers-want-Parliament-to-cap-c... via @BD_Africa *Kind Regards,* *David Indeje * +254 (0) 711 385 945| +254 (0) 734 024 856 Khusoko <http://bit.ly/2eJF9B4> <https://www.facebook.com/DavidIndeje/> <https://twitter.com/David_Indeje> <http://ke.linkedin.com/pub/david-indeje/17/7b9/647> Skype: david.indeje On Sat, 14 Jul 2018 at 10:44, Admin CampusCiti via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Great conversations.
I particularly like the angle of sovereignty brought out by Rosemary. However as we navigate this space we need to be careful not to put ourselves in an island and ‘Balkanize ‘ the BlockChain.
@John, the whole aspect of BlockChain is decentralized and the tokenization model is intrinsic to its value proposition. I’lol be keen to understand how that would work without tokenization. Happy to discuss this point.
On innovation and funding of startups in Africa there’s been an alleged bias towards ‘foreigners’. My take on that is that those allegations are too simplistic. As a country and continent we MUST fund our own startups and not wait for ‘handouts’ from the West. Money is racist, tribal and parochial. It is what it is.
Regards
*Ali Hussein*
+254 0713 601113
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 13 Jul 2018, at 8:17 PM, carolyne mimano via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Actually cryptocurrencies are enabled by blockchain technology.Blockchain being the underlying technology it can run independently of cryptocurrency.And a lot of blockchain technologies actually do not involve cryptocurrencies. Blockchain has also developed into other more recent technologies such as ethereum and has been successful. Just like the example of Safaricom which just recently relocated its data centre from Europe-Germany to Kenya a lot of our blockchain use will be internationally located until the technology and expertise is vast.
Regards Carolyne
On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Rosemary, on Blockchain, you bring up very important points to consider;
I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand.
Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge.
Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach.
Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations.
We must do the same, as the future Internet will be tokenized;
In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc).
Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here....
My 2 cryptos.
John K.
On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Listers,
Allow me to respond to questions 1 & 4.
1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive.
2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty?
Kind regards,
On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Good people
Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today.
Thank you all!
*Ali Hussein*
*Principal*
*AHK & Associates*
Tel: +254 713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim>
13th Floor , Delta Towers, Oracle Wing,
Chiromo Road, Westlands,
Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet < kictanet@lists.kictanet.or.ke> wrote:
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya
Traction, traction, traction... @Barrack, your Wakanda should to know the above by now.
Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Carolyne,
Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally?
Best Regards
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
> Hi Ali, > > 1. We have made many gains in the Fintech and E-Commerce space due to > a conducive Policy environment. I am curious to understand why our > market is attracting a lot of venture capital. Is it that we are > innovative or do we offer cheap labor?, is there any capital flight > associated with the Venture Capital that is being channeled into our > market. I ask this considering the long debate about who invented and > owned MPESA. It eventually turned out that after all it was not a > Kenyan. > 2. How much is the Kenyan Government through the parent Ministry of > Information and Communications Technology pumping into the FINTECH and > Innovation Space. Better still do we have any Research and Development > fund to support the sector beyond the Nairobi Innovation Week. I > appreciate the fact that we have a CS who is at the fore front of > Innovation but are we matching the same with the kind of budget being > allocated to the Standard Gauge Railway? > 3. I would also like to find out from listers that might be in the > know , how many Kenyans have access to mobile money and gaps if any > that might exist. Is there any research that has been done that is > showing the current status of the Fintech and e-commerce eco-system. > > asking for Wakanda > > On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke
> wrote: > > 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
> to > > complete the upheavals in the financial sector. On top of it all
> > government is playing catch up on regulation with the announcement of > > the > > Finance Bill 2018. See analysis from KPMG on this. > > > > > https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis... > > > > 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
> 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 Hussein > > Principal > > AHK & 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 > > > -- > Barrack O. Otieno > +254721325277 > +254733206359 > Skype: barrack.otieno > PGP ID: 0x2611D86A > > _______________________________________________ > kictanet mailing list > kictanet@lists.kictanet.or.ke > https://lists.kictanet.or.ke/mailman/listinfo/kictanet > Twitter: http://twitter.com/kictanet > Facebook: https://www.facebook.com/KICTANet/ > Domain Registration sponsored by www.eacdirectory.co.ke > > Unsubscribe or change your options at > https://lists.kictanet.or.ke/mailman/options/kictanet/carolynemimano%40gmail... > > The Kenya ICT Action Network (KICTANet) is a multi-stakeholder
> 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
On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote: threading the they platform privacy, do
> not spam, do not market your wares or qualifications.
>
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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.
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Hi Ali, The problem is definitions have gotten muddled up by the wave(s) of blockchain hype. The original definition of Blockchain contains these key components are married to each other. - Protocol; Consensus rules for how Blockchains/Crypto-currencies work. Enforced by primarily 2 methods proof-of-work and proof-of-stake. - Distributed Legder; This is usually confused with the Blockchain. This is the collection of blocks sequentially linked(Chain) of processed transactions. - Currency; This the reward token paid to miners/stakers who process the transactions, create the blocks and chain them together using the rules defined in the protocol. - Software; This is open-source for verification and is why we trust the above. The Software can be optimized continously but usually the protocol is more rigid; So to answer your question; the Distributed Ledger without the other components is not really useful, in-fact databases are much more efficient. Best, John K On Sat, Jul 14, 2018 at 10:40 AM, Admin CampusCiti via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Great conversations.
I particularly like the angle of sovereignty brought out by Rosemary. However as we navigate this space we need to be careful not to put ourselves in an island and ‘Balkanize ‘ the BlockChain.
@John, the whole aspect of BlockChain is decentralized and the tokenization model is intrinsic to its value proposition. I’lol be keen to understand how that would work without tokenization. Happy to discuss this point.
On innovation and funding of startups in Africa there’s been an alleged bias towards ‘foreigners’. My take on that is that those allegations are too simplistic. As a country and continent we MUST fund our own startups and not wait for ‘handouts’ from the West. Money is racist, tribal and parochial. It is what it is.
Regards
*Ali Hussein*
+254 0713 601113
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 13 Jul 2018, at 8:17 PM, carolyne mimano via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Actually cryptocurrencies are enabled by blockchain technology.Blockchain being the underlying technology it can run independently of cryptocurrency.And a lot of blockchain technologies actually do not involve cryptocurrencies. Blockchain has also developed into other more recent technologies such as ethereum and has been successful. Just like the example of Safaricom which just recently relocated its data centre from Europe-Germany to Kenya a lot of our blockchain use will be internationally located until the technology and expertise is vast.
Regards Carolyne
On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Rosemary, on Blockchain, you bring up very important points to consider;
I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand.
Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge.
Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach.
Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations.
We must do the same, as the future Internet will be tokenized;
In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc).
Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here....
My 2 cryptos.
John K.
On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Listers,
Allow me to respond to questions 1 & 4.
1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive.
2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty?
Kind regards,
On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Good people
Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today.
Thank you all!
*Ali Hussein*
*Principal*
*AHK & Associates*
Tel: +254 713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim>
13th Floor , Delta Towers, Oracle Wing,
Chiromo Road, Westlands,
Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet < kictanet@lists.kictanet.or.ke> wrote:
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya
Traction, traction, traction... @Barrack, your Wakanda should to know the above by now.
Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Carolyne,
Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally?
Best Regards
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
> Hi Ali, > > 1. We have made many gains in the Fintech and E-Commerce space due to > a conducive Policy environment. I am curious to understand why our > market is attracting a lot of venture capital. Is it that we are > innovative or do we offer cheap labor?, is there any capital flight > associated with the Venture Capital that is being channeled into our > market. I ask this considering the long debate about who invented and > owned MPESA. It eventually turned out that after all it was not a > Kenyan. > 2. How much is the Kenyan Government through the parent Ministry of > Information and Communications Technology pumping into the FINTECH and > Innovation Space. Better still do we have any Research and Development > fund to support the sector beyond the Nairobi Innovation Week. I > appreciate the fact that we have a CS who is at the fore front of > Innovation but are we matching the same with the kind of budget being > allocated to the Standard Gauge Railway? > 3. I would also like to find out from listers that might be in the > know , how many Kenyans have access to mobile money and gaps if any > that might exist. Is there any research that has been done that is > showing the current status of the Fintech and e-commerce eco-system. > > asking for Wakanda > > On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke
> wrote: > > 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
> to > > complete the upheavals in the financial sector. On top of it all
> > government is playing catch up on regulation with the announcement of > > the > > Finance Bill 2018. See analysis from KPMG on this. > > > > > https://home.kpmg.com/ke/en/home/insights/2018/06/finance- bill-2018-analysis.html > > > > 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
> 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 Hussein > > Principal > > AHK & 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 > > > -- > Barrack O. Otieno > +254721325277 > +254733206359 > Skype: barrack.otieno > PGP ID: 0x2611D86A > > _______________________________________________ > kictanet mailing list > kictanet@lists.kictanet.or.ke > https://lists.kictanet.or.ke/mailman/listinfo/kictanet > Twitter: http://twitter.com/kictanet > Facebook: https://www.facebook.com/KICTANet/ > Domain Registration sponsored by www.eacdirectory.co.ke > > Unsubscribe or change your options at > https://lists.kictanet.or.ke/mailman/options/kictanet/ carolynemimano%40gmail.com > > The Kenya ICT Action Network (KICTANet) is a multi-stakeholder
> 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
On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote: threading the they platform privacy, do
> not spam, do not market your wares or qualifications.
>
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
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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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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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 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.
-- Rosemary Koech-Kimwatu Advocate Legal and Regulatory Specialist- Oxygene MCL Tel: +254 718 181644
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John Thanks. This is educative. Much appreciated. *Ali Hussein* *Principal* *AHK & Associates* Tel: +254 713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim> 13th Floor , Delta Towers, Oracle Wing, Chiromo Road, Westlands, Nairobi, Kenya. Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with. On Mon, Jul 16, 2018 at 3:42 PM, mauxdatabase via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
The problem is definitions have gotten muddled up by the wave(s) of blockchain hype.
The original definition of Blockchain contains these key components are married to each other.
- Protocol; Consensus rules for how Blockchains/Crypto-currencies work. Enforced by primarily 2 methods proof-of-work and proof-of-stake. - Distributed Legder; This is usually confused with the Blockchain. This is the collection of blocks sequentially linked(Chain) of processed transactions. - Currency; This the reward token paid to miners/stakers who process the transactions, create the blocks and chain them together using the rules defined in the protocol. - Software; This is open-source for verification and is why we trust the above. The Software can be optimized continously but usually the protocol is more rigid;
So to answer your question; the Distributed Ledger without the other components is not really useful, in-fact databases are much more efficient.
Best,
John K
On Sat, Jul 14, 2018 at 10:40 AM, Admin CampusCiti via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Great conversations.
I particularly like the angle of sovereignty brought out by Rosemary. However as we navigate this space we need to be careful not to put ourselves in an island and ‘Balkanize ‘ the BlockChain.
@John, the whole aspect of BlockChain is decentralized and the tokenization model is intrinsic to its value proposition. I’lol be keen to understand how that would work without tokenization. Happy to discuss this point.
On innovation and funding of startups in Africa there’s been an alleged bias towards ‘foreigners’. My take on that is that those allegations are too simplistic. As a country and continent we MUST fund our own startups and not wait for ‘handouts’ from the West. Money is racist, tribal and parochial. It is what it is.
Regards
*Ali Hussein*
+254 0713 601113
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 13 Jul 2018, at 8:17 PM, carolyne mimano via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Actually cryptocurrencies are enabled by blockchain technology.Blockchain being the underlying technology it can run independently of cryptocurrency.And a lot of blockchain technologies actually do not involve cryptocurrencies. Blockchain has also developed into other more recent technologies such as ethereum and has been successful. Just like the example of Safaricom which just recently relocated its data centre from Europe-Germany to Kenya a lot of our blockchain use will be internationally located until the technology and expertise is vast.
Regards Carolyne
On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Rosemary, on Blockchain, you bring up very important points to consider;
I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand.
Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge.
Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach.
Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations.
We must do the same, as the future Internet will be tokenized;
In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc).
Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here....
My 2 cryptos.
John K.
On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Listers,
Allow me to respond to questions 1 & 4.
1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive.
2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty?
Kind regards,
On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Good people
Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today.
Thank you all!
*Ali Hussein*
*Principal*
*AHK & Associates*
Tel: +254 713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim>
13th Floor , Delta Towers, Oracle Wing,
Chiromo Road, Westlands,
Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet < kictanet@lists.kictanet.or.ke> wrote:
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya
Traction, traction, traction... @Barrack, your Wakanda should to know the above by now.
Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Carolyne,
Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally?
Best Regards
On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote: > Hi Barrack, > Having worked first hand in tech startups and innovation i can tell you > that a lot of the investors are interested in international cofounders as > oppossed to local.Mainly because we do not invest in our own.A lot of > cofounders who get funding are those who leave silicon valley for > Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in > property -land etc as compared to research and innovation which is one of > the reasons why a huge chunk of tech is foreign led. > Research on tech and innovation should start with the younger > generation.Note people like Mark Zuckerberg had programming tutors in > middle school. > Nairobi Innovation week is just a meeting place for tech enthusiasts, > investors and startups looking for funding.A lot of work needs to happen > all year round behind the scenes. > And yes the government needs to invest more in research as well as we(the > community) investing more in growing the next generation of innovators. > > kind regards > Carolyne > > On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < > kictanet@lists.kictanet.or.ke> wrote: > >> Hi Ali, >> >> 1. We have made many gains in the Fintech and E-Commerce space due to >> a conducive Policy environment. I am curious to understand why our >> market is attracting a lot of venture capital. Is it that we are >> innovative or do we offer cheap labor?, is there any capital flight >> associated with the Venture Capital that is being channeled into our >> market. I ask this considering the long debate about who invented and >> owned MPESA. It eventually turned out that after all it was not a >> Kenyan. >> 2. How much is the Kenyan Government through the parent Ministry of >> Information and Communications Technology pumping into the FINTECH and >> Innovation Space. Better still do we have any Research and Development >> fund to support the sector beyond the Nairobi Innovation Week. I >> appreciate the fact that we have a CS who is at the fore front of >> Innovation but are we matching the same with the kind of budget being >> allocated to the Standard Gauge Railway? >> 3. I would also like to find out from listers that might be in the >> know , how many Kenyans have access to mobile money and gaps if any >> that might exist. Is there any research that has been done that is >> showing the current status of the Fintech and e-commerce eco-system. >> >> asking for Wakanda >> >> On 7/12/18, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> >> wrote: >> > 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. >> > >> > >> https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bi ll-2018-analysis.html >> > >> > 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 Hussein >> > Principal >> > AHK & 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 >> >> >> -- >> Barrack O. Otieno >> +254721325277 >> +254733206359 >> Skype: barrack.otieno >> PGP ID: 0x2611D86A >> >> _______________________________________________ >> kictanet mailing list >> kictanet@lists.kictanet.or.ke >> https://lists.kictanet.or.ke/mailman/listinfo/kictanet >> Twitter: http://twitter.com/kictanet >> Facebook: https://www.facebook.com/KICTANet/ >> Domain Registration sponsored by www.eacdirectory.co.ke >> >> Unsubscribe or change your options at >> https://lists.kictanet.or.ke/mailman/options/kictanet/caroly nemimano%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.
>> >
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
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Hi John, Just a clarification. A distributed Ledger is a set of nodes distributed geographically and operating independently using an agreed protocol. The protocol is designed to verify certain data and ensure that it is synchronized. Blockchain is one form of a distributed Ledger that utilizes either proof of work or Proof of stake. Bitcoin for instance utilizes the proof of work protocol and nodes compete to solve a complex puzzle by hashing the previous block in the current transaction. Proof of stake means you have more voting power based on how much you have and it is believed that you cannot compromise the network because you have a stake in it. Please note also that Cryptocurrency is the product of some Distributed Ledger systems as an incentive for the independent members to run the nodes. It is possible to run a distributed system without Cryptocurrency in a controlled environment or with certain contracts. There are protocols like hyperledger and Hashgraph which examples of distributed ledger protocols outside of the crypto world. They can be used in the supply chain world to link regulators and manufacturers. The opportunity in DLT is so huge. It is limitless. On Mon, Jul 16, 2018 at 3:42 PM, mauxdatabase via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
The problem is definitions have gotten muddled up by the wave(s) of blockchain hype.
The original definition of Blockchain contains these key components are married to each other.
- Protocol; Consensus rules for how Blockchains/Crypto-currencies work. Enforced by primarily 2 methods proof-of-work and proof-of-stake. - Distributed Legder; This is usually confused with the Blockchain. This is the collection of blocks sequentially linked(Chain) of processed transactions. - Currency; This the reward token paid to miners/stakers who process the transactions, create the blocks and chain them together using the rules defined in the protocol. - Software; This is open-source for verification and is why we trust the above. The Software can be optimized continously but usually the protocol is more rigid;
So to answer your question; the Distributed Ledger without the other components is not really useful, in-fact databases are much more efficient.
Best,
John K
On Sat, Jul 14, 2018 at 10:40 AM, Admin CampusCiti via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Great conversations.
I particularly like the angle of sovereignty brought out by Rosemary. However as we navigate this space we need to be careful not to put ourselves in an island and ‘Balkanize ‘ the BlockChain.
@John, the whole aspect of BlockChain is decentralized and the tokenization model is intrinsic to its value proposition. I’lol be keen to understand how that would work without tokenization. Happy to discuss this point.
On innovation and funding of startups in Africa there’s been an alleged bias towards ‘foreigners’. My take on that is that those allegations are too simplistic. As a country and continent we MUST fund our own startups and not wait for ‘handouts’ from the West. Money is racist, tribal and parochial. It is what it is.
Regards
*Ali Hussein*
+254 0713 601113
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 13 Jul 2018, at 8:17 PM, carolyne mimano via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Actually cryptocurrencies are enabled by blockchain technology.Blockchain being the underlying technology it can run independently of cryptocurrency.And a lot of blockchain technologies actually do not involve cryptocurrencies. Blockchain has also developed into other more recent technologies such as ethereum and has been successful. Just like the example of Safaricom which just recently relocated its data centre from Europe-Germany to Kenya a lot of our blockchain use will be internationally located until the technology and expertise is vast.
Regards Carolyne
On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Rosemary, on Blockchain, you bring up very important points to consider;
I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand.
Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge.
Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach.
Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations.
We must do the same, as the future Internet will be tokenized;
In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc).
Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here....
My 2 cryptos.
John K.
On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Listers,
Allow me to respond to questions 1 & 4.
1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive.
2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty?
Kind regards,
On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Good people
Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today.
Thank you all!
*Ali Hussein*
*Principal*
*AHK & Associates*
Tel: +254 713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim>
13th Floor , Delta Towers, Oracle Wing,
Chiromo Road, Westlands,
Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet < kictanet@lists.kictanet.or.ke> wrote:
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya
Traction, traction, traction... @Barrack, your Wakanda should to know the above by now.
Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Carolyne,
Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally?
Best Regards
On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote: > Hi Barrack, > Having worked first hand in tech startups and innovation i can tell you > that a lot of the investors are interested in international cofounders as > oppossed to local.Mainly because we do not invest in our own.A lot of > cofounders who get funding are those who leave silicon valley for > Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in > property -land etc as compared to research and innovation which is one of > the reasons why a huge chunk of tech is foreign led. > Research on tech and innovation should start with the younger > generation.Note people like Mark Zuckerberg had programming tutors in > middle school. > Nairobi Innovation week is just a meeting place for tech enthusiasts, > investors and startups looking for funding.A lot of work needs to happen > all year round behind the scenes. > And yes the government needs to invest more in research as well as we(the > community) investing more in growing the next generation of innovators. > > kind regards > Carolyne > > On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < > kictanet@lists.kictanet.or.ke> wrote: > >> Hi Ali, >> >> 1. We have made many gains in the Fintech and E-Commerce space due to >> a conducive Policy environment. I am curious to understand why our >> market is attracting a lot of venture capital. Is it that we are >> innovative or do we offer cheap labor?, is there any capital flight >> associated with the Venture Capital that is being channeled into our >> market. I ask this considering the long debate about who invented and >> owned MPESA. It eventually turned out that after all it was not a >> Kenyan. >> 2. How much is the Kenyan Government through the parent Ministry of >> Information and Communications Technology pumping into the FINTECH and >> Innovation Space. Better still do we have any Research and Development >> fund to support the sector beyond the Nairobi Innovation Week. I >> appreciate the fact that we have a CS who is at the fore front of >> Innovation but are we matching the same with the kind of budget being >> allocated to the Standard Gauge Railway? >> 3. I would also like to find out from listers that might be in the >> know , how many Kenyans have access to mobile money and gaps if any >> that might exist. Is there any research that has been done that is >> showing the current status of the Fintech and e-commerce eco-system. >> >> asking for Wakanda >> >> On 7/12/18, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> >> wrote: >> > 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. >> > >> > >> https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bi ll-2018-analysis.html >> > >> > 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 Hussein >> > Principal >> > AHK & 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 >> >> >> -- >> Barrack O. Otieno >> +254721325277 >> +254733206359 >> Skype: barrack.otieno >> PGP ID: 0x2611D86A >> >> _______________________________________________ >> kictanet mailing list >> kictanet@lists.kictanet.or.ke >> https://lists.kictanet.or.ke/mailman/listinfo/kictanet >> Twitter: http://twitter.com/kictanet >> Facebook: https://www.facebook.com/KICTANet/ >> Domain Registration sponsored by www.eacdirectory.co.ke >> >> Unsubscribe or change your options at >> https://lists.kictanet.or.ke/mailman/options/kictanet/caroly nemimano%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.
>> >
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
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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.
_______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke
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Hi Hillary, Thanks for the clarification, your distinction is accurate, my contention is that DLTs cannot offer the same security trust model that public Blockchains do without the aspects i talked about. That is why DLTs seem to be deployed in controlled environments as you described and thus cannot truly be disruptive by design. In this regard, databases and cloud systems are much more useful than DLTs which is why they are heavily used by startups world over for building and scaling purposes. The use-cases for Blockchains are very limited; essentially where you have 2 or more parties who don't necessarily trust each other or third-party intermediaries and need to transact value regardless of distance between them. That is why much of what you see in Blockchain is hype, because people are applying the wrong tool for solutions they seek to build/deploy. Kind regards, John K On Tue, Jul 17, 2018 at 10:01 AM, Hillary Cheserek <hcheserek@gmail.com> wrote:
Hi John, Just a clarification. A distributed Ledger is a set of nodes distributed geographically and operating independently using an agreed protocol. The protocol is designed to verify certain data and ensure that it is synchronized. Blockchain is one form of a distributed Ledger that utilizes either proof of work or Proof of stake. Bitcoin for instance utilizes the proof of work protocol and nodes compete to solve a complex puzzle by hashing the previous block in the current transaction. Proof of stake means you have more voting power based on how much you have and it is believed that you cannot compromise the network because you have a stake in it. Please note also that Cryptocurrency is the product of some Distributed Ledger systems as an incentive for the independent members to run the nodes. It is possible to run a distributed system without Cryptocurrency in a controlled environment or with certain contracts. There are protocols like hyperledger and Hashgraph which examples of distributed ledger protocols outside of the crypto world. They can be used in the supply chain world to link regulators and manufacturers. The opportunity in DLT is so huge. It is limitless.
On Mon, Jul 16, 2018 at 3:42 PM, mauxdatabase via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
The problem is definitions have gotten muddled up by the wave(s) of blockchain hype.
The original definition of Blockchain contains these key components are married to each other.
