Bank accounts to be compulsory for all Kenyans over 18 years!

Discussion in 'International Forum' started by Mwembetayari, Apr 3, 2012.

  1. M

    Mwembetayari JF-Expert Member

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    It will soon be compulsory for all Kenyans above 18 years to operate a bank account, once plans by the Government to introduce laws in the coming budget take effect.

    Finance minister Njeru Githae said the Kenyan economy has matured, which calls for every Kenyan to have a bank account in line with efforts to increase financial inclusion in the country, as per Vision 2030.

    Changing law

    “We are changing the law to make it compulsory for every Kenyan to have a bank account as part of our rapid transformation initiative into a middle income economy,” said Mr Githae.

    Also coming up will be a law compelling every Kenyan above 18 years to open an income tax file with the Kenya Revenue Authority, to help seal loopholes in tax collection. The two will be mandatory irrespective of whether one is earning an income or not.

    He added that all financial intermediaries will be compelled to issue secure but affordable debit cards, as part of future reforms in the financial sector.

    http://www.nation.co.ke/business/new...z/-/index.html
     
  2. b

    bagamoyo JF-Expert Member

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    Ndoto zingine huko Kenya zinatia mashaka, mbona Marekani, Uingereza n.k watu wengi tu hawana akaunti na ndiko mabenki yalikoanzia! Hivi huko Turkana kuna umuhimu wa akaunti kweli?
     
  3. Azimio Jipya

    Azimio Jipya JF-Expert Member

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    Kwani hapa Tanzania ni vipi? ... Any thing to learn from Kenyans side?
     
  4. M

    Mwembetayari JF-Expert Member

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    If you havent caught up yet, you talk, Kenyans ACT! You might be contended with being a follower and waiting for America and the West in General to pave the way for you but Kenyans are taking the lead! You call that arrogance we call it taking the initiative!

    When M-pesa was started many people dismissed it the same way you are doing right now! Today, 20% of Kenya's GDP is transacted through mobile money! The highest amount in the world and a boon to the economy.

    Kenya is now focused on innovation and fresh ideas! It does not take a financial genius to tell you that since this venture is set to increase penetration and involvement formal economy it is set to create jobs, and financial activity; growth.

    Sit back and learn!
     
  5. Rufiji

    Rufiji JF-Expert Member

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    Kwa hiyo, Government is going to force people to have a bank account? This is infringiment of citizen's civil liberties.
     
  6. F

    FJM JF-Expert Member

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    @Mwembetayari, naomba unisaidie, M-PESA ilikuwa idea ya Mkenya au expat(s) waliokuwa wanafanya kazi Kenya?
     
  7. Mwali

    Mwali JF-Expert Member

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    Do they mean it??? Hivi watu kama hawana kazi inakuaje?
    majority ya Kenyans, wakiwa 18 bado wako shule. Inakuaje?
    Hizo accounts zinakua bure kwa wakenya? au itabidi walipie?
    What do they mean by :
    "every Kenyan above 18 years to open an income tax file with the Kenya Revenue Authority, to help seal loopholes in tax collection, The two will be mandatory irrespective of whether one is earning an income or not.

    He added that all financial intermediaries will be compelled to issue secure but affordable debit cards, as part of future reforms in the financial sector.

    Hapo wanasaidia Kenyans, serikali au banks? Na hizo banks ni zipi? Equity Bank tena?
     
  8. k

    kotinkarwak JF-Expert Member

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    Mwembetayari, siku zingine naomba uwe mkarimu na kuona maoni yanayotolewa hapa ni katika kuchangia hoja na sio tu kusoma muhtasari wa habari na kukubari tu. Mwenzio anauliza, je hii kitu itakuwa na manufaa kwa mlalahoi punde tu anapotimiza miaka 18 na kujikuta ana wajibu wakuwa na akaunti, je, hii itawezeshwa vipi na kutakuwa na costs zozote. Kumjibu kuwa Kenya inasonga mbele sio jibu, isijekuwa ina'move sideways....

    Anyway for an idea, ni nzuri tu, kwani itawawezesha watu kuanza kufikiri ishu kama savings n.k, so a good move, lakini watu wawe makini isijekuwa hii ni indirect TAX kwa kipato chao
     
  9. M

    Mwembetayari JF-Expert Member

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    So I see you are another prolific scholar of the Kenyan constitution. Can you please cite the articles of the constitution that support your postulations?
     
