Our pre-conference field trip day planned by the IMTC’s team of Paulina & Claudia and Olivia and Rachel from Safaricom M-Pesa and it was executed to perfection. Our aim was to give industry professionals a hands-on experience on the M-PESA product. Many of us have for years spoken about M-PESA with no real personal experience on the merits and details of the service.
Article by: Bobby Williams – Check the Caribbean Blockchain Association
The problem developed early in this decade, as a reaction on the part of banks to the heightened scrutiny and increased capital and liquidity requirements they faced in the wake of the 2008 financial crisis. Facing an increase in costs – particularly on account of the increased due diligence required by enhanced anti-money-laundering/countering the financing of terrorism (AML/CFT) risk management procedures – major banks took a close look at the bottom line associated with servicing the customers Caribbean banks and their customers, and decided that the relatively small amount of business wasn’t worth the hassle.
Continue reading “Blockchain-based solutions to the Caribbean derisking problem”