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Banks that will be extinct in a few years
VituVingiSana
#61 Posted : Saturday, February 06, 2016 12:53:11 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,038
Location: Nairobi
murchr wrote:
VituVingiSana wrote:
murchr wrote:
VituVingiSana wrote:
murchr wrote:
XSK wrote:
murchr wrote:
VituVingiSana wrote:
murchr wrote:
Safaricom does not charge 100/- for a USSD txt. For heaven sake all the local banks are connected to safcom too, why don't they charge 100/-.?
It was a number of charges at 7/- a session [I was debited in 7 or multiples of 7]. I have no idea how the sessions were calculated but it was roughly 100/- by the time I was done. I never used the service again.

James Mwangi said Equitel will not charge per USSD session during one of his presentations.


All charges by Safaricom? Not true!



Safaricom does charge for USSD. If you are on KCB Mobile banking try access *522# on your phone when it has no airtime. You will be prompted to top up first.


I guess English is hard to comprehend. I said, "Safaricom does not charge 100/- for a USSD txt"

@innairobi, Banks make more money from lending

As for co-op, yes they are thieves, they charged me for closing one account although I was moving the money to another account in their bank for more convenience.

d'oh! d'oh! d'oh! Someone is just trying to split hairs. Yawn. Liar Liar Liar "SafariCon doesn't charge 100/- for a USSD txt" d'oh! d'oh! d'oh!
1) USSD sessions are not 'texts' if one wants to split hairs.
2) Perhaps, within a transaction one may use multiple sessions OR in a 'sitting' one may transact multiple times [check balance, transfer funds, pay bill, upload airtime] or if the USSD session expires or disconnects thus multiple sessions are used.
3) Shame on you Shame on you Shame on you

As @XKS @kayhara & @watesh have attested to. There is no free lunch with Safaricom and USSD via the banks. Whether Safaricom bills us or the bank bills us for using Safaricom USSD... We end up paying.

*Please fill up at KenolKobil. Thank You. Come Again*



Me: Google what is USSD?
Google: USSD (Unstructured Supplementary Service Data) is a Global System for Mobile(GSM) communication technology that is used to send text between a mobile phone and an application program in the network.

USSD messages are up to 182 alphanumeric characters in length.

USSD is generally associated with real-time or instant messaging services. USSD messages create a real-time connection during a USSD session.

USSD is commonly used by prepaid GSM cellular phones to query the available balance.

***In laymans lingo VVS you get one message per session it does not sum up instances then sends you a bill.***

***Technically, you send a query from your phone to a database, then you get a response back (USSD TXT) which you get charged for. The relationship is a one-to-one Hakuna maneno ingine mingi of bla bla bla other charges...the other charges belong to your bank.

PS. I did not anywhere say that Safaricom gives the service for free, heck why should they? As for Equitel, they may not charge the user the money but I am very certain, its covered.

Just FYI - TXT is not equal to SMS(am sure you know this and it ain't important anyway)

On Kenol the stock....it continues to be my mistake of 2015. Am currently filling gas at less than $2 no envy of Kenol customers at this moment...Thanks but no thanks

$2/litre? Pole sana.
KK charges $0.88 per litre in Kenya and that includes crazy taxes.

*Fill up at KenolKobil. Thank You. Come Again.*


Sorre sir! here we fill in Gallons which means i get 3.79 liters for precisely $1.49 taxes inclusive that is about 0.39 a liter? ...something like that...again..no thanks

=

Ahhh! Summer Bunny.
You should have clarified you are not in Kenya but the USA.
Which also means you probably don't use Safaricom's USSD service.
Goodbye.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
murchr
#62 Posted : Saturday, February 06, 2016 12:53:55 AM
Rank: Elder


Joined: 2/26/2012
Posts: 15,979
VituVingiSana wrote:
murchr wrote:
VituVingiSana wrote:
murchr wrote:
VituVingiSana wrote:
murchr wrote:
XSK wrote:
murchr wrote:
VituVingiSana wrote:
murchr wrote:
Safaricom does not charge 100/- for a USSD txt. For heaven sake all the local banks are connected to safcom too, why don't they charge 100/-.?
It was a number of charges at 7/- a session [I was debited in 7 or multiples of 7]. I have no idea how the sessions were calculated but it was roughly 100/- by the time I was done. I never used the service again.