  10. M

    Mwembetayari JF-Expert Member

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    So I guess you think bagamoyo's comments are overflowing with ukarimu....

    Regarding your question, I dont know about Tanzania but in Kenya teenagers do not wait to reach 18 years of age before they start using money. A majority of children from as young as 5 will be given money to buy lunch at school, supplies, and are actively involved in commerce. Based on what I have read these accounts will be free and linked to a secure debit card.

    Once you are 18 in Kenya, you are required to have an ID card and I presume when applying for the ID card you will also have the chance to open an account with the bank of your choice and financial management will be taught in school. A great forward thinking policy!
     
  11. Dark City

    Dark City JF-Expert Member

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    Ni njozi nzuri sana,

    Ni bora kuota wakati mwingine!!
     
  12. livefire

    livefire JF-Expert Member

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    Mwembetayari has shielded alot of weight on his back. give him a break. Bank accounts are part of the supplementary drivers under Kenyas blueprint to achieving vision 2030. When everything is running, the Kenyan economy is expected to burgeon and be more of an industrialised economy that thrives on ICT services, manufacturing and by large be powered by the HR force to what can be desciribed as a knowlegde based economy. The norm of agriculture as the driver of the economy will be reduced to a paltry 10% from the current over 25%. Having this in mind the govt must have instruments of knowing the demographics of its populace and the banking sector hosts such a platform. The banking sector will also ease revenue collection, provide instruments to better monitor the states economic health status/performance and also serve as a platform for detecting dubious businesses that pay below the recommended average/minimum wage or unregistered business. Theres alot of foresight in this policy than what meets the eye of the ordinary guy.
     
  13. F

    FJM JF-Expert Member

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    @Mwembetayari
    I dont know about Tanzania but in Kenya teenagers do not wait to reach 18 years of age before they start using money. A majority of children from as young as 5 will be given money to buy lunch at school, supplies, and are actively involved in commerce. ![/QUOTE]

    I think hapa ni watoto wa mjini zaidi, sehemu kama Turkana ni watoto wangapi wanapata hela kununua lunch? However, I must say in theory, the idea is great, but people need to study it a bit futher. Ni bank gani zinashiriki kwenye hili zoezi? Kama ni zote sawa lakini kama ni Equity basi upo uwezekano mnauziwa mbuzi kwenye gunia!
     
  14. livefire

    livefire JF-Expert Member

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    [QUOTE
    I think hapa ni watoto wa mjini zaidi, sehemu kama Turkana ni watoto wangapi wanapata hela kununua lunch? However, I must say in theory, the idea is great, but people need to study it a bit futher. Ni bank gani zinashiriki kwenye hili zoezi? Kama ni zote sawa lakini kama ni Equity basi upo uwezekano mnauziwa mbuzi kwenye gunia![/QUOTE]

    thanx for acknowlegding the idea is good. When operational, the choice of bank will be vested on an individual, not state imposed. What will likely happen is a scramble for affordable banking rates, a well calculated move by the govt to force the banks to lower charges and offer better packages just like safaricom and airtel kill each other for the betterment of the ordinary mwananchi. In the long run it wont matter if you are a prestige or ordinary account holder, we all will be the same.#affordable rates but Turkana is another story in the meantime.
     
  15. Mwali

    Mwali JF-Expert Member

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    NImekusoma mkuu, but you need to think about this idea in depth.
    Kumbuka wakenya wengi bado ni poor (but improving). what effect will this have on the poor?

    The first thing is to stop thinking about kids you know, and think about all kenyans
    How many kenyans between 18 and 25, are employed? how many have an income?
    What happens to those who do not have an income? will the government pay for them?
    In some developing countries the Government has set a minimum income per citizen
    and a certain percentage of that money has to go in taxes. If you cannot meet that minimum
    the government will pay you an allowance, so you can meet your obligations as a citizen.