- Protocol; Consensus rules for how Blockchains/Crypto-currencies work. Enforced by primarily 2 methods proof-of-work and proof-of-stake. - Distributed Legder; This is usually confused with the Blockchain. This is the collection of blocks sequentially linked(Chain) of processed transactions. - Currency; This the reward token paid to miners/stakers who process the transactions, create the blocks and chain them together using the rules defined in the protocol. - Software; This is open-source for verification and is why we trust the above. The Software can be optimized continously but usually the protocol is more rigid;
So to answer your question; the Distributed Ledger without the other components is not really useful, in-fact databases are much more efficient.
Best,
John K
On Sat, Jul 14, 2018 at 10:40 AM, Admin CampusCiti via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Great conversations.
I particularly like the angle of sovereignty brought out by Rosemary. However as we navigate this space we need to be careful not to put ourselves in an island and ‘Balkanize ‘ the BlockChain.
@John, the whole aspect of BlockChain is decentralized and the tokenization model is intrinsic to its value proposition. I’lol be keen to understand how that would work without tokenization. Happy to discuss this point.
On innovation and funding of startups in Africa there’s been an alleged bias towards ‘foreigners’. My take on that is that those allegations are too simplistic. As a country and continent we MUST fund our own startups and not wait for ‘handouts’ from the West. Money is racist, tribal and parochial. It is what it is.
Regards
*Ali Hussein*
+254 0713 601113
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 13 Jul 2018, at 8:17 PM, carolyne mimano via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Actually cryptocurrencies are enabled by blockchain technology.Blockchain being the underlying technology it can run independently of cryptocurrency.And a lot of blockchain technologies actually do not involve cryptocurrencies. Blockchain has also developed into other more recent technologies such as ethereum and has been successful. Just like the example of Safaricom which just recently relocated its data centre from Europe-Germany to Kenya a lot of our blockchain use will be internationally located until the technology and expertise is vast.
Regards Carolyne
On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Rosemary, on Blockchain, you bring up very important points to consider;
I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand.
Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge.
Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach.
Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations.
We must do the same, as the future Internet will be tokenized;
In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc).
Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here....
My 2 cryptos.
John K.
On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Listers,
Allow me to respond to questions 1 & 4.
1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive.
2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty?
Kind regards,
On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Good people
Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today.
Thank you all!
*Ali Hussein*
*Principal*
*AHK & Associates*
Tel: +254 713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim>
13th Floor , Delta Towers, Oracle Wing,
Chiromo Road, Westlands,
Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet < kictanet@lists.kictanet.or.ke> wrote:
> > > " The solution (innovation) is what we most clearly see and what > gets us most excited. But our stakeholders don’t necessarily see what we > see. More important, their goals are different. They don’t care about our > solution but rather about a business model story that promises them a > return on their investment within a set time frame." - Ash Maurya > > Traction, traction, traction... > @Barrack, your Wakanda should to know the above by now. > > > Be blessed. > Regards/Wangari > --- > Pray God Bless. 2013Wangari circa - "Being of the Light, We are > Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of > God on Earth". > > > On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet > <kictanet@lists.kictanet.or.ke> wrote: > > > Dear Carolyne, > > Many thanks for your insightful responses. Is there any capital > flight > or would you say the funds are wholly invested locally? > > Best Regards > > On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote: > > Hi Barrack, > > Having worked first hand in tech startups and innovation i can > tell you > > that a lot of the investors are interested in international > cofounders as > > oppossed to local.Mainly because we do not invest in our own.A lot > of > > cofounders who get funding are those who leave silicon valley for > > Nigeria,Kenya and south Africa.Unfortunately we still prefer to > invest in > > property -land etc as compared to research and innovation which is > one of > > the reasons why a huge chunk of tech is foreign led. > > Research on tech and innovation should start with the younger > > generation.Note people like Mark Zuckerberg had programming tutors > in > > middle school. > > Nairobi Innovation week is just a meeting place for tech > enthusiasts, > > investors and startups looking for funding.A lot of work needs to > happen > > all year round behind the scenes. > > And yes the government needs to invest more in research as well as > we(the > > community) investing more in growing the next generation of > innovators. > > > > kind regards > > Carolyne > > > > On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < > > kictanet@lists.kictanet.or.ke> wrote: > > > >> Hi Ali, > >> > >> 1. We have made many gains in the Fintech and E-Commerce space > due to > >> a conducive Policy environment. I am curious to understand why our > >> market is attracting a lot of venture capital. Is it that we are > >> innovative or do we offer cheap labor?, is there any capital > flight > >> associated with the Venture Capital that is being channeled into > our > >> market. I ask this considering the long debate about who invented > and > >> owned MPESA. It eventually turned out that after all it was not a > >> Kenyan. > >> 2. How much is the Kenyan Government through the parent Ministry > of > >> Information and Communications Technology pumping into the > FINTECH and > >> Innovation Space. Better still do we have any Research and > Development > >> fund to support the sector beyond the Nairobi Innovation Week. I > >> appreciate the fact that we have a CS who is at the fore front of > >> Innovation but are we matching the same with the kind of budget > being > >> allocated to the Standard Gauge Railway? > >> 3. I would also like to find out from listers that might be in the > >> know , how many Kenyans have access to mobile money and gaps if > any > >> that might exist. Is there any research that has been done that is > >> showing the current status of the Fintech and e-commerce > eco-system. > >> > >> asking for Wakanda > >> > >> On 7/12/18, Ali Hussein via kictanet < > kictanet@lists.kictanet.or.ke> > >> wrote: > >> > 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. > >> > > >> > > >> https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bi > ll-2018-analysis.html > >> > > >> > 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 Hussein > >> > Principal > >> > AHK & 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 > >> > >> > >> -- > >> Barrack O. Otieno > >> +254721325277 > >> +254733206359 > >> Skype: barrack.otieno > >> PGP ID: 0x2611D86A > >> > >> _______________________________________________ > >> kictanet mailing list > >> kictanet@lists.kictanet.or.ke > >> https://lists.kictanet.or.ke/mailman/listinfo/kictanet > >> Twitter: http://twitter.com/kictanet > >> Facebook: https://www.facebook.com/KICTANet/ > >> Domain Registration sponsored by www.eacdirectory.co.ke > >> > >> Unsubscribe or change your options at > >> https://lists.kictanet.or.ke/mailman/options/kictanet/caroly > nemimano%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. > > >> > > > > > -- > Barrack O. Otieno > +254721325277 > +254733206359 > Skype: barrack.otieno > PGP ID: 0x2611D86A > > _______________________________________________ > kictanet mailing list > kictanet@lists.kictanet.or.ke > https://lists.kictanet.or.ke/mailman/listinfo/kictanet > Twitter: http://twitter.com/kictanet > Facebook: https://www.facebook.com/KICTANet/ > Domain Registration sponsored by www.eacdirectory.co.ke > > Unsubscribe or change your options at https://lists.kictanet.or.ke/m > ailman/options/kictanet/wangarikabiru%40yahoo.co.uk > > 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. > > _______________________________________________ > kictanet mailing list > kictanet@lists.kictanet.or.ke > https://lists.kictanet.or.ke/mailman/listinfo/kictanet > Twitter: http://twitter.com/kictanet > Facebook: https://www.facebook.com/KICTANet/ > Domain Registration sponsored by www.eacdirectory.co.ke > > Unsubscribe or change your options at https://lists.kictanet.or.ke/m > ailman/options/kictanet/info%40alyhussein.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. > >
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Agreed with Hillary, One can find use for Distributed Ledger (DL) Tech without the Crypto aspect. The core advantage of DL within the Kenyan context is distributed control - as in the decision (consensus) on what is finally entered as a true record of events is shared and NOT under one entity(node). Think about our notorious election process where Chebukati and Chiloba (IEBC) retain the final say. If we moved our electoral system onto a blockchain or a distributed ledger, the history of all voting transactions would be algorithmically determined by the participating nodes from say from IEBC, Judiciary, Political Parties, Civil Society, Professional bodies and others to be determined (by a changed law). The blockchain properties of immutability, transparency, auditability, provenance, etc would then all come into play. Infact there would be no more #Fungua_Server manenos. All these without Cryptos. That said, Cryptos or Tokens also have their place. One can remodel the whole economic system around cryptos or Tokens. For example, one could incentivise positive behaviour around certain resources by awarding or deducting tokens. For example if we want to keep Nairobi clean, we could have residents earning 'Green-Tokens' for each positive action they make for reducing pollution, while those increasing pollution would have their 'Green-Tokens' deducted. Basically we decentralise and Tokenise the NEMA function :-) In short, DL & Cryptos/Tokens can work independently or together. walu. On Tuesday, July 17, 2018, 10:22:29 AM GMT+3, Hillary Cheserek via kictanet <kictanet@lists.kictanet.or.ke> wrote: Hi John, Just a clarification. A distributed Ledger is a set of nodes distributed geographically and operating independently using an agreed protocol. The protocol is designed to verify certain data and ensure that it is synchronized. Blockchain is one form of a distributed Ledger that utilizes either proof of work or Proof of stake. Bitcoin for instance utilizes the proof of work protocol and nodes compete to solve a complex puzzle by hashing the previous block in the current transaction. Proof of stake means you have more voting power based on how much you have and it is believed that you cannot compromise the network because you have a stake in it. Please note also that Cryptocurrency is the product of some Distributed Ledger systems as an incentive for the independent members to run the nodes. It is possible to run a distributed system without Cryptocurrency in a controlled environment or with certain contracts. There are protocols like hyperledger and Hashgraph which examples of distributed ledger protocols outside of the crypto world. They can be used in the supply chain world to link regulators and manufacturers. The opportunity in DLT is so huge. It is limitless. On Mon, Jul 16, 2018 at 3:42 PM, mauxdatabase via kictanet <kictanet@lists.kictanet.or.ke> wrote: Hi Ali, The problem is definitions have gotten muddled up by the wave(s) of blockchain hype. The original definition of Blockchain contains these key components are married to each other. - Protocol; Consensus rules for how Blockchains/Crypto-currencies work. Enforced by primarily 2 methods proof-of-work and proof-of-stake. - Distributed Legder; This is usually confused with the Blockchain. This is the collection of blocks sequentially linked(Chain) of processed transactions. - Currency; This the reward token paid to miners/stakers who process the transactions, create the blocks and chain them together using the rules defined in the protocol. - Software; This is open-source for verification and is why we trust the above. The Software can be optimized continously but usually the protocol is more rigid; So to answer your question; the Distributed Ledger without the other components is not really useful, in-fact databases are much more efficient. Best, John K On Sat, Jul 14, 2018 at 10:40 AM, Admin CampusCiti via kictanet <kictanet@lists.kictanet.or.ke > wrote: Great conversations. I particularly like the angle of sovereignty brought out by Rosemary. However as we navigate this space we need to be careful not to put ourselves in an island and ‘Balkanize ‘ the BlockChain. @John, the whole aspect of BlockChain is decentralized and the tokenization model is intrinsic to its value proposition. I’lol be keen to understand how that would work without tokenization. Happy to discuss this point. On innovation and funding of startups in Africa there’s been an alleged bias towards ‘foreigners’. My take on that is that those allegations are too simplistic. As a country and continent we MUST fund our own startups and not wait for ‘handouts’ from the West. Money is racist, tribal and parochial. It is what it is. Regards Ali Hussein +254 0713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.c om/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 13 Jul 2018, at 8:17 PM, carolyne mimano via kictanet <kictanet@lists.kictanet.or.ke > wrote: Actually cryptocurrencies are enabled by blockchain technology.Blockchain being the underlying technology it can run independently of cryptocurrency.And a lot of blockchain technologies actually do not involve cryptocurrencies.Blockchain has also developed into other more recent technologies such as ethereum and has been successful.Just like the example of Safaricom which just recently relocated its data centre from Europe-Germany to Kenya a lot of our blockchain use will be internationally located until the technology and expertise is vast. RegardsCarolyne On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, <kictanet@lists.kictanet.or.ke > wrote: Rosemary, on Blockchain, you bring up very important points to consider; I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand. Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge. Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach. Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations. We must do the same, as the future Internet will be tokenized; In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc). Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here.... My 2 cryptos. John K. On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet <kictanet@lists.kictanet.or.ke > wrote: Dear Listers, Allow me to respond to questions 1 & 4. 1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive. 2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty? Kind regards, On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke > wrote: Good people Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today. Thank you all! AliHussein Principal AHK & Associates Tel: +254 713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alih kassim 13th Floor , Delta Towers, Oracle Wing, Chiromo Road, Westlands, Nairobi, Kenya. Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with. On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet <kictanet@lists.kictanet.or.ke > wrote: " The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya Traction, traction, traction...@Barrack, your Wakanda should to know the above by now. Be blessed.Regards/Wangari--- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth". On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet <kictanet@lists.kictanet.or.ke > wrote: Dear Carolyne, Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally? Best Regards On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote:
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
1. We have made many gains in the Fintech and E-Commerce space due to a conducive Policy environment. I am curious to understand why our market is attracting a lot of venture capital. Is it that we are innovative or do we offer cheap labor?, is there any capital flight associated with the Venture Capital that is being channeled into our market. I ask this considering the long debate about who invented and owned MPESA. It eventually turned out that after all it was not a Kenyan. 2. How much is the Kenyan Government through the parent Ministry of Information and Communications Technology pumping into the FINTECH and Innovation Space. Better still do we have any Research and Development fund to support the sector beyond the Nairobi Innovation Week. I appreciate the fact that we have a CS who is at the fore front of Innovation but are we matching the same with the kind of budget being allocated to the Standard Gauge Railway? 3. I would also like to find out from listers that might be in the know , how many Kenyans have access to mobile money and gaps if any that might exist. Is there any research that has been done that is showing the current status of the Fintech and e-commerce eco-system.
