Bitcoin Digital Lessons from M-pesa

Digital Currency Regulation in East Africa

by http://community.ihub.co.ke/blogs/21645/digital-currency-regulation-in-east-africa

Guest Blog: Michael Kimani
What is Bitcoin? – A puzzling question posed by everyone coming across Bitcoin for the first time. The Bitcoin Kenya Meet up group regularly convenes at the iHub for monthly open discussions on this subject. The discussion on November 5 was ‘BitLegal Status Around the World’ – a cursory look at what regulators and government authorities all over have to say about new forms of digital currency. It is important as it defines a domain for regulators in East Africa. Interestingly, regulators just like regular folks, have trouble wrapping their head around ‘What is Bitcoin?’
IMO, Bitcoin is what Nassim Taleb - a scholar, refers to as a black swan–

“An event that comes as a surprise, has a major effect, and is often inappropriately rationalized after the fact with the benefit.

Bitcoin is one of the most important breakthroughs of the digital age since the internet! Bitcoin is a global secure layer on top of the internet with online payment capabilities. Just to get a clear picture of how immense it is, this brief 4min video will get you up to speed.
Bitcoin is a platform with a long list of possible applications built on top of it. One of these apps, is bitcoin, the currency. These features make it a unique global payment network that anyone can take part in. It is a currency, asset, platform, decentralized network – all wrapped into one burrito.
Understandably, government agencies and financial regulators find it difficult to demarcate a regulatory framework for innovative digital currencies such as Bitcoin. Largely, it has been a net positive; a mixed bag of official statements falling on the‘Wait and See’ approach, early guidance on its use, adoption and Bitcoin start-ups. A couple have out rightly banned its use – Iceland and Ecuador in favour of their own digital currency.
Digital Currency Regulation in Kenya – Lessons from Mpesa
In a lot of ways, the ongoing debate on Bitcoin regulation in the rest of the world is surprisingly similar to that of MPESA in its infancy stage (Pre- 2008). Mpesa, just like Bitcoin was a unique innovation that did not fall within existing regulatory framework during the time. A case study report by the AFI [Enabling Mobile Money Transfer – CBKs treatment of Mpesa] pdf here, details the early regulatory considerations of Mpesa involving multiple stakeholders – GoK, National Assembly, Safaricom, Central Bank of Kenya, Banks and the Kenyan public.
In retrospect, we can all agree it was wise to foster Mpesa. Because it remedied an immediate financial inclusion challenge, letting it grow into its potential was crucial all the while adhering to money laundering and money transfer regulations. Was it a bank? Was it a payment network? Did it fall under the law?
Eventually, the ability of this innovation to radically offer access to financial services by the unbanked tipped the scale and won it for Mpesa. A watershed that has defined Kenya in more ways than we can quantify. The Central bank of Kenya commendably handled it well, recognizing the best way to tap into the mobile phone as a money transfer tool.
Bitcoin regulation around the world

Thiswiki is a comprehensive start for a full list of what regulators’ guidance in different countries, albeit several months old has been.
Bitcoin and digital currencies have a place in connecting Kenya and East Africa to the global market and commerce. Mpesa has worked well for money transfers within the country – Bitcoin and digital currencies complement that by making global payments faster, cheaper and straight into/from your phone!  The internet made it possible for all of us to take part in a global economy, Bitcoin enhances global value exchange as cash for the internet!
Finally, if you couldn’t make it for our meet up, you can view the slides here. We are having our next meet up on the 1st of December on ‘Buying, Selling, Trading and Securing Bitcoins’ at the iHub. See the event detailshere. For questions and info, email us atinfo@africandca.orgor myself atmkimani@africandca.org.


About the Author:Michael Kimani is the Lead Coordinator at the ADCA @African_DCA www.africandca.org Based in Nairobi, Kimani advocates bitcoin & digital currencies in East Africa. He also regularly writes on digital finance, electronic payments and digital currencies in East Africa on @pesa_Africa.

World Biggest Transportation Conglomerate -MAERSK GROUP

 Maersk Business (Sea and Land) - Brave, Courageous, Bold, Fearless, Intrepid, Heroic, Lionhearted

Conglomerate: Maersk Group

Maersk Group has four core businesses which include Maersk Line, APM Terminals, Maersk Oil and Maersk Drilling. Through these companies and several others, the group employs roughly 89,000 people, and generated 47 billion US dollars in revenue in 2013.