    Will this law have some mechanism of this sort? those who cannot afford to pay taxes,
    those who cannot pay the account fees, those ho have a 0 on their debit card,
    will the government pay for them? or will they be prosecuted? How can't you see?
    Naona hapa kama the very poor will be the victim of a pro-bank policy

    Furthermore: will the government open banks for everybody to access within minutes,
    Or people living in remote area will have to use their scarce resources to go to town
    Register a Pin, open an account, get a debit card, then go back to look after their cattle?
    Even if they mean an M-Pesa account for all, some people cannot afford a telephone
    Hapa napo naona kua the poor will get poorer in trying to meet his obligations as a citizen

    Kumbuka bado kuna ndugu zetu wanakufa na njaa. wanakosa chakula cha mchana, cha usiku,
    then cha mchana tena, na cha usiku, na siku ya tatu with no water, no food watoto wanaanza kufa.
    Akipata pesa kidogo, kweli priority ni kufungua bank account na kua na debit card?
    Maybe this law should be limited with people with a regular income, tena waseme minimum ya ngapi
     
  16. T

    Topical JF-Expert Member

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    Mtego mwingine wa mabepari kuwanyonya wananchi..

    Ninafikiria kuachana na mabenki halafu kuna watu wanafikiri kuwalazimisha watu kuwa na account? duh

    Tanzania wakifanya hivi naandamana, kusema ukweli sitaki na ni uwizi wa mchana kwa bankers maana; watu wengi wataweka hela huko hawatatumia na watakufa ...
     
  17. Richard

    Richard JF-Expert Member

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    Mimi nafikiri motive ni kuhakiksha ukusanyaji wa mapato ya serikali unamkumba yoyote yule ambae ana chanzo cha kipato iwe barabarani, gengeni au nyuma ya soko.

    Vijana wengi wanafanya biashara ndogondogo ambazo ukiziangalia ni za kuganga njaa lakini kuna percentage fulani kama akiweka benki na kulipa ka-tax kidogo kulingana na kipato hicho atakuwa ameshiriki ujenzi wa taifa.

    Pia wafanya biashara wanawatumia vijana kufanya kazi za uchuuzi mabarabarani na baadae kugawana mapato yanayotokana na biashara hizo na hivyo serikali kukosa ile middle income ambayo ingesaidia kusukuma mbele gurudumu la maendeleo.

    Kwahio hii plan itakuwa na impact kwa vijana kwamba watazingatia masomo na kuacha kufikiria kwenda kufanya biashara za uchuuzi mabarabani, na hata kama wakitaka kufanya biashara hiyo itabidi wajifunze basic book-keeping.

    Pili kila kijana atakuwa na basic account binafsi ambayo atahifadhi kipato hata kama ni kidogo.

    Na mwisho serikali itakuwa na kumbukumbu za taarifa zote za wale ambao wanapaswa kulipa kodi.

    Suala je serikali ya Kenya inafikiria vipi kuendeleza small businesses na wajasiri mali wadogo?
     
  18. M

    Mwembetayari JF-Expert Member

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    I think hapa ni watoto wa mjini zaidi, sehemu kama Turkana ni watoto wangapi wanapata hela kununua lunch? However, I must say in theory, the idea is great, but people need to study it a bit futher. Ni bank gani zinashiriki kwenye hili zoezi? Kama ni zote sawa lakini kama ni Equity basi upo uwezekano mnauziwa mbuzi kwenye gunia![/QUOTE]

    It is spectacularly short sighted to single out the exception as the weight of your skepticism. Even the children of Turkana are part of the money economy and are bound to become one of the richest in the country thanks to the recent discovery of gold and oil. My point being, In Kenya we do not wait for one to reach 18 years of age to start handling money.
     
  19. M

    Mwembetayari JF-Expert Member

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    The bank account will not be another product but a means or medium for trade. When that poor individual you are alluding to gets the few shillings instead of hard cash it will be electronically deposited into his debit card and he can save and use the rest for his daily needs.

    Even the poorest person in Kenya uses money and the bank account is set to usher in electronic money and inclusion in the financial system. Ultimately this system makes more sense in Kenya where only 19.72% of the population lives on less than $1.25 per day but may be problematic in Tanzania where 82.4% live on less than $1.25 per day.
     