asking for Wakanda
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
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
On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke > wrote: that 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.
https://home.kpmg.com/ke/en/ho me/insights/2018/06/finance-bi ll-2018-analysis.html
To ponder:-
1. Are we moving too fast? Is there a need to take a chill pill and
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
reflect 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 Hussein Principal AHK & Associates +254 0713 601113
Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alih kassim
"We are what we repeatedly do. Excellence, therefore, is not an act but a habit." ~ Aristotle
Sent from my iPad
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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. ______________________________ _________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/m ailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTA Net/ Domain Registration sponsored by www.eacdirectory.co.ke Unsubscribe or change your options at https://lists.kictanet.or.ke/m ailman/options/kictanet/info%4 0campusciti.com The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. 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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. ______________________________ _________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/ mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/ KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke Unsubscribe or change your options at https://lists.kictanet.or.ke/ mailman/options/kictanet/ hcheserek%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. _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/jwalu%40yahoo.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.
@Walubengo Please explain to us in a way that a Standard 5 kid can understand how we retain the core values and benefits of Blockchain without tokenization. As a Mwalimu this should be a walk in the park.. :-) *Ali Hussein* *Principal* *AHK & Associates* Tel: +254 713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim> 13th Floor , Delta Towers, Oracle Wing, Chiromo Road, Westlands, Nairobi, Kenya. Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with. On Tue, Jul 17, 2018 at 2:38 PM, Walubengo J via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Agreed with Hillary,
One can find use for Distributed Ledger (DL) Tech without the Crypto aspect. The core advantage of DL within the Kenyan context is distributed control - as in the decision (consensus) on what is finally entered as a true record of events is shared and NOT under one entity(node).
Think about our notorious election process where Chebukati and Chiloba (IEBC) retain the final say. If we moved our electoral system onto a blockchain or a distributed ledger, the history of all voting transactions would be algorithmically determined by the participating nodes from say from IEBC, Judiciary, Political Parties, Civil Society, Professional bodies and others to be determined (by a changed law).
The blockchain properties of immutability, transparency, auditability, provenance, etc would then all come into play. Infact there would be no more #Fungua_Server manenos.
All these without Cryptos.
That said, Cryptos or Tokens also have their place. One can remodel the whole economic system around cryptos or Tokens.
For example, one could incentivise positive behaviour around certain resources by awarding or deducting tokens. For example if we want to keep Nairobi clean, we could have residents earning 'Green-Tokens' for each positive action they make for reducing pollution, while those increasing pollution would have their 'Green-Tokens' deducted.
Basically we decentralise and Tokenise the NEMA function :-)
In short, DL & Cryptos/Tokens can work independently or together.
walu.
On Tuesday, July 17, 2018, 10:22:29 AM GMT+3, Hillary Cheserek via kictanet <kictanet@lists.kictanet.or.ke> wrote:
Hi John, Just a clarification. A distributed Ledger is a set of nodes distributed geographically and operating independently using an agreed protocol. The protocol is designed to verify certain data and ensure that it is synchronized. Blockchain is one form of a distributed Ledger that utilizes either proof of work or Proof of stake. Bitcoin for instance utilizes the proof of work protocol and nodes compete to solve a complex puzzle by hashing the previous block in the current transaction. Proof of stake means you have more voting power based on how much you have and it is believed that you cannot compromise the network because you have a stake in it. Please note also that Cryptocurrency is the product of some Distributed Ledger systems as an incentive for the independent members to run the nodes. It is possible to run a distributed system without Cryptocurrency in a controlled environment or with certain contracts. There are protocols like hyperledger and Hashgraph which examples of distributed ledger protocols outside of the crypto world. They can be used in the supply chain world to link regulators and manufacturers. The opportunity in DLT is so huge. It is limitless.
On Mon, Jul 16, 2018 at 3:42 PM, mauxdatabase via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
The problem is definitions have gotten muddled up by the wave(s) of blockchain hype.
The original definition of Blockchain contains these key components are married to each other.
- Protocol; Consensus rules for how Blockchains/Crypto-currencies work. Enforced by primarily 2 methods proof-of-work and proof-of-stake. - Distributed Legder; This is usually confused with the Blockchain. This is the collection of blocks sequentially linked(Chain) of processed transactions. - Currency; This the reward token paid to miners/stakers who process the transactions, create the blocks and chain them together using the rules defined in the protocol. - Software; This is open-source for verification and is why we trust the above. The Software can be optimized continously but usually the protocol is more rigid;
So to answer your question; the Distributed Ledger without the other components is not really useful, in-fact databases are much more efficient.
Best,
John K
On Sat, Jul 14, 2018 at 10:40 AM, Admin CampusCiti via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Great conversations.
I particularly like the angle of sovereignty brought out by Rosemary. However as we navigate this space we need to be careful not to put ourselves in an island and ‘Balkanize ‘ the BlockChain.
@John, the whole aspect of BlockChain is decentralized and the tokenization model is intrinsic to its value proposition. I’lol be keen to understand how that would work without tokenization. Happy to discuss this point.
On innovation and funding of startups in Africa there’s been an alleged bias towards ‘foreigners’. My take on that is that those allegations are too simplistic. As a country and continent we MUST fund our own startups and not wait for ‘handouts’ from the West. Money is racist, tribal and parochial. It is what it is.
Regards
*Ali Hussein*
+254 0713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.c om/in/alihkassim <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 13 Jul 2018, at 8:17 PM, carolyne mimano via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Actually cryptocurrencies are enabled by blockchain technology.Blockchain being the underlying technology it can run independently of cryptocurrency.And a lot of blockchain technologies actually do not involve cryptocurrencies. Blockchain has also developed into other more recent technologies such as ethereum and has been successful. Just like the example of Safaricom which just recently relocated its data centre from Europe-Germany to Kenya a lot of our blockchain use will be internationally located until the technology and expertise is vast.
Regards Carolyne
On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, < kictanet@lists.kictanet.or.ke > wrote:
Rosemary, on Blockchain, you bring up very important points to consider;
I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand.
Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge.
Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach.
Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations.
We must do the same, as the future Internet will be tokenized;
In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc).
Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here....
My 2 cryptos.
John K.
On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Dear Listers,
Allow me to respond to questions 1 & 4.
1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive.
2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty?
Kind regards,
On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Good people
Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today.
Thank you all!
*Ali Hussein*
*Principal*
*AHK & Associates*
Tel: +254 713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alih kassim <http://ke.linkedin.com/in/alihkassim> <http://ke.linkedin.com/in/alihkassim>
13th Floor , Delta Towers, Oracle Wing,
Chiromo Road, Westlands,
Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet < kictanet@lists.kictanet.or.ke > wrote:
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya
Traction, traction, traction... @Barrack, your Wakanda should to know the above by now.
Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Dear Carolyne,
Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally?
Best Regards
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
1. We have made many gains in the Fintech and E-Commerce space due to a conducive Policy environment. I am curious to understand why our market is attracting a lot of venture capital. Is it that we are innovative or do we offer cheap labor?, is there any capital flight associated with the Venture Capital that is being channeled into our market. I ask this considering the long debate about who invented and owned MPESA. It eventually turned out that after all it was not a Kenyan. 2. How much is the Kenyan Government through the parent Ministry of Information and Communications Technology pumping into the FINTECH and Innovation Space. Better still do we have any Research and Development fund to support the sector beyond the Nairobi Innovation Week. I appreciate the fact that we have a CS who is at the fore front of Innovation but are we matching the same with the kind of budget being allocated to the Standard Gauge Railway? 3. I would also like to find out from listers that might be in the know , how many Kenyans have access to mobile money and gaps if any that might exist. Is there any research that has been done that is showing the current status of the Fintech and e-commerce eco-system.
asking for Wakanda
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
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
On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke > wrote: that 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
On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote: 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.
https://home.kpmg.com/ke/en/ho me/insights/2018/06/finance-bi ll-2018-analysis.html <https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis.html>
To ponder:-
1. Are we moving too fast? Is there a need to take a chill pill and
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
reflect 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 Hussein Principal AHK & Associates +254 0713 601113
Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alih kassim <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
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
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@Walu, et al, For elections, would the Blockchain technology provide anonymity while avoiding impersonation? To ensure some bot is not voting, would the electronic voting occur at IEBC centres or remotely (from any location)? On Tue, Jul 17, 2018, 2:39 PM Walubengo J via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Agreed with Hillary,
One can find use for Distributed Ledger (DL) Tech without the Crypto aspect. The core advantage of DL within the Kenyan context is distributed control - as in the decision (consensus) on what is finally entered as a true record of events is shared and NOT under one entity(node).
Think about our notorious election process where Chebukati and Chiloba (IEBC) retain the final say. If we moved our electoral system onto a blockchain or a distributed ledger, the history of all voting transactions would be algorithmically determined by the participating nodes from say from IEBC, Judiciary, Political Parties, Civil Society, Professional bodies and others to be determined (by a changed law).
The blockchain properties of immutability, transparency, auditability, provenance, etc would then all come into play. Infact there would be no more #Fungua_Server manenos.
All these without Cryptos.
That said, Cryptos or Tokens also have their place. One can remodel the whole economic system around cryptos or Tokens.
For example, one could incentivise positive behaviour around certain resources by awarding or deducting tokens. For example if we want to keep Nairobi clean, we could have residents earning 'Green-Tokens' for each positive action they make for reducing pollution, while those increasing pollution would have their 'Green-Tokens' deducted.
Basically we decentralise and Tokenise the NEMA function :-)
In short, DL & Cryptos/Tokens can work independently or together.
walu.
On Tuesday, July 17, 2018, 10:22:29 AM GMT+3, Hillary Cheserek via kictanet <kictanet@lists.kictanet.or.ke> wrote:
Hi John, Just a clarification. A distributed Ledger is a set of nodes distributed geographically and operating independently using an agreed protocol. The protocol is designed to verify certain data and ensure that it is synchronized. Blockchain is one form of a distributed Ledger that utilizes either proof of work or Proof of stake. Bitcoin for instance utilizes the proof of work protocol and nodes compete to solve a complex puzzle by hashing the previous block in the current transaction. Proof of stake means you have more voting power based on how much you have and it is believed that you cannot compromise the network because you have a stake in it. Please note also that Cryptocurrency is the product of some Distributed Ledger systems as an incentive for the independent members to run the nodes. It is possible to run a distributed system without Cryptocurrency in a controlled environment or with certain contracts. There are protocols like hyperledger and Hashgraph which examples of distributed ledger protocols outside of the crypto world. They can be used in the supply chain world to link regulators and manufacturers. The opportunity in DLT is so huge. It is limitless.
