I thought I would add this article to the thread just to have an idea of the gravity of the situation . http://www.businessdailyafrica.com/US-banks-reject-Kenya-cheques-over-terror... Steve ----- Original Message ----- | From: "Steve Obbayi" <steve@sobbayi.com> | To: "Skunkworks Mailing List" <skunkworks@lists.my.co.ke> | Sent: Miércoles, 8 de Enero 2014 12:00:23 | Subject: Re: [Skunkworks] PAYPAL Nightmares | @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 | | _______________________________________________ | 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