PAYPAL: Today I managed to call Paypal and asked them: Why paypal users in Kenya are not able to withdraw funds directly to a local commercial bank. And the only existing solution is where Equity Bank Kenya<https://www.facebook.com/KeEquityBank> has to act like an agent for a commercial bank in South Africa (this makes the process lengthy and expensive). Paypal response was Central Bank of Kenya<https://www.facebook.com/CentralBankKenya> has no favorable regulations that would provide a suitable framework for PayPal to work directly with Commercial banks in Kenya. There are hundreds of thousands in opportunities to work and sell online with the rest of the world. Paypal is one of the preferred methods of payment which is NOT fully available for users in Kenya. If the PayPal avenue opens, residents in Kenya will be able to sell handicraft, paintings on ebay, sell digital goods like software, apps and also publish ebooks and sell them with ease, there is also available work in research, outsources writing.. the list is endless. Dennis Itumbi <https://www.facebook.com/dennisitumbi> if you have a goal to double diaspora remittances with your ideas.. then this is one method that will not only increase labor and digital export but will create employment to hundreds of thousands of hardworking kenyans According to World Payments Report 2013 - Global non-cash payments transactions grew 8.8% in 2011 to reach 307 billion transactions Mature markets - accounted for 77% of the total volumes but as reported last year, growth rates are higher in the developing markets–18.7% versus 6.2% in the mature markets in 2011 Much of the growth in the developing markets was driven by Emerging Asia, and Central Europe, Middle East, Africa (CEMEA). These regions have a low share of the global total of non-cash transactions, but investments in payments services and infrastructure are helping them to grow significantly off a low base. [[What is Kenya doing to take a share of this growing market and provide employment to Youths ? - A simple legislation is all that is needed. no hefty budgets.. just make Laws and create at least 100,000 FULL TIME Jobs by June this Year and may be another 400,000 part time Jobs in the same period]] #someonetellthecentralbank!!!!! Oliver
But which regulations are these that they need? Moneybookers works here right? VISA, Mastercard etc all transact comfortably. What regulations or rules do they need implemented? Can they be more specific? On Wed, Jan 8, 2014 at 1:46 PM, Oliver Ndegwa <olie.ndegwa@gmail.com> wrote:
PAYPAL: Today I managed to call Paypal and asked them: Why paypal users in Kenya are not able to withdraw funds directly to a local commercial bank. And the only existing solution is where Equity Bank Kenya<https://www.facebook.com/KeEquityBank> has to act like an agent for a commercial bank in South Africa (this makes the process lengthy and expensive). Paypal response was Central Bank of Kenya<https://www.facebook.com/CentralBankKenya> has no favorable regulations that would provide a suitable framework for PayPal to work directly with Commercial banks in Kenya.
There are hundreds of thousands in opportunities to work and sell online with the rest of the world. Paypal is one of the preferred methods of payment which is NOT fully available for users in Kenya.
If the PayPal avenue opens, residents in Kenya will be able to sell handicraft, paintings on ebay, sell digital goods like software, apps and also publish ebooks and sell them with ease, there is also available work in research, outsources writing.. the list is endless.
Dennis Itumbi <https://www.facebook.com/dennisitumbi> if you have a goal to double diaspora remittances with your ideas.. then this is one method that will not only increase labor and digital export but will create employment to hundreds of thousands of hardworking kenyans
According to World Payments Report 2013 - Global non-cash payments transactions grew 8.8% in 2011 to reach 307 billion transactions
Mature markets - accounted for 77% of the total volumes but as reported last year, growth rates are higher in the developing markets–18.7% versus 6.2% in the mature markets in 2011
Much of the growth in the developing markets was driven by Emerging Asia, and Central Europe, Middle East, Africa (CEMEA).
These regions have a low share of the global total of non-cash transactions, but investments in payments services and infrastructure are helping them to grow significantly off a low base.
[[What is Kenya doing to take a share of this growing market and provide employment to Youths ? - A simple legislation is all that is needed. no hefty budgets.. just make Laws and create at least 100,000 FULL TIME Jobs by June this Year and may be another 400,000 part time Jobs in the same period]] #someonetellthecentralbank!!!!!
