Kenya IGF Online Discussions. Day 3. Developments in Fintech and E-commerce

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: ke.linkedin.com/in/alihkassim
>>>> <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.
>>>>> >> >
>>>>> >> >
>>>>> >> 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: 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
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>>>>>
>>>>>
>>>>> —
>>>>> Barrack O. Otieno
>>>>> +254721325277
>>>>> +254733206359
>>>>> Skype: barrack.otieno
>>>>> PGP ID: 0x2611D86A
>>>>>
>>>>> _______________________________________________
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>>>>
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>>>> sector in support of the national aim of ICT enabled growth and development.
>>>>
>>>> KICTANetiquette : Adhere to the same standards of acceptable behaviors
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>>>
>>>
>>> —
>>> Rosemary Koech-Kimwatu
>>> Advocate
>>> Legal and Regulatory Specialist- Oxygene MCL
>>> Tel: +254 718 181644
>>>
>>>
>>>
>>>
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>> sector in support of the national aim of ICT enabled growth and development.
>>
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>
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>
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> online that you follow in real life: respect people’s times and bandwidth,
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>
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