Greetings Group;
I hope your 2016 is a new and improved version of 2015.
I'm sharing an article; subject matter fraud on the poor in both Uganda and Kenya.
When micro credit was in its boom years, lots of fraudsters also jumped on the bandwagon at a time when regulators were being encouraged to approach new regulation slowly; 'don't rush to regulate.'
Now, we are hearing similar disconcerting advice to regulators with regard to digital financial services: let financial inclusion flourish, collaborate with industry and learn first.
This makes me nervous because I have spoken to many of the victims of financial frauds in East Africa. Wives whose husbands hung themselves after losing money borrowed from friends and colleagues. Grandmothers with diabetes who now get leftover food from friends because they lost their life savings. Children living on the streets selling themselves to survive. A mother of three in jail due to unpaid debts.
There were thousands of victims so I could go on for awhile.
But, the point is the link below represents ancient history -- the fraud happened in 2007 and people are still suffering and their governments have demonstrated total apathy.
We are now in 2016, and what has changed about how these markets are monitored and supervised?
Answer: now, these same regulators must also regulate banks plus micro finance plus digital financial services.
Are they up to it?
Judge for yourself:
Best regards,
Jami Solli
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Posted by: Jami Solli <jamisolli@gmail.com>
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