As a group, MAERSK business success is built on a number of strengths: our size and global reach, our financial strength, our talented employees, our time-honoured values, our approach to sustainability and our drive to innovate. Combined, these strengths form a unique platform for our continued success and future growth. http://www.maersk.com/

Ownership: 1904 Founded 

A.P. Moller–Maersk Group, Danish: A.P. Møller–Mærsk A/S, Danish pronunciation: also known as Maersk, is a Danish business conglomerate. A.P. Moller – Maersk Group has activities in a variety of business sectors, primarily within the transportation and energy sectors. It has been the largest container ship operator and supply vessel operator in the world since 1996


Operations: Both Sea and Land
  A.P. Moller – Maersk Group is based in Copenhagen, Denmark, with subsidiaries and offices in more than 135 countries worldwide and around 108,000 employees. It Oprates in Both Sea and Land Transportation and Energy operations.

It ranked 147 on the Fortune Global 500 list for 2010, down from 106 in 2009.

 
Investments:   Oil and gas activities Maersk Oil
Maersk Oil (Danish: Mærsk Olie og Gas A/S) was established in 1962 when Maersk was awarded a concession for oil and gas exploration and production in the Danish sector of the North Sea.

Today, Maersk Oil is engaged in exploration for and production of oil and gas in many parts of the world. Total oil production is more than 600,000 barrels per day (95,000 m³/d) and gas production is up to some 1 billion cubic feet (28,000,000 m³) per day. Most of this production is from the North Sea, from both the Danish and British sectors, but there is also production in offshore Qatar, in Algeria and in Kazakhstan.

In addition to the above-mentioned producing sites, Maersk Oil is involved in exploration activities in Danish, British, Dutch and Norwegian sectors of the North Sea, Qatar, Algeria, Kazakhstan, Angola, Gulf of Mexico (US sector), Turkmenistan, Oman, Morocco, Brazil, Colombia and Suriname. Most of these activities are not 100% owned, but are via membership in a consortium.

The company prides itself for having developed production techniques especially suited to difficult environments (North Sea, etc.) and for drilling techniques that succeed in extracting oil from problematic underground conditions. 

Investments Shares and Stock Exchange:
 "Oil and gas activities" provided A.P. Moller – Maersk with 22% of its revenue and 68% of its profit in 2008.A.P. Møller – Mærsk A/S is listed on the Copenhagen Stock Exchange. Shares in the company are divided into A and B shares, with only A shares conferring voting rights. The group currently has some 66,000 shareholders.

Best Insurance Companies in Kenya Past Performance

Pan Africa Life Innovation and Jubilee Lifetime Achievement
Article @By: Yarinka Lukiza
http://www.bizrika.com/banking-and-finance/best-insurance-companies-in-kenya-named/

The 2011 best insurance companies in Kenya were named in the annual gala night organized by Think Business; a Kenyan based financial sector-focused company that specializes in strategic business intelligence, research and publishing.
During the colorful gala night held at a Nairobi hotel on 21 July, Chartis Kenya and Pan Africa Life were named the best insurance companies in Kenya in the General Life and Composite Business categories. The first and second runners-up positions in the best business category went to Jubilee and CIC Insurance respectively, while British American Insurance and Jubilee Insurance clinched first and second positions respectively in the Life Business category. CIC Insurance was declared the only runner-up in the Composite Business category.
Pan Africa Life and Jubilee Insurance emerged best in the Best Company in ICT category, coming in first and second place respectively. No company was deemed fit to win the Best Corporate Broker category.
Jubilee Insurance showed up again to scoop the Best Insurance Company in the Risk Management category.

Other awards and winners
Best Insurance Company in Claims Settlement (Life Business)
Winner: Apollo Life Assurance
Runners-up: Pan Africa Life and CIC Insurance
Best Insurance Company in Claims Settlement (General Business)
Winner: APA Insurance
Runners-up: Chartis Kenya and Jubilee insurance
Major Loss Award
Winner: Jubilee Insurance
Runners-up: APA Insurance
Best Fraud Detection and Prevention Initiative
Winner: Pan Africa Life

Best Medical Insurance Provider
Winner: AAR Health Services
Runners-up: Goldstar Health Care
Best Medical Insurance Underwriter
Winner: Jubilee Insurance
Best Customer Service Innovation
Winner: Jubilee Insurance
Runners-up: CIC and AAR
Best Insurance Company in Customer satisfaction
Winner: CFC Life
Runners-up: Britak and Kenindia
Best marketing Initiative of the Year
Winner: CIC Insurance
Runners-up: APA and Jubilee Insurance
Best Training Initiative of the Year
Winner: CIC
Runners-up: Pan Africa Life and Jubilee Insurance
Most Socially Responsible Corporate
Winner: AAR Health Services and Jubilee Insurance
Overall, Jubilee Insurance won the largest number of awards. The company bagged 11 awards in total and crowned it with the Lifetime Achievement in Insurance Award which went to Nizar Juma, the Jubilee Holdings chairman.
Commenting on the awards, Mr. Ochieng Oloo, the CEO of Think Business, said 2010 was a good year for the Kenyan insurance sector, as demonstrated by strong growth in total assets which went up from Ksh174 billion in 2009 to Ksh240 billion in 2010, representing an increase of 27%.
The industry’s profit before tax swelled by a record 42% to hit Ksh11.9 billion, up from Ksh6.8 billion in 2009.
Medical cover leading
Of all the insured Kenyans, 74% have taken up medical cover while 69% have insured against motor vehicle risks. Insurance covers for assets, education and accident account for 40%, 44% and 48% respectively.