On Mon, Jul 16, 2018 at 3:42 PM, mauxdatabase via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
The problem is definitions have gotten muddled up by the wave(s) of blockchain hype.
The original definition of Blockchain contains these key components are married to each other.
- Protocol; Consensus rules for how Blockchains/Crypto-currencies work. Enforced by primarily 2 methods proof-of-work and proof-of-stake. - Distributed Legder; This is usually confused with the Blockchain. This is the collection of blocks sequentially linked(Chain) of processed transactions. - Currency; This the reward token paid to miners/stakers who process the transactions, create the blocks and chain them together using the rules defined in the protocol. - Software; This is open-source for verification and is why we trust the above. The Software can be optimized continously but usually the protocol is more rigid;
So to answer your question; the Distributed Ledger without the other components is not really useful, in-fact databases are much more efficient.
Best,
John K
On Sat, Jul 14, 2018 at 10:40 AM, Admin CampusCiti via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Great conversations.
I particularly like the angle of sovereignty brought out by Rosemary. However as we navigate this space we need to be careful not to put ourselves in an island and ‘Balkanize ‘ the BlockChain.
@John, the whole aspect of BlockChain is decentralized and the tokenization model is intrinsic to its value proposition. I’lol be keen to understand how that would work without tokenization. Happy to discuss this point.
On innovation and funding of startups in Africa there’s been an alleged bias towards ‘foreigners’. My take on that is that those allegations are too simplistic. As a country and continent we MUST fund our own startups and not wait for ‘handouts’ from the West. Money is racist, tribal and parochial. It is what it is.
Regards
*Ali Hussein*
+254 0713 601113
Twitter: @AliHKassim
Skype: abu-jomo
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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 13 Jul 2018, at 8:17 PM, carolyne mimano via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Actually cryptocurrencies are enabled by blockchain technology.Blockchain being the underlying technology it can run independently of cryptocurrency.And a lot of blockchain technologies actually do not involve cryptocurrencies. Blockchain has also developed into other more recent technologies such as ethereum and has been successful. Just like the example of Safaricom which just recently relocated its data centre from Europe-Germany to Kenya a lot of our blockchain use will be internationally located until the technology and expertise is vast.
Regards Carolyne
On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, < kictanet@lists.kictanet.or.ke > wrote:
Rosemary, on Blockchain, you bring up very important points to consider;
I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand.
Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge.
Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach.
Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations.
We must do the same, as the future Internet will be tokenized;
In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc).
Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here....
My 2 cryptos.
John K.
On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Dear Listers,
Allow me to respond to questions 1 & 4.
1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive.
2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty?
Kind regards,
On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Good people
Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today.
Thank you all!
*Ali Hussein*
*Principal*
*AHK & Associates*
Tel: +254 713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alih kassim <http://ke.linkedin.com/in/alihkassim> <http://ke.linkedin.com/in/alihkassim>
13th Floor , Delta Towers, Oracle Wing,
Chiromo Road, Westlands,
Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet < kictanet@lists.kictanet.or.ke > wrote:
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya
Traction, traction, traction... @Barrack, your Wakanda should to know the above by now.
Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Dear Carolyne,
Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally?
Best Regards
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
1. We have made many gains in the Fintech and E-Commerce space due to a conducive Policy environment. I am curious to understand why our market is attracting a lot of venture capital. Is it that we are innovative or do we offer cheap labor?, is there any capital flight associated with the Venture Capital that is being channeled into our market. I ask this considering the long debate about who invented and owned MPESA. It eventually turned out that after all it was not a Kenyan. 2. How much is the Kenyan Government through the parent Ministry of Information and Communications Technology pumping into the FINTECH and Innovation Space. Better still do we have any Research and Development fund to support the sector beyond the Nairobi Innovation Week. I appreciate the fact that we have a CS who is at the fore front of Innovation but are we matching the same with the kind of budget being allocated to the Standard Gauge Railway? 3. I would also like to find out from listers that might be in the know , how many Kenyans have access to mobile money and gaps if any that might exist. Is there any research that has been done that is showing the current status of the Fintech and e-commerce eco-system.
asking for Wakanda
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
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
On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke > wrote: that 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
On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote: 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.
https://home.kpmg.com/ke/en/ho me/insights/2018/06/finance-bi ll-2018-analysis.html <https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis.html>
To ponder:-
1. Are we moving too fast? Is there a need to take a chill pill and
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
reflect 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 Hussein Principal AHK & Associates +254 0713 601113
Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alih kassim <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
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Good questions. I do not have the implementation details for an Electoral Blockchain system but am sure upcoming local Blockchain Developers can deal ;-) But generally speaking, think (google) around Private or what they call Permissioned Blockchains. They take the resilience and architecture of the Bitcoin network and tweak it as an enterprise or business solution. Many global players are in that space. IBM Hyperledger, Ethereum Enterprise, come to mind amongst others. | | | Hyperledger - Open source blockchain fo... | walu. On Tuesday, July 17, 2018, 3:32:30 PM GMT+3, S.M. Muraya <murigi.muraya@gmail.com> wrote: @Walu, et al, For elections, would the Blockchain technology provide anonymity while avoiding impersonation? To ensure some bot is not voting, would the electronic voting occur at IEBC centres or remotely (from any location)? On Tue, Jul 17, 2018, 2:39 PM Walubengo J via kictanet <kictanet@lists.kictanet.or.ke> wrote: Agreed with Hillary, One can find use for Distributed Ledger (DL) Tech without the Crypto aspect. The core advantage of DL within the Kenyan context is distributed control - as in the decision (consensus) on what is finally entered as a true record of events is shared and NOT under one entity(node). Think about our notorious election process where Chebukati and Chiloba (IEBC) retain the final say. If we moved our electoral system onto a blockchain or a distributed ledger, the history of all voting transactions would be algorithmically determined by the participating nodes from say from IEBC, Judiciary, Political Parties, Civil Society, Professional bodies and others to be determined (by a changed law). The blockchain properties of immutability, transparency, auditability, provenance, etc would then all come into play. Infact there would be no more #Fungua_Server manenos. All these without Cryptos. That said, Cryptos or Tokens also have their place. One can remodel the whole economic system around cryptos or Tokens. For example, one could incentivise positive behaviour around certain resources by awarding or deducting tokens. For example if we want to keep Nairobi clean, we could have residents earning 'Green-Tokens' for each positive action they make for reducing pollution, while those increasing pollution would have their 'Green-Tokens' deducted. Basically we decentralise and Tokenise the NEMA function :-) In short, DL & Cryptos/Tokens can work independently or together. walu. On Tuesday, July 17, 2018, 10:22:29 AM GMT+3, Hillary Cheserek via kictanet <kictanet@lists.kictanet.or.ke> wrote: Hi John, Just a clarification. A distributed Ledger is a set of nodes distributed geographically and operating independently using an agreed protocol. The protocol is designed to verify certain data and ensure that it is synchronized. Blockchain is one form of a distributed Ledger that utilizes either proof of work or Proof of stake. Bitcoin for instance utilizes the proof of work protocol and nodes compete to solve a complex puzzle by hashing the previous block in the current transaction. Proof of stake means you have more voting power based on how much you have and it is believed that you cannot compromise the network because you have a stake in it. Please note also that Cryptocurrency is the product of some Distributed Ledger systems as an incentive for the independent members to run the nodes. It is possible to run a distributed system without Cryptocurrency in a controlled environment or with certain contracts. There are protocols like hyperledger and Hashgraph which examples of distributed ledger protocols outside of the crypto world. They can be used in the supply chain world to link regulators and manufacturers. The opportunity in DLT is so huge. It is limitless. On Mon, Jul 16, 2018 at 3:42 PM, mauxdatabase via kictanet <kictanet@lists.kictanet.or.ke> wrote: Hi Ali, The problem is definitions have gotten muddled up by the wave(s) of blockchain hype. The original definition of Blockchain contains these key components are married to each other. - Protocol; Consensus rules for how Blockchains/Crypto-currencies work. Enforced by primarily 2 methods proof-of-work and proof-of-stake. - Distributed Legder; This is usually confused with the Blockchain. This is the collection of blocks sequentially linked(Chain) of processed transactions. - Currency; This the reward token paid to miners/stakers who process the transactions, create the blocks and chain them together using the rules defined in the protocol. - Software; This is open-source for verification and is why we trust the above. The Software can be optimized continously but usually the protocol is more rigid; So to answer your question; the Distributed Ledger without the other components is not really useful, in-fact databases are much more efficient. Best, John K On Sat, Jul 14, 2018 at 10:40 AM, Admin CampusCiti via kictanet <kictanet@lists.kictanet.or.ke > wrote: Great conversations. I particularly like the angle of sovereignty brought out by Rosemary. However as we navigate this space we need to be careful not to put ourselves in an island and ‘Balkanize ‘ the BlockChain. @John, the whole aspect of BlockChain is decentralized and the tokenization model is intrinsic to its value proposition. I’lol be keen to understand how that would work without tokenization. Happy to discuss this point. On innovation and funding of startups in Africa there’s been an alleged bias towards ‘foreigners’. My take on that is that those allegations are too simplistic. As a country and continent we MUST fund our own startups and not wait for ‘handouts’ from the West. Money is racist, tribal and parochial. It is what it is. Regards Ali Hussein +254 0713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.c om/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 13 Jul 2018, at 8:17 PM, carolyne mimano via kictanet <kictanet@lists.kictanet.or.ke > wrote: Actually cryptocurrencies are enabled by blockchain technology.Blockchain being the underlying technology it can run independently of cryptocurrency.And a lot of blockchain technologies actually do not involve cryptocurrencies.Blockchain has also developed into other more recent technologies such as ethereum and has been successful.Just like the example of Safaricom which just recently relocated its data centre from Europe-Germany to Kenya a lot of our blockchain use will be internationally located until the technology and expertise is vast. RegardsCarolyne On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, <kictanet@lists.kictanet.or.ke > wrote: Rosemary, on Blockchain, you bring up very important points to consider; I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand. Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge. Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach. Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations. We must do the same, as the future Internet will be tokenized; In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc). Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here.... My 2 cryptos. John K. On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet <kictanet@lists.kictanet.or.ke > wrote: Dear Listers, Allow me to respond to questions 1 & 4. 1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive. 2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty? Kind regards, On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke > wrote: Good people Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today. Thank you all! AliHussein Principal AHK & Associates Tel: +254 713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alih kassim 13th Floor , Delta Towers, Oracle Wing, Chiromo Road, Westlands, Nairobi, Kenya. Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with. On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet <kictanet@lists.kictanet.or.ke > wrote: " The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya Traction, traction, traction...@Barrack, your Wakanda should to know the above by now. Be blessed.Regards/Wangari--- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth". On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet <kictanet@lists.kictanet.or.ke > wrote: Dear Carolyne, Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally? Best Regards On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote:
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
1. We have made many gains in the Fintech and E-Commerce space due to a conducive Policy environment. I am curious to understand why our market is attracting a lot of venture capital. Is it that we are innovative or do we offer cheap labor?, is there any capital flight associated with the Venture Capital that is being channeled into our market. I ask this considering the long debate about who invented and owned MPESA. It eventually turned out that after all it was not a Kenyan. 2. How much is the Kenyan Government through the parent Ministry of Information and Communications Technology pumping into the FINTECH and Innovation Space. Better still do we have any Research and Development fund to support the sector beyond the Nairobi Innovation Week. I appreciate the fact that we have a CS who is at the fore front of Innovation but are we matching the same with the kind of budget being allocated to the Standard Gauge Railway? 3. I would also like to find out from listers that might be in the know , how many Kenyans have access to mobile money and gaps if any that might exist. Is there any research that has been done that is showing the current status of the Fintech and e-commerce eco-system.
asking for Wakanda
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
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
On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke > wrote: that 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.
https://home.kpmg.com/ke/en/ho me/insights/2018/06/finance-bi ll-2018-analysis.html
To ponder:-
1. Are we moving too fast? Is there a need to take a chill pill and
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
reflect 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 Hussein Principal AHK & Associates +254 0713 601113
Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alih kassim
"We are what we repeatedly do. Excellence, therefore, is not an act but a habit." ~ Aristotle
Sent from my iPad
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
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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. ______________________________ _________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/m ailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTA Net/ Domain Registration sponsored by www.eacdirectory.co.ke Unsubscribe or change your options at https://lists.kictanet.or.ke/m ailman/options/kictanet/chemuk oechk%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. 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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. ______________________________ _________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/m ailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTA Net/ Domain Registration sponsored by www.eacdirectory.co.ke Unsubscribe or change your options at https://lists.kictanet.or.ke/m ailman/options/kictanet/caroly nemimano%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. ______________________________ _________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/m ailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTA Net/ Domain Registration sponsored by www.eacdirectory.co.ke Unsubscribe or change your options at https://lists.kictanet.or.ke/m ailman/options/kictanet/info%4 0campusciti.com The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. 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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. ______________________________ _________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/ mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/ KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke Unsubscribe or change your options at https://lists.kictanet.or.ke/ mailman/options/kictanet/ hcheserek%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. _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/jwalu%40yahoo.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. _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Twitter: http://twitter.com/kictanet Facebook: https://www.facebook.com/KICTANet/ Domain Registration sponsored by www.eacdirectory.co.ke Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/murigi.muraya%40gmail.... 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.