James Mwangi said Equitel will not charge per USSD session during one of his presentations.


All charges by Safaricom? Not true!



Safaricom does charge for USSD. If you are on KCB Mobile banking try access *522# on your phone when it has no airtime. You will be prompted to top up first.


I guess English is hard to comprehend. I said, "Safaricom does not charge 100/- for a USSD txt"

@innairobi, Banks make more money from lending

As for co-op, yes they are thieves, they charged me for closing one account although I was moving the money to another account in their bank for more convenience.

d'oh! d'oh! d'oh! Someone is just trying to split hairs. Yawn. Liar Liar Liar "SafariCon doesn't charge 100/- for a USSD txt" d'oh! d'oh! d'oh!
1) USSD sessions are not 'texts' if one wants to split hairs.
2) Perhaps, within a transaction one may use multiple sessions OR in a 'sitting' one may transact multiple times [check balance, transfer funds, pay bill, upload airtime] or if the USSD session expires or disconnects thus multiple sessions are used.
3) Shame on you Shame on you Shame on you

As @XKS @kayhara & @watesh have attested to. There is no free lunch with Safaricom and USSD via the banks. Whether Safaricom bills us or the bank bills us for using Safaricom USSD... We end up paying.

*Please fill up at KenolKobil. Thank You. Come Again*



Me: Google what is USSD?
Google: USSD (Unstructured Supplementary Service Data) is a Global System for Mobile(GSM) communication technology that is used to send text between a mobile phone and an application program in the network.

USSD messages are up to 182 alphanumeric characters in length.

USSD is generally associated with real-time or instant messaging services. USSD messages create a real-time connection during a USSD session.

USSD is commonly used by prepaid GSM cellular phones to query the available balance.

***In laymans lingo VVS you get one message per session it does not sum up instances then sends you a bill.***

***Technically, you send a query from your phone to a database, then you get a response back (USSD TXT) which you get charged for. The relationship is a one-to-one Hakuna maneno ingine mingi of bla bla bla other charges...the other charges belong to your bank.

PS. I did not anywhere say that Safaricom gives the service for free, heck why should they? As for Equitel, they may not charge the user the money but I am very certain, its covered.

Just FYI - TXT is not equal to SMS(am sure you know this and it ain't important anyway)

On Kenol the stock....it continues to be my mistake of 2015. Am currently filling gas at less than $2 no envy of Kenol customers at this moment...Thanks but no thanks

$2/litre? Pole sana.
KK charges $0.88 per litre in Kenya and that includes crazy taxes.

*Fill up at KenolKobil. Thank You. Come Again.*


Sorre sir! here we fill in Gallons which means i get 3.79 liters for precisely $1.49 taxes inclusive that is about 0.39 a liter? ...something like that...again..no thanks

=

Ahhh! Summer Bunny.
You should have clarified you are not in Kenya but the USA.
Which also means you probably don't use Safaricom's USSD service.
Goodbye.


I do alot...but its not important Fact is Safaricom does not charge 100/- per ussd txt or session if you like
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
enyands
#63 Posted : Saturday, February 06, 2016 2:15:33 AM
Rank: Elder


Joined: 12/25/2014
Posts: 2,300
Location: kenya
murchr wrote:
VituVingiSana wrote:
murchr wrote:
VituVingiSana wrote:
murchr wrote:
VituVingiSana wrote:
murchr wrote:
XSK wrote:
murchr wrote:
VituVingiSana wrote:
murchr wrote:
Safaricom does not charge 100/- for a USSD txt. For heaven sake all the local banks are connected to safcom too, why don't they charge 100/-.?
It was a number of charges at 7/- a session [I was debited in 7 or multiples of 7]. I have no idea how the sessions were calculated but it was roughly 100/- by the time I was done. I never used the service again.

James Mwangi said Equitel will not charge per USSD session during one of his presentations.


All charges by Safaricom? Not true!