Oliver
_______________________________________________ skunkworks mailing list skunkworks@lists.my.co.ke ------------ List info, subscribe/unsubscribe http://lists.my.co.ke/cgi-bin/mailman/listinfo/skunkworks ------------
Skunkworks Rules http://my.co.ke/phpbb/viewtopic.php?f=24&t=94 ------------ Other services @ http://my.co.ke
-- Regards, Mark Mwangi markmwangi.me.ke
@Mark I have answered this question on this list so many times and the situation is more complex than you think. In short here goes.. The regulations are from many sources especially the Feds. Then there's lack of regulations from CBK -- Paypal is partly subject the US Banking System and more importantly the USA Patriot Act --- please dont ask me to go into details on this one its quite a mouthful but once you go through it will start becoming clearer. In short, the regulations you seek try to address and detect and prevent money laundering and terrorist funding (Kenya sucks on this front), tax evasion (Another huge problem), privacy, disclosure, fraud prevention, anti-terrorism, anti-usury lending, recording and reporting of cash purchases or cash transactions exceeding $10,000 and other suspicious and criminal activity. If you think CBK has/or has not addressed these issues in the list above then you will start to see the picture. Its not so about putting regulations on paper but what systems and checks have been implemented on the ground here. Unlike the likes of Moneybookers and other money transmitters PayPal is a USA entity so it is primarily subject to the USA Patriotic Act among other internal regulations... i will stop here since this is a complicated issue ----- Original Message ----- | From: "Mark Mwangi" <mwangy@gmail.com> | To: "Skunkworks Mailing List" <skunkworks@lists.my.co.ke> | Sent: Miércoles, 8 de Enero 2014 11:03:49 | Subject: Re: [Skunkworks] PAYPAL Nightmares | But which regulations are these that they need? Moneybookers works | here right? VISA, Mastercard etc all transact comfortably. What | regulations or rules do they need implemented? Can they be more | specific? | On Wed, Jan 8, 2014 at 1:46 PM, Oliver Ndegwa < olie.ndegwa@gmail.com | > wrote: | | PAYPAL: Today I managed to call Paypal and asked them: Why paypal | | users in Kenya are not able to withdraw funds directly to a local | | commercial bank. And the only existing solution is where Equity | | Bank | | Kenya has to act like an agent for a commercial bank in South | | Africa | | (this makes the process lengthy and expensive). Paypal response was | | Central Bank of Kenya has no favorable regulations that would | | provide a suitable framework for PayPal to work directly with | | Commercial banks i n Kenya.. | | | There are hundreds of thousands in opportunities to work and sell | | online with the rest of the world. Paypal is one of the preferred | | methods of payment which is NOT fully available for users in Kenya. | | | If the PayPal avenue opens, residents in Kenya will be able to sell | | handicraft, paintings on ebay, sell digital goods like software, | | apps and also publish ebooks and sell them with ease, there is also | | available work in research, outsources writing.. the list is | | endless. | | | Dennis Itumbi if you have a goal to double diaspora remittances | | with | | your ideas.. then this is one method that will not only increase | | labor and digital export but will create employment to hundreds of | | thousands of hardworking kenyans | | | According to World Payments Report 2013 - | | | Global non-cash payments transactions grew 8.8% in 2011 to reach | | 307 | | billion transactions | | | Mature markets - accounted for 77% of the total volumes but as | | reported last year, growth rates are higher in the developing | | markets–18.7% versus 6.2% in the mature markets in 2011 | | | Much of the growth in the developing markets was driven by Emerging | | Asia, and Central Europe, Middle East, Africa (CEMEA). | | | These regions have a low share of the global total of non-cash | | transactions, but investments in payments services and | | infrastructure are helping them to grow significantly off a low | | base. | | | [[What is Kenya doing to take a share of this growing market and | | provide employment to Youths ? - A simple legislation is all that | | is | | needed. no hefty budgets.. just make Laws and create at least | | 100,000 FULL TIME Jobs by June this Year and may be another 400,000 | | part time Jobs in the same period]] #someonetellthecentralbank!!!!! | | | Oliver | | | _______________________________________________ | | | skunkworks mailing list | | | skunkworks@lists.my.co.ke | | | ------------ | | | List info, subscribe/unsubscribe | | | http://lists.my.co.ke/cgi-bin/mailman/listinfo/skunkworks | | | ------------ | | | Skunkworks Rules | | | http://my.co.ke/phpbb/viewtopic.php?f=24&t=94 | | | ------------ | | | Other services @ http://my.co..ke | | -- | Regards, | Mark Mwangi | markmwangi.me.ke | _______________________________________________ | skunkworks mailing list | skunkworks@lists.my.co.ke | ------------ | List info, subscribe/unsubscribe | http://lists.my.co.ke/cgi-bin/mailman/listinfo/skunkworks | ------------ | Skunkworks Rules | http://my.co.ke/phpbb/viewtopic.php?f=24&t=94 | ------------ | Other services @ http://my.co.ke
participants (3)
-
Mark Mwangi -
Oliver Ndegwa -
Steve Obbayi