All, Technically I believe it is possible to use a DLT to run and Manage Elections and allow citizens to vote anonymously. It is even possible to set up the polling station as a fully automated system that is interactive with virtual ballots that the system can print results and serialize. The system will then count automatically so that as people vote it is reflected nationally in real time. The system seals the printed balots in a secure way for verification purposes only. All these can be done in a customize manner. There is only one Question. Is the a political will to execute such a task? On Tue, Jul 17, 2018 at 3:32 PM, S.M. Muraya via kictanet < kictanet@lists.kictanet.or.ke> wrote:
@Walu, et al,
For elections, would the Blockchain technology provide anonymity while avoiding impersonation?
To ensure some bot is not voting, would the electronic voting occur at IEBC centres or remotely (from any location)?
On Tue, Jul 17, 2018, 2:39 PM Walubengo J via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Agreed with Hillary,
One can find use for Distributed Ledger (DL) Tech without the Crypto aspect. The core advantage of DL within the Kenyan context is distributed control - as in the decision (consensus) on what is finally entered as a true record of events is shared and NOT under one entity(node).
Think about our notorious election process where Chebukati and Chiloba (IEBC) retain the final say. If we moved our electoral system onto a blockchain or a distributed ledger, the history of all voting transactions would be algorithmically determined by the participating nodes from say from IEBC, Judiciary, Political Parties, Civil Society, Professional bodies and others to be determined (by a changed law).
The blockchain properties of immutability, transparency, auditability, provenance, etc would then all come into play. Infact there would be no more #Fungua_Server manenos.
All these without Cryptos.
That said, Cryptos or Tokens also have their place. One can remodel the whole economic system around cryptos or Tokens.
For example, one could incentivise positive behaviour around certain resources by awarding or deducting tokens. For example if we want to keep Nairobi clean, we could have residents earning 'Green-Tokens' for each positive action they make for reducing pollution, while those increasing pollution would have their 'Green-Tokens' deducted.
Basically we decentralise and Tokenise the NEMA function :-)
In short, DL & Cryptos/Tokens can work independently or together.
walu.
On Tuesday, July 17, 2018, 10:22:29 AM GMT+3, Hillary Cheserek via kictanet <kictanet@lists.kictanet.or.ke> wrote:
Hi John, Just a clarification. A distributed Ledger is a set of nodes distributed geographically and operating independently using an agreed protocol. The protocol is designed to verify certain data and ensure that it is synchronized. Blockchain is one form of a distributed Ledger that utilizes either proof of work or Proof of stake. Bitcoin for instance utilizes the proof of work protocol and nodes compete to solve a complex puzzle by hashing the previous block in the current transaction. Proof of stake means you have more voting power based on how much you have and it is believed that you cannot compromise the network because you have a stake in it. Please note also that Cryptocurrency is the product of some Distributed Ledger systems as an incentive for the independent members to run the nodes. It is possible to run a distributed system without Cryptocurrency in a controlled environment or with certain contracts. There are protocols like hyperledger and Hashgraph which examples of distributed ledger protocols outside of the crypto world. They can be used in the supply chain world to link regulators and manufacturers. The opportunity in DLT is so huge. It is limitless.
On Mon, Jul 16, 2018 at 3:42 PM, mauxdatabase via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
The problem is definitions have gotten muddled up by the wave(s) of blockchain hype.
The original definition of Blockchain contains these key components are married to each other.
- Protocol; Consensus rules for how Blockchains/Crypto-currencies work. Enforced by primarily 2 methods proof-of-work and proof-of-stake. - Distributed Legder; This is usually confused with the Blockchain. This is the collection of blocks sequentially linked(Chain) of processed transactions. - Currency; This the reward token paid to miners/stakers who process the transactions, create the blocks and chain them together using the rules defined in the protocol. - Software; This is open-source for verification and is why we trust the above. The Software can be optimized continously but usually the protocol is more rigid;
So to answer your question; the Distributed Ledger without the other components is not really useful, in-fact databases are much more efficient.
Best,
John K
On Sat, Jul 14, 2018 at 10:40 AM, Admin CampusCiti via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Great conversations.
I particularly like the angle of sovereignty brought out by Rosemary. However as we navigate this space we need to be careful not to put ourselves in an island and ‘Balkanize ‘ the BlockChain.
@John, the whole aspect of BlockChain is decentralized and the tokenization model is intrinsic to its value proposition. I’lol be keen to understand how that would work without tokenization. Happy to discuss this point.
On innovation and funding of startups in Africa there’s been an alleged bias towards ‘foreigners’. My take on that is that those allegations are too simplistic. As a country and continent we MUST fund our own startups and not wait for ‘handouts’ from the West. Money is racist, tribal and parochial. It is what it is.
Regards
*Ali Hussein*
+254 0713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.c om/in/alihkassim <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 13 Jul 2018, at 8:17 PM, carolyne mimano via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Actually cryptocurrencies are enabled by blockchain technology.Blockchain being the underlying technology it can run independently of cryptocurrency.And a lot of blockchain technologies actually do not involve cryptocurrencies. Blockchain has also developed into other more recent technologies such as ethereum and has been successful. Just like the example of Safaricom which just recently relocated its data centre from Europe-Germany to Kenya a lot of our blockchain use will be internationally located until the technology and expertise is vast.
Regards Carolyne
On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, < kictanet@lists.kictanet.or.ke > wrote:
Rosemary, on Blockchain, you bring up very important points to consider;
I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand.
Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge.
Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach.
Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations.
We must do the same, as the future Internet will be tokenized;
In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc).
Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here....
My 2 cryptos.
John K.
On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Dear Listers,
Allow me to respond to questions 1 & 4.
1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive.
2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty?
Kind regards,
On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Good people
Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today.
Thank you all!
*Ali Hussein*
*Principal*
*AHK & Associates*
Tel: +254 713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alih kassim <http://ke.linkedin.com/in/alihkassim> <http://ke.linkedin.com/in/alihkassim>
13th Floor , Delta Towers, Oracle Wing,
Chiromo Road, Westlands,
Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet < kictanet@lists.kictanet.or.ke > wrote:
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya
Traction, traction, traction... @Barrack, your Wakanda should to know the above by now.
Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Dear Carolyne,
Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally?
Best Regards
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
1. We have made many gains in the Fintech and E-Commerce space due to a conducive Policy environment. I am curious to understand why our market is attracting a lot of venture capital. Is it that we are innovative or do we offer cheap labor?, is there any capital flight associated with the Venture Capital that is being channeled into our market. I ask this considering the long debate about who invented and owned MPESA. It eventually turned out that after all it was not a Kenyan. 2. How much is the Kenyan Government through the parent Ministry of Information and Communications Technology pumping into the FINTECH and Innovation Space. Better still do we have any Research and Development fund to support the sector beyond the Nairobi Innovation Week. I appreciate the fact that we have a CS who is at the fore front of Innovation but are we matching the same with the kind of budget being allocated to the Standard Gauge Railway? 3. I would also like to find out from listers that might be in the know , how many Kenyans have access to mobile money and gaps if any that might exist. Is there any research that has been done that is showing the current status of the Fintech and e-commerce eco-system.
asking for Wakanda
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
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
On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke > wrote: that 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
On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote: 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.
https://home.kpmg.com/ke/en/ho me/insights/2018/06/finance-bi ll-2018-analysis.html <https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis.html>
To ponder:-
1. Are we moving too fast? Is there a need to take a chill pill and
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
reflect 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 Hussein Principal AHK & Associates +254 0713 601113
Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alih kassim <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
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
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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 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.
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To avoid voter fraud, we should sort out our ID registration process...from birth to death.... this will help us have the ability to track who can vote. In Kenya Voters must register ahead of time, while in other parts of the world, registration is automatic – voters instead must present their government-issued ID to confirm their identity, and therefore their right to vote. Distributed ledger technology has been used to great effect by cryptocurrency companies because transaction verification is made easy. Its usefulness in that instance mirrors why it could help track voting. In Kenya without sorting out our Identity I would not recommend Blockchain for this kind of use. It would work, but implementing it could become a complex process that’s far more trouble than it’s worth. It’s an attempt to force a square peg into a round hole. Regards Fernando On 17 Jul 2018, at 19:56, Hillary Cheserek via kictanet <kictanet@lists.kictanet.or.ke> wrote: All, Technically I believe it is possible to use a DLT to run and Manage Elections and allow citizens to vote anonymously. It is even possible to set up the polling station as a fully automated system that is interactive with virtual ballots that the system can print results and serialize. The system will then count automatically so that as people vote it is reflected nationally in real time. The system seals the printed balots in a secure way for verification purposes only. All these can be done in a customize manner. There is only one Question. Is the a political will to execute such a task?
On Tue, Jul 17, 2018 at 3:32 PM, S.M. Muraya via kictanet <kictanet@lists.kictanet.or.ke> wrote: @Walu, et al,
For elections, would the Blockchain technology provide anonymity while avoiding impersonation?
To ensure some bot is not voting, would the electronic voting occur at IEBC centres or remotely (from any location)?
On Tue, Jul 17, 2018, 2:39 PM Walubengo J via kictanet <kictanet@lists.kictanet.or.ke> wrote: Agreed with Hillary,
One can find use for Distributed Ledger (DL) Tech without the Crypto aspect. The core advantage of DL within the Kenyan context is distributed control - as in the decision (consensus) on what is finally entered as a true record of events is shared and NOT under one entity(node).
Think about our notorious election process where Chebukati and Chiloba (IEBC) retain the final say. If we moved our electoral system onto a blockchain or a distributed ledger, the history of all voting transactions would be algorithmically determined by the participating nodes from say from IEBC, Judiciary, Political Parties, Civil Society, Professional bodies and others to be determined (by a changed law).
The blockchain properties of immutability, transparency, auditability, provenance, etc would then all come into play. Infact there would be no more #Fungua_Server manenos.
All these without Cryptos.
That said, Cryptos or Tokens also have their place. One can remodel the whole economic system around cryptos or Tokens.
For example, one could incentivise positive behaviour around certain resources by awarding or deducting tokens. For example if we want to keep Nairobi clean, we could have residents earning 'Green-Tokens' for each positive action they make for reducing pollution, while those increasing pollution would have their 'Green-Tokens' deducted.
Basically we decentralise and Tokenise the NEMA function :-)
In short, DL & Cryptos/Tokens can work independently or together.
walu.