Safaricom does charge for USSD. If you are on KCB Mobile banking try access *522# on your phone when it has no airtime. You will be prompted to top up first.


I guess English is hard to comprehend. I said, "Safaricom does not charge 100/- for a USSD txt"

@innairobi, Banks make more money from lending

As for co-op, yes they are thieves, they charged me for closing one account although I was moving the money to another account in their bank for more convenience.

d'oh! d'oh! d'oh! Someone is just trying to split hairs. Yawn. Liar Liar Liar "SafariCon doesn't charge 100/- for a USSD txt" d'oh! d'oh! d'oh!
1) USSD sessions are not 'texts' if one wants to split hairs.
2) Perhaps, within a transaction one may use multiple sessions OR in a 'sitting' one may transact multiple times [check balance, transfer funds, pay bill, upload airtime] or if the USSD session expires or disconnects thus multiple sessions are used.
3) Shame on you Shame on you Shame on you

As @XKS @kayhara & @watesh have attested to. There is no free lunch with Safaricom and USSD via the banks. Whether Safaricom bills us or the bank bills us for using Safaricom USSD... We end up paying.

*Please fill up at KenolKobil. Thank You. Come Again*



Me: Google what is USSD?
Google: USSD (Unstructured Supplementary Service Data) is a Global System for Mobile(GSM) communication technology that is used to send text between a mobile phone and an application program in the network.

USSD messages are up to 182 alphanumeric characters in length.

USSD is generally associated with real-time or instant messaging services. USSD messages create a real-time connection during a USSD session.

USSD is commonly used by prepaid GSM cellular phones to query the available balance.

***In laymans lingo VVS you get one message per session it does not sum up instances then sends you a bill.***

***Technically, you send a query from your phone to a database, then you get a response back (USSD TXT) which you get charged for. The relationship is a one-to-one Hakuna maneno ingine mingi of bla bla bla other charges...the other charges belong to your bank.

PS. I did not anywhere say that Safaricom gives the service for free, heck why should they? As for Equitel, they may not charge the user the money but I am very certain, its covered.

Just FYI - TXT is not equal to SMS(am sure you know this and it ain't important anyway)

On Kenol the stock....it continues to be my mistake of 2015. Am currently filling gas at less than $2 no envy of Kenol customers at this moment...Thanks but no thanks

$2/litre? Pole sana.
KK charges $0.88 per litre in Kenya and that includes crazy taxes.

*Fill up at KenolKobil. Thank You. Come Again.*


Sorre sir! here we fill in Gallons which means i get 3.79 liters for precisely $1.49 taxes inclusive that is about 0.39 a liter? ...something like that...again..no thanks

=

Ahhh! Summer Bunny.
You should have clarified you are not in Kenya but the USA.
Which also means you probably don't use Safaricom's USSD service.
Goodbye.


They do...but its not important


I used to use my safaricom sim card to pay my sacco contribution when visiting abroad . It uses roaming . I used to get notification just like anybody who is in kenya,mpesa balances and even buy credit not forgetting Making calls. Challenge is the roaming charges were high. My friends who I showed how to, still use it .
Gatheuzi
#64 Posted : Monday, February 08, 2016 9:46:44 AM
Rank: Veteran


Joined: 8/16/2009
Posts: 994
Boris Boyka wrote:
Swenani wrote:
Sir invest wrote:
This applies to Chamas in the villages(counties far from Nairobi) where people are skeptical about bank loans. Don't try this here in Nairobi can flop coz of high level of defaulting unlike in mashinani where pple are disciplined.


You're mistaken, some of these kileleswa middle class kenyans are so overburden with debts to the extent that they are borrowing expensive debt to pay cheaper debt

@Swenani I highly doubt you understood @Sir invest.

Monthly rates to non members is as high as 30%. The demand is also very high especially in Jan and Feb as people struggle to keep up (remaining in middle class and keeping up with your friends is no mean feat).

