Lolest! wrote:murchr wrote:hardwood wrote:murchr wrote:Swenani wrote:murchr wrote:So Nation does not collect the identification details or phone numbers of people placing ads on their mediums? A guy walks in pays 92K and you dont want to know whoever he is? Great!
Does BAT, Coca cola, bamburi etc know you when you buy goods worth 200K? KYC applies to bank ama imefika corporates pia?
They dont write an invoice? Am assuming if you are buying directly from CocaCola
you have an account right? #Thinkabout it.
Wachana na kiosk mentality
So you expect him to have an obituary account with "Nation", an account for the dead?
If they dont then they are running a monkey business. How do they account for the monies they receive from obituaries?
It's very simple IMO
It's a cash sale. A Point of Sale(POS) transaction. Like in a supermarket or restaurant. They don't ask you for your name in such places, do they? They can't create all those accounts!
There exists one customer(cash)
The entries:
Dr Cash Customer
Cr Sales
Cr VAT
Dr POS
Cr Cash Customer
They need urgent change if that's how they operate. How many times have we seen peoples photos placed on newspapers claiming to be raising funds for some sick person, only to discover later that the person on picture has been dead for years and someone is profiting?
If they did not find a way of dealing with that kind of fraud back then, then there's a big problem with management.
That data is VALUABLE even supermarkets are asking you to register for rewards cards because they want to keep tab of how often you show up in their shops. Am not saying that Nation needs to forever keep the details of those buying services, that data an be discarded after a while but its valuable and can be used to stop fraud & importantly misuse of their service. They forget their biggest asset is reputation...in this era of fake news the content you sell means everything.
"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
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