The June 6, 2017 edition of global magazine Economist ran an interesting heading, “The world’s most valuable resource is no longer oil, but data”.
Judging from the responses on the comments section, it evoked two major emotions depending on which side of the data divide you sit. For the fence-sitters, shifting global sentiments on data ownership, commercialisation and privacy have created an opportunity to nudge towards either side.
For starters, the “value” tag and its monetary implication raise several pertinent questions that have ramifications around the world.
Who owns such a valuable commodity: the custodian, the conduit, the collector or the regulator? Secondly, how do we apportion percentage ownership over the same given the multiple players? Who holds the basic rights to distribute to the others?
A reverberating theme is hoarding of information derived from aggregate data. By placing a premium on it, one automatically locks out many potential users downstream; many who cannot afford to pay for it but who actually stand to benefit from it.
In placing a comparison to oil, we wrongfully imply it is a commodity with exhaustible origins. Truly useful data, benefits all and is not short in supply.
In academia and science in particular, sentiments on data hoarding prevailed for a long time, where prestigious journals held information gained from studies as a preserve of the few, inadvertently locking out many from knowledge chalice that could have saved lives or helped improve things.
Today, such walls are being broken down through open access journals. A growing global movement of academicians, researchers, scholars all argue for the value of this ease of access to publications.
Importantly though is the issue of privacy. With commoditisation of many data sources, banking, utility, class performance, commuting and many others, collectively as a society we need to agree on the rules of its utilisation. And if monetary, what, when and how much is such data worth. Arbitrar for such disputes, hopefully is not limited to the government.
For instance, banking institutions hold purchase transactions by card for millions of people. If analysed they could potentially identify a person’s preferences, tastes, commutes and expenditure patterns.
Would they be right to then share this with advertisers and marketing agencies to target specific products through other media? If they do so, what share of the revenue stream should they cede to their account holder’s.
New movement incorporating study subjects and participants indicate that whatever is gleaned from their participation be “shared freely an openly” to all who wish to access it. As we mark the just ended world Open Data Day, let us espouse this new concept of barrier-free access to knowledge and data.
World Bank pushes G-20 to extend debt relief to 2021
World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.
“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.
He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.
The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.
People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.
For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.
Debt burdens, already unsustainable for many countries, are rising to crisis levels.
“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.
Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans
The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.
“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”
According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.
Tighter Reins on Platforms for Mobile Loans
The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.
Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.
Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.
Scope Markets Kenya customers to have instant access to global financial markets
NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options.
This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.
The Scope Markets app offers clients over 500 investment opportunities across global financial markets.
The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.
The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).
The platform also offers an enhanced client interface including catering for those who trade at night.
The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour; Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).
The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.
Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”
He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.