On Tuesday, July 17, 2018, 10:22:29 AM GMT+3, Hillary Cheserek via kictanet <kictanet@lists.kictanet.or.ke> wrote:
Hi John, Just a clarification. A distributed Ledger is a set of nodes distributed geographically and operating independently using an agreed protocol. The protocol is designed to verify certain data and ensure that it is synchronized. Blockchain is one form of a distributed Ledger that utilizes either proof of work or Proof of stake. Bitcoin for instance utilizes the proof of work protocol and nodes compete to solve a complex puzzle by hashing the previous block in the current transaction. Proof of stake means you have more voting power based on how much you have and it is believed that you cannot compromise the network because you have a stake in it. Please note also that Cryptocurrency is the product of some Distributed Ledger systems as an incentive for the independent members to run the nodes. It is possible to run a distributed system without Cryptocurrency in a controlled environment or with certain contracts. There are protocols like hyperledger and Hashgraph which examples of distributed ledger protocols outside of the crypto world. They can be used in the supply chain world to link regulators and manufacturers. The opportunity in DLT is so huge. It is limitless.
On Mon, Jul 16, 2018 at 3:42 PM, mauxdatabase via kictanet <kictanet@lists.kictanet.or.ke> wrote: Hi Ali,
The problem is definitions have gotten muddled up by the wave(s) of blockchain hype.
The original definition of Blockchain contains these key components are married to each other. Protocol; Consensus rules for how Blockchains/Crypto-currencies work. Enforced by primarily 2 methods proof-of-work and proof-of-stake. Distributed Legder; This is usually confused with the Blockchain. This is the collection of blocks sequentially linked(Chain) of processed transactions. Currency; This the reward token paid to miners/stakers who process the transactions, create the blocks and chain them together using the rules defined in the protocol. Software; This is open-source for verification and is why we trust the above. The Software can be optimized continously but usually the protocol is more rigid; So to answer your question; the Distributed Ledger without the other components is not really useful, in-fact databases are much more efficient.
Best,
John K
On Sat, Jul 14, 2018 at 10:40 AM, Admin CampusCiti via kictanet <kictanet@lists.kictanet.or.ke > wrote: Great conversations.
I particularly like the angle of sovereignty brought out by Rosemary. However as we navigate this space we need to be careful not to put ourselves in an island and ‘Balkanize ‘ the BlockChain.
@John, the whole aspect of BlockChain is decentralized and the tokenization model is intrinsic to its value proposition. I’lol be keen to understand how that would work without tokenization. Happy to discuss this point.
On innovation and funding of startups in Africa there’s been an alleged bias towards ‘foreigners’. My take on that is that those allegations are too simplistic. As a country and continent we MUST fund our own startups and not wait for ‘handouts’ from the West. Money is racist, tribal and parochial. It is what it is.
Regards
Ali Hussein
+254 0713 601113
Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.c om/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 13 Jul 2018, at 8:17 PM, carolyne mimano via kictanet <kictanet@lists.kictanet.or.ke > wrote:
Actually cryptocurrencies are enabled by blockchain technology.Blockchain being the underlying technology it can run independently of cryptocurrency.And a lot of blockchain technologies actually do not involve cryptocurrencies. Blockchain has also developed into other more recent technologies such as ethereum and has been successful. Just like the example of Safaricom which just recently relocated its data centre from Europe-Germany to Kenya a lot of our blockchain use will be internationally located until the technology and expertise is vast.
Regards Carolyne
On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, <kictanet@lists.kictanet.or.ke > wrote: Rosemary, on Blockchain, you bring up very important points to consider;
I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand.
Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge.
Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach.
Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations.
We must do the same, as the future Internet will be tokenized;
In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc).
Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here....
My 2 cryptos.
John K.
On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet <kictanet@lists.kictanet.or.ke > wrote: Dear Listers,
Allow me to respond to questions 1 & 4.
1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive.
2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty?
Kind regards,
On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke > wrote: Good people
Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today.
Thank you all!
Ali Hussein Principal AHK & Associates
Tel: +254 713 601113 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alih kassim
13th Floor , Delta Towers, Oracle Wing, Chiromo Road, Westlands, Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet <kictanet@lists.kictanet.or.ke > wrote:
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya
Traction, traction, traction... @Barrack, your Wakanda should to know the above by now.
Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet <kictanet@lists.kictanet.or.ke > wrote:
Dear Carolyne,
Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally?
Best Regards
On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote:
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
1. We have made many gains in the Fintech and E-Commerce space due to a conducive Policy environment. I am curious to understand why our market is attracting a lot of venture capital. Is it that we are innovative or do we offer cheap labor?, is there any capital flight associated with the Venture Capital that is being channeled into our market. I ask this considering the long debate about who invented and owned MPESA. It eventually turned out that after all it was not a Kenyan. 2. How much is the Kenyan Government through the parent Ministry of Information and Communications Technology pumping into the FINTECH and Innovation Space. Better still do we have any Research and Development fund to support the sector beyond the Nairobi Innovation Week. I appreciate the fact that we have a CS who is at the fore front of Innovation but are we matching the same with the kind of budget being allocated to the Standard Gauge Railway? 3. I would also like to find out from listers that might be in the know , how many Kenyans have access to mobile money and gaps if any that might exist. Is there any research that has been done that is showing the current status of the Fintech and e-commerce eco-system.
asking for Wakanda
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
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
On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke > wrote: that 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.
https://home.kpmg.com/ke/en/ho me/insights/2018/06/finance-bi ll-2018-analysis.html
To ponder:-
1. Are we moving too fast? Is there a need to take a chill pill and
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
reflect 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 Hussein Principal AHK & Associates +254 0713 601113
Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alih kassim
"We are what we repeatedly do. Excellence, therefore, is not an act but a habit." ~ Aristotle
Sent from my iPad
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
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Hi Listers, Lot's of issues here. FINTECH @Ali Hussein <ali@hussein.me.ke> asked if there wasn't innovation happening here. There is a ton of innovation I know Fintech companies in Kenya that have been around for ages but as @CarolyneMimamo has said there is funding bias with VCs likely to invest in founders who resemble them in some ways. Of course our traditional investors has always been in traditional places real estate, Mpesa shops :) restaurants etc It was great news though when Cellulant got funding this year or is it last? Have we scratched the surface with lending? Not yet. There is still a lot of physical models with chamas, informal lending between market vendors that we can still build a layer of technology on top for efficiency and scale. BLOCKCHAIN @Fernando talked about sorting our registration processes - Blockchain and self sovereign identity is one of the ways to do this... read up on Zug in Switzerland. Anything physical that can be digitized (I.D card, birth certificate, passport) can be encrypted (saved as hash numbers) and put on the Blockchain. Once this is done the next part is to build services around this (think of currently the same way we are moving everything to web e.g. e-citizen or itax) now imagine yourself through any device being able to manage social protection/welfare payments; being able to participate in referendum/elections - and a whole change in power dynamics where all authorities (include here immigration, IEBC, KRA) have to ask for access to interact with "you" through an exchange of keys. For easy understanding Vehicles = Distributed Ledgers as Cars = Blockchain Is the blockchain all about cryptocurrency and tokens? No - take time to read about Ethereum and Aeternity other Blockchains (there isn't one blockchain). Or read the Wikipedia definition of Blockchain instead of the Investopedia one :) Cryptocurrencies thrive on the Blockchain because it hasn't been corrupted (also the Blockchain has become famous because of cryptocurrencies - they have helped each other grow) AREAS THAT CAN BE AFFECTED (positively if we implement blockchain innovation correctly) Public participation (elections; referendums) Taxation Social protection payments Land and other asset transactions Security and law enforcement Immigration (nationality; refugees; travel) Identity and Registration (the mother of them all) With kind regards Jeipea Believe in yourself then you can change your world ____________________________________________ Skype: john.paul.em Cell: +254735586956 On Tue, Jul 17, 2018 at 10:42 PM Fernando Barasa via kictanet < kictanet@lists.kictanet.or.ke> wrote:
To avoid voter fraud, we should sort out our ID registration process...from birth to death.... this will help us have the ability to track who can vote. In Kenya Voters must register ahead of time, while in other parts of the world, registration is automatic – voters instead must present their government-issued ID to confirm their identity, and therefore their right to vote. Distributed ledger technology has been used to great effect by cryptocurrency companies because transaction verification is made easy. Its usefulness in that instance mirrors why it could help track voting. In Kenya without sorting out our Identity I would not recommend Blockchain for this kind of use. It would work, but implementing it could become a complex process that’s far more trouble than it’s worth. It’s an attempt to force a square peg into a round hole.
Regards
Fernando
On 17 Jul 2018, at 19:56, Hillary Cheserek via kictanet < kictanet@lists.kictanet.or.ke> wrote:
All, Technically I believe it is possible to use a DLT to run and Manage Elections and allow citizens to vote anonymously. It is even possible to set up the polling station as a fully automated system that is interactive with virtual ballots that the system can print results and serialize. The system will then count automatically so that as people vote it is reflected nationally in real time. The system seals the printed balots in a secure way for verification purposes only. All these can be done in a customize manner. There is only one Question. Is the a political will to execute such a task?
On Tue, Jul 17, 2018 at 3:32 PM, S.M. Muraya via kictanet < kictanet@lists.kictanet.or.ke> wrote:
@Walu, et al,
For elections, would the Blockchain technology provide anonymity while avoiding impersonation?
To ensure some bot is not voting, would the electronic voting occur at IEBC centres or remotely (from any location)?
On Tue, Jul 17, 2018, 2:39 PM Walubengo J via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Agreed with Hillary,
One can find use for Distributed Ledger (DL) Tech without the Crypto aspect. The core advantage of DL within the Kenyan context is distributed control - as in the decision (consensus) on what is finally entered as a true record of events is shared and NOT under one entity(node).
Think about our notorious election process where Chebukati and Chiloba (IEBC) retain the final say. If we moved our electoral system onto a blockchain or a distributed ledger, the history of all voting transactions would be algorithmically determined by the participating nodes from say from IEBC, Judiciary, Political Parties, Civil Society, Professional bodies and others to be determined (by a changed law).
The blockchain properties of immutability, transparency, auditability, provenance, etc would then all come into play. Infact there would be no more #Fungua_Server manenos.
All these without Cryptos.
That said, Cryptos or Tokens also have their place. One can remodel the whole economic system around cryptos or Tokens.
For example, one could incentivise positive behaviour around certain resources by awarding or deducting tokens. For example if we want to keep Nairobi clean, we could have residents earning 'Green-Tokens' for each positive action they make for reducing pollution, while those increasing pollution would have their 'Green-Tokens' deducted.
Basically we decentralise and Tokenise the NEMA function :-)
In short, DL & Cryptos/Tokens can work independently or together.
walu.
On Tuesday, July 17, 2018, 10:22:29 AM GMT+3, Hillary Cheserek via kictanet <kictanet@lists.kictanet.or.ke> wrote:
Hi John, Just a clarification. A distributed Ledger is a set of nodes distributed geographically and operating independently using an agreed protocol. The protocol is designed to verify certain data and ensure that it is synchronized. Blockchain is one form of a distributed Ledger that utilizes either proof of work or Proof of stake. Bitcoin for instance utilizes the proof of work protocol and nodes compete to solve a complex puzzle by hashing the previous block in the current transaction. Proof of stake means you have more voting power based on how much you have and it is believed that you cannot compromise the network because you have a stake in it. Please note also that Cryptocurrency is the product of some Distributed Ledger systems as an incentive for the independent members to run the nodes. It is possible to run a distributed system without Cryptocurrency in a controlled environment or with certain contracts. There are protocols like hyperledger and Hashgraph which examples of distributed ledger protocols outside of the crypto world. They can be used in the supply chain world to link regulators and manufacturers. The opportunity in DLT is so huge. It is limitless.
On Mon, Jul 16, 2018 at 3:42 PM, mauxdatabase via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
The problem is definitions have gotten muddled up by the wave(s) of blockchain hype.
The original definition of Blockchain contains these key components are married to each other.
- Protocol; Consensus rules for how Blockchains/Crypto-currencies work. Enforced by primarily 2 methods proof-of-work and proof-of-stake. - Distributed Legder; This is usually confused with the Blockchain. This is the collection of blocks sequentially linked(Chain) of processed transactions. - Currency; This the reward token paid to miners/stakers who process the transactions, create the blocks and chain them together using the rules defined in the protocol. - Software; This is open-source for verification and is why we trust the above. The Software can be optimized continously but usually the protocol is more rigid;
So to answer your question; the Distributed Ledger without the other components is not really useful, in-fact databases are much more efficient.