@swenani is right that demand is from middle class. What chamas do to mitigate the risk is to know where one works. If you default the drama of guys flooking the office to your HR can be too much to deal with.
Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.
maka
#65 Posted : Monday, February 08, 2016 10:07:19 AM
Rank: Elder


Joined: 4/22/2010
Posts: 11,522
Location: Nairobi
Gatheuzi wrote:
Boris Boyka wrote:
Swenani wrote:
Sir invest wrote:
This applies to Chamas in the villages(counties far from Nairobi) where people are skeptical about bank loans. Don't try this here in Nairobi can flop coz of high level of defaulting unlike in mashinani where pple are disciplined.


You're mistaken, some of these kileleswa middle class kenyans are so overburden with debts to the extent that they are borrowing expensive debt to pay cheaper debt

@Swenani I highly doubt you understood @Sir invest.

Monthly rates to non members is as high as 30%. The demand is also very high especially in Jan and Feb as people struggle to keep up (remaining in middle class and keeping up with your friends is no mean feat).

@swenani is right that demand is from middle class. What chamas do to mitigate the risk is to know where one works. If you default the drama of guys flooking the office to your IT can be too much to deal with.


ukweli kabisa....
possunt quia posse videntur
sparkly
#66 Posted : Tuesday, March 01, 2016 11:10:05 PM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
murchr
#67 Posted : Tuesday, March 01, 2016 11:56:27 PM
Rank: Elder


Joined: 2/26/2012
Posts: 15,979


Change is inevitable. Trying to blame Zuma's appointments is playing blame games. BARC got a beating today at the LSE.

All in all, the traditional way of doing things will not last long.

The cashier's job is going. I have been to banks where there's only one or 2 cashiers who are attending to no one and the rest of the staff working on the banking hall are reps either opening accounts or signing people up on loans/mortgages etc.

There are apps that are being used to bank checks, you scan your check and withing no time money is available in your account(no need of queuing). ATMS are already used to deposit and withdraw cash...and with more push for a cashless society, ATM makers might just go off business since not so many of them will be required. VISA and MASTERCARD are also going digital with Samsung PAY. Its just a matter of time this technology gets here.

Bank of America said Wednesday it plans to roll out technology this year enabling customers to conduct automated teller machine transactions with their smartphones, as opposed to swiping a plastic card.


So if you are in banking esp cashiers and other cash handlers...don't get comfortable start looking elsewhere




"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
Vallerrie
#68 Posted : Wednesday, March 02, 2016 11:51:59 AM
Rank: Member


Joined: 11/1/2012
Posts: 290
sparkly wrote:
Some colonial era banks will be extinct in Kenya in a few years.

Without naming names:-

1. Banks that require you to file 100 pages of documentation before you can open an account;

2. Banks that will not let a third party deposit a cheque into your account, unless the third party is your agent;

3. Banks that treat you like you are a bother rather than their customer;

4. Banks that pay 0.5% per annum as interest on savings account;

If you know such banks, take your business elsewhere and avoid investing in their shares.


This describes Stanbic to a T! I regret joining that bank
sparkly
#69 Posted : Wednesday, March 02, 2016 12:15:15 PM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Vallerrie wrote:
sparkly wrote:
Some colonial era banks will be extinct in Kenya in a few years.

Without naming names:-

1. Banks that require you to file 100 pages of documentation before you can open an account;

2. Banks that will not let a third party deposit a cheque into your account, unless the third party is your agent;

3. Banks that treat you like you are a bother rather than their customer;

4. Banks that pay 0.5% per annum as interest on savings account;

If you know such banks, take your business elsewhere and avoid investing in their shares.


This describes Stanbic to a T! I regret joining that bank


Stanbic are only good for Stock Broking. Their level of customer care is wanting. Return on investment for shareholders also wanting.
Life is short. Live passionately.
sparkly
#70 Posted : Wednesday, October 26, 2016 6:38:01 AM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Interest cap law caused serious panic in colonial banks. They have no idea how to respond.
Life is short. Live passionately.
winmak
#71 Posted : Wednesday, October 26, 2016 11:18:06 AM
Rank: Member


Joined: 12/1/2007
Posts: 537
Location: Nakuru
you sure? last I checked it as CK bank that was in trouble...
For investors as a whole, returns decrease as motion increases ~ WB
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