  20. Nairoberry

    Nairoberry JF-Expert Member

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    kitu cha muhimu hapa ni kuwa angalau kenya ujaribu sana, hata kama hawataweza kuifanya asilimia 100 kamili kunauwezekano kwamba watafaulu asilimia 70 hivi. tujiulize swali kama sisi watz wazalendo, nini tumewahi kuvumbua tukawa hata nambari moja afirka?? hilo ndilo swali kuu. wakenya wameweza kuvumbua vitu vingi kama MPESA na programme ya google swahili iliandikwa na wakenya. pia windows na software zinginezo za kiswahili ni wakenya wameziandika. kuna vitu vingi sana siwezi sema hapa lakini hongera kwa wakenya. its always good to have a dream one day it will become a reality
     
  21. F

    FJM JF-Expert Member

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    It is spectacularly short sighted to single out the exception as the weight of your skepticism. Even the children of Turkana are part of the money economy and are bound to become one of the richest in the country thanks to the recent discovery of gold and oil. My point being, In Kenya we do not wait for one to reach 18 years of age to start handling money.[/QUOTE]

    Tatizo lako wewe Mwembetayari ni kuamini kuwa wewe unajuwa kila kitu. Infact mtu akisoma most yours posts about Kenya then akaenda Kenya (physically) anaweza kufikiri amepotea njia. You give this picture of a 'developed nation' based on simple statistics. Maybe you should consider the faces behind those statistics!
     
  22. F

    FJM JF-Expert Member

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    Gosh! on the red: IT IS NOT 82.4% it is 36%.
    Nakumbuka ulisema haujui mambo mengi sana kuhusu Tanzania, so before you continue with your mudslinging campaign you better learn a thing or two about Tanzania. And for your infomation Tanzania is exporting more to Kenya and not the other way round. Kutangulia sio kufika!
     
  23. Nairoberry

    Nairoberry JF-Expert Member

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    its 82.4% the truth is always bitter unless you have some back up evidence to show otherwise world bank and IMF records back mwembetayari.
     
  24. m

    matsuo JF-Expert Member

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    The bank account thing is a great idea. For example, consider that this is the most probable age of commencing college education. For universities, there is something called HELB (higher education loan board). Once you are admitted to a university, the government subsidizes your cost of day to day life by giving you money inform of soft loan at an almost negligible interest. You start paying this loan once you obtain employment. These moneys and other bursaries are channelled through your bank account and it is for this reason that all university students in Kenya have a bank account. This kind of support is being extended to all levels of post secondary training. In addition, the support the poor/un employed program will use the same platform.
     
  25. Rufiji

    Rufiji JF-Expert Member

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    It is sad that people who are knowledegable are defending this unconsitutional and absurd decision. Anyway, it seems that government of Kenya thrive under dictatorship. Have you guys thought about the precedence this preposterous decision will make? I can see a slippery slope fallacy in the making. So today Kenyans regardless of their financial positions are being told by their govt they must open a bank account, and many goof-balls in here are cheering. Many people are struggling to make their ends meet and you are telling them to open an account? These people lack basic necessities and your elite, aloof and out of touch politicians are mandating them to have a bank account. What next, will Kenya's government mandating them to buy .....satelite dishes?
     
  26. m

    matsuo JF-Expert Member

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    You sound like a very poor student; it has been said that those accounts will run at zero cost and two that the accounts are to help assist the poor; avenues for depositing subsidies, bursaries etc!
     
  27. Rufiji

    Rufiji JF-Expert Member

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    It is a daunting task to debate people who can't think outside the box.
     
  28. Sangarara

    Sangarara JF-Expert Member

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    Impossible, watu wa Igunga bado wanakunywa maji kutoka kisima kimoja na ng'ombe, sitegemei hawa kama hata wanaelewa kuna kitu kinaitwa Bank Account.
     
  29. Sangarara

    Sangarara JF-Expert Member

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    Ukimaliza kushangilia hiyo reversed trade direction kati ya kenya na Tanzania uniambia where all that money go
     
  30. Mwali

    Mwali JF-Expert Member

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    This is not true Matsuo, na ndio maana nimesema hii itarudisha fight against poverty nyuma
    In fact they expect that there will be a tough competition in the market and banks will lower their fees
    Hakuna clear instruction toka kwa government ya kusema fees ziwe zero cost.
    Na hata zikiwa zero cost, where will the banks be located? Poor people live in remote and unaccessible areas
    like slums, in the northern part etc. In both case, they will have to use money (again) to get to the Bank
    and manage their (almost empty) accounts. Kwa nini wasiweke a minimum income for people to open an account?
    Usiangalie just those in universities, usiangalie just those who are 18. look at all Kenyans, whatever their age or location
     

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