Best,
John K
On Sat, Jul 14, 2018 at 10:40 AM, Admin CampusCiti via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Great conversations.
I particularly like the angle of sovereignty brought out by Rosemary. However as we navigate this space we need to be careful not to put ourselves in an island and ‘Balkanize ‘ the BlockChain.
@John, the whole aspect of BlockChain is decentralized and the tokenization model is intrinsic to its value proposition. I’lol be keen to understand how that would work without tokenization. Happy to discuss this point.
On innovation and funding of startups in Africa there’s been an alleged bias towards ‘foreigners’. My take on that is that those allegations are too simplistic. As a country and continent we MUST fund our own startups and not wait for ‘handouts’ from the West. Money is racist, tribal and parochial. It is what it is.
Regards
*Ali Hussein*
+254 0713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.c om/in/alihkassim <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 13 Jul 2018, at 8:17 PM, carolyne mimano via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Actually cryptocurrencies are enabled by blockchain technology.Blockchain being the underlying technology it can run independently of cryptocurrency.And a lot of blockchain technologies actually do not involve cryptocurrencies. Blockchain has also developed into other more recent technologies such as ethereum and has been successful. Just like the example of Safaricom which just recently relocated its data centre from Europe-Germany to Kenya a lot of our blockchain use will be internationally located until the technology and expertise is vast.
Regards Carolyne
On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, < kictanet@lists.kictanet.or.ke > wrote:
Rosemary, on Blockchain, you bring up very important points to consider;
I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand.
Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge.
Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach.
Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations.
We must do the same, as the future Internet will be tokenized;
In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc).
Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here....
My 2 cryptos.
John K.
On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Dear Listers,
Allow me to respond to questions 1 & 4.
1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive.
2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty?
Kind regards,
On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Good people
Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today.
Thank you all!
*Ali Hussein*
*Principal*
*AHK & Associates*
Tel: +254 713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alih kassim <http://ke.linkedin.com/in/alihkassim> <http://ke.linkedin.com/in/alihkassim>
13th Floor , Delta Towers, Oracle Wing,
Chiromo Road, Westlands,
Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet < kictanet@lists.kictanet.or.ke > wrote:
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya
Traction, traction, traction... @Barrack, your Wakanda should to know the above by now.
Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet < kictanet@lists.kictanet.or.ke > wrote:
Dear Carolyne,
Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally?
Best Regards
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Hi Ali,
1. We have made many gains in the Fintech and E-Commerce space due to a conducive Policy environment. I am curious to understand why our market is attracting a lot of venture capital. Is it that we are innovative or do we offer cheap labor?, is there any capital flight associated with the Venture Capital that is being channeled into our market. I ask this considering the long debate about who invented and owned MPESA. It eventually turned out that after all it was not a Kenyan. 2. How much is the Kenyan Government through the parent Ministry of Information and Communications Technology pumping into the FINTECH and Innovation Space. Better still do we have any Research and Development fund to support the sector beyond the Nairobi Innovation Week. I appreciate the fact that we have a CS who is at the fore front of Innovation but are we matching the same with the kind of budget being allocated to the Standard Gauge Railway? 3. I would also like to find out from listers that might be in the know , how many Kenyans have access to mobile money and gaps if any that might exist. Is there any research that has been done that is showing the current status of the Fintech and e-commerce eco-system.
asking for Wakanda
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
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
On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke > wrote: that 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
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.
https://home.kpmg.com/ke/en/ho me/insights/2018/06/finance-bi ll-2018-analysis.html <https://home.kpmg.com/ke/en/home/insights/2018/06/finance-bill-2018-analysis.html>
To ponder:-
1. Are we moving too fast? Is there a need to take a chill pill and
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
reflect 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 Hussein Principal AHK & Associates +254 0713 601113
Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alih kassim <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
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
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On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote: threading platform privacy, do
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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.
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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.
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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.
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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.
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I would rather refer to them as DLT (Distributed Ledger Technology). Block chain is one form of a distributed ledger technology. It is popular because it is a pioneer in its extensive use in the Bitcoin block-chain. Block-chain is good, but it has a disadvantage because it may not scale for long. The blockchain records all transactions from the seed block and all the transactions that has ever been done. It needs to record all this in order to maintain integrity. There are however other DLT technologies including digraph and Linux foundations Hyperledger. The technology can also be customized to suit specialized needs. On Fri, Jul 13, 2018 at 8:17 PM, carolyne mimano via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Actually cryptocurrencies are enabled by blockchain technology.Blockchain being the underlying technology it can run independently of cryptocurrency.And a lot of blockchain technologies actually do not involve cryptocurrencies. Blockchain has also developed into other more recent technologies such as ethereum and has been successful. Just like the example of Safaricom which just recently relocated its data centre from Europe-Germany to Kenya a lot of our blockchain use will be internationally located until the technology and expertise is vast.
Regards Carolyne
On Fri, 13 Jul 2018, 8:03 pm mauxdatabase via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
Rosemary, on Blockchain, you bring up very important points to consider;
I am yet to see any successful and publicly verifiable use of Blockchain(Distributed Ledger) without the aspect of the Crypto-Token; the 2 go hand in hand.
Since blockchains are global in nature, its not really a matter of sovereignty in my opinion, but the presence of skilled expertise within ones borders or organizations is key to maintain a competitive edge.
Blockchain programmers are currently very expensive to train; which makes Building and Deploying Blockchain Applications expensive and not easily in our reach.
Thus the Asians, Americans and Europeans are racing to scope up this talent and own the space with their respective Blockchain implementations.
We must do the same, as the future Internet will be tokenized;
In my opinion some of this has to do with policy and rest is building focused dev communities that tap into Blockchain for various use-cases( Title Deed Verification etc).
Thankfully Kenya already has a budding community; but it needs mentorship and capital to thrive!!! Again progressive policies can help here....
My 2 cryptos.
John K.
On Fri, Jul 13, 2018 at 5:40 PM, Rosemary Koech-Kimwatu via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Listers,
Allow me to respond to questions 1 & 4.
1. We must not apologize for the speed with which we are moving. Innovation is our locally developed solution for our local challenges and we have been successful so far. That said, it is important for us to be introspective and to address the challenges, some of which have been covered in this thread so far. Light regulation will create the most conducive environment for innovation to thrive.
2. Blockchain has been quite the buzzword and most enthusiasts can recite potential use cases. The truth however that it is still a fairly nascent technology and we have just began to explore it's possibilities. From a policy perspective, there will need to be a purposeful interrogation of the the interplay between the tokens/cryptos the blockchain platforms that come with it especially in public service use cases. Should we then develop our own blockchain platforms whose tokens and management including mining will have an element of sovereignty?
Kind regards,
On Fri, Jul 13, 2018 at 12:31 PM, Ali Hussein via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Good people
Good conversations. Keep them coming. There are some questions addressed to me and I will endeavour to respond to them at some point today.
Thank you all!
*Ali Hussein*
*Principal*
*AHK & Associates*
Tel: +254 713 601113
Twitter: @AliHKassim
Skype: abu-jomo
LinkedIn: http://ke.linkedin.com/in/alihkassim <http://ke.linkedin.com/in/alihkassim>
13th Floor , Delta Towers, Oracle Wing,
Chiromo Road, Westlands,
Nairobi, Kenya.
Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with.
On Fri, Jul 13, 2018 at 10:46 AM, WANGARI KABIRU via kictanet < kictanet@lists.kictanet.or.ke> wrote:
" The solution (innovation) is what we most clearly see and what gets us most excited. But our stakeholders don’t necessarily see what we see. More important, their goals are different. They don’t care about our solution but rather about a business model story that promises them a return on their investment within a set time frame." - Ash Maurya
Traction, traction, traction... @Barrack, your Wakanda should to know the above by now.
Be blessed. Regards/Wangari --- Pray God Bless. 2013Wangari circa - "Being of the Light, We are Restored Through Faith in Mind, Body and Spirit; We Manifest The Kingdom of God on Earth".
On Friday, 13 July 2018, 10:10:25 GMT+3, Barrack Otieno via kictanet < kictanet@lists.kictanet.or.ke> wrote:
Dear Carolyne,
Many thanks for your insightful responses. Is there any capital flight or would you say the funds are wholly invested locally?
Best Regards
Hi Barrack, Having worked first hand in tech startups and innovation i can tell you that a lot of the investors are interested in international cofounders as oppossed to local.Mainly because we do not invest in our own.A lot of cofounders who get funding are those who leave silicon valley for Nigeria,Kenya and south Africa.Unfortunately we still prefer to invest in property -land etc as compared to research and innovation which is one of the reasons why a huge chunk of tech is foreign led. Research on tech and innovation should start with the younger generation.Note people like Mark Zuckerberg had programming tutors in middle school. Nairobi Innovation week is just a meeting place for tech enthusiasts, investors and startups looking for funding.A lot of work needs to happen all year round behind the scenes. And yes the government needs to invest more in research as well as we(the community) investing more in growing the next generation of innovators.
kind regards Carolyne
On Fri, 13 Jul 2018, 9:23 am Barrack Otieno via kictanet, < kictanet@lists.kictanet.or.ke> wrote:
> Hi Ali, > > 1. We have made many gains in the Fintech and E-Commerce space due to > a conducive Policy environment. I am curious to understand why our > market is attracting a lot of venture capital. Is it that we are > innovative or do we offer cheap labor?, is there any capital flight > associated with the Venture Capital that is being channeled into our > market. I ask this considering the long debate about who invented and > owned MPESA. It eventually turned out that after all it was not a > Kenyan. > 2. How much is the Kenyan Government through the parent Ministry of > Information and Communications Technology pumping into the FINTECH and > Innovation Space. Better still do we have any Research and Development > fund to support the sector beyond the Nairobi Innovation Week. I > appreciate the fact that we have a CS who is at the fore front of > Innovation but are we matching the same with the kind of budget being > allocated to the Standard Gauge Railway? > 3. I would also like to find out from listers that might be in the > know , how many Kenyans have access to mobile money and gaps if any > that might exist. Is there any research that has been done that is > showing the current status of the Fintech and e-commerce eco-system. > > asking for Wakanda > > On 7/12/18, Ali Hussein via kictanet <kictanet@lists.kictanet.or.ke
> wrote: > > 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
> to > > complete the upheavals in the financial sector. On top of it all
> > government is playing catch up on regulation with the announcement of > > the > > Finance Bill 2018. See analysis from KPMG on this. > > > > > https://home.kpmg.com/ke/en/home/insights/2018/06/finance- bill-2018-analysis.html > > > > 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
> 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 Hussein > > Principal > > AHK & 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 > > > -- > Barrack O. Otieno > +254721325277 > +254733206359 > Skype: barrack.otieno > PGP ID: 0x2611D86A > > _______________________________________________ > kictanet mailing list > kictanet@lists.kictanet.or.ke > https://lists.kictanet.or.ke/mailman/listinfo/kictanet > Twitter: http://twitter.com/kictanet > Facebook: https://www.facebook.com/KICTANet/ > Domain Registration sponsored by www.eacdirectory.co.ke > > Unsubscribe or change your options at > https://lists.kictanet.or.ke/mailman/options/kictanet/ carolynemimano%40gmail.com > > The Kenya ICT Action Network (KICTANet) is a multi-stakeholder
> 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
On 7/13/18, carolyne mimano <carolynemimano@gmail.com> wrote: threading the they platform privacy, do
> not spam, do not market your wares or qualifications.
>
-- Barrack O. Otieno +254721325277 +254733206359 Skype: barrack.otieno PGP ID: 0x2611D86A
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participants (15)
-
Admin CampusCiti -
Alex Watila -
Ali Hussein -
Barrack Otieno -
carolyne mimano -
David Indeje -
Fernando Barasa -
Grace Bomu -
Hillary Cheserek -
John Paul Karijo -
mauxdatabase -
Rosemary Koech-Kimwatu -
S.M. Muraya -
Walubengo J -
WANGARI KABIRU