County Civils: Excavation, Grinding and Backhoe Loading

Meru Country Roads Construction and Upgrading through Malaysia

On Wednesday the Meru County Assembly approved the construction of a 10Km pilot Probase Road section from Kianjai to Miathene with further 4Km bitumen road section, on the same road, to be constructed by the National Government for comparison purposes. This will pave way for construction of a further 300Kms of Probase roads across Meru County, where each of the nine Sub Counties will get 30 KMs. The roads to be constructed will be identified by the sub county residents.

 The entire project will cost Ksh. 6 Billion and it will be funded by the EXIM Bank of Malaysia. The 10Km pilot Probase Road section will cost KSh. 310 Million.
MERU TOWN, Hon Peter Munya, Meru, Kenya, The National Construction Authority, EXIM Bank Bangladesh Limited, Caterpillar Inc., @CMC Motorrs, Excavators, Backhoe, JCB 3CX- Backhoe Loader

 The infrastructure of Malaysia is one of the most developed in Asia.[159] Its telecommunications network is second only to Singapore's in Southeast Asia, with 4.7 million fixed-line subscribers and more than 30 million cellular subscribers.[160][161] The country has seven international ports, the major one being the Port Klang. There are 200 industrial parks along with specialised parks such as Technology Park Malaysia and Kulim Hi-Tech Park.[162] Fresh water is available to over 95 per cent of the population

Africa Biggest Economy is Nigeria

Nigeria overtakes South Africa as continent’s largest economy

BY Jaco Maritz | 6 April 2014 at 16:33 How @How We Made It In Africa @All Rights Preserved

  

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Nigeria today officially overtook South Africa as the largest economy on the continent, after the West African country changed the base year for calculating its gross domestic product (GDP).
Nigeria’s National Bureau of Statistics (NBS) on Sunday presented the country’s rebased GDP figure, revealing the economy is significantly bigger than originally reported. Nigeria’s GDP in 2013 was US$509.9bn, much higher than that of South Africa.
The base year is the benchmark for all calculations used in working out the GDP of a country, as it determines the year in which prices are held constant and enables one to distinguish between economic growth and inflation.
The majority of higher income countries revise their base year every five years to reflect changes in the nature of output and consumption. Up until today, Nigeria’s GDP was calculated using 1990 as the base year, which does not account for the rapid development of some of the country’s booming industries, such as telecommunications and entertainment (notably the Nollywood film industry).
Nigerians however shouldn’t expect to see any material benefits from the GDP rebasing. According Renaissance Captial chief economist Charles Robertson, the rebasing is simply “the NBS… doing a better job in measuring the output that is already happening”.
“Improving the measurement of GDP does not raise monthly wages. It does not lift consumption of imports. It does not make Nigeria better off in any obvious material way… The important fact to bear in mind is that GDP is only being recorded better. Rebasing does not mean Nigerians are better off – it just means they are better off than official statistics previously indicated,” said Robertson in an earlier note.
Being Africa’s largest economy could however hold some psychological advantages. “It would be interesting to see how international relations will be affected when South Africa is no longer the largest African economy – South Africa is, for example, the only African country represented in the G20,” wrote Roelof Horne, portfolio manager at Investec Asset Management in an opinion piece published by How we made it in Africa on Friday.
“South Africa was historically the ‘go-to’ country for investment into Africa. However, the reality is that other regions are increasingly asserting their economic voice and this has resulted in several multinational corporations opting to have their Africa base in countries such as Kenya or Nigeria, instead of South Africa,” Horne added.
The rebasing will also improve Nigeria’s balance sheet. “This should lead to lower borrowing costs for the government, which is ultimately beneficial for the country’s citizens,” said Horne.
According to Robertson, Nigeria’s growth rate is likely to be revised down following the rebasing. “Instead of around 7% annual growth over the previous decade, the higher GDP base means growth may turn out to have been closer to 5-6%.