FINANCIAL DEVELOPMENTS AGAINST THE GRAPH OF TECHNOLOGY AND ECONOMY IN KENYA
Just like we evolve from childhood to adulthood and our thinking also changes from time to time,so to financial developments and the technological/economical graphs in Kenya.
TECHNOLOGY IS AND WILL BE EVOLVING.Kenyans are coming up with new and creative ideas everyday (innovation)and in one way or the other,they are connected to finance plus technology which eventually has an effect to the economy of Kenya.You realize that as time goes by from one year to another technology changes leading to increase in financial developments.Yesterday i was debating with a friend the difference between a smart phone and a mobile phone (which we never came to a conclusion).Then we also argued who among us used ‘booths’ to make calls in the past (again we never came to a conclusion).From our argument we are comparing two types of phones,smart phone and mobile phone both being technological devices.We also talk about ‘booths’ which is also a technological device.Then the word ‘past’ to mean booths were used during the past years which were much cheaper.You could go with five shillings and make a call for an hour (approximately) while nowadays for a smart phone that amount of money takes you for a duration of a minute only.What can you tell in the transition from booths to smart phones?That economy has also increased to a wide range.Booths were in public and isolated areas that accessing them was a task and sometimes you could find a line while smart phones are mobile ,can easily be carried in the pockets from one place to another and only belongs to an individual.
Let us look at entrepreneurs.Nowadays majority of them have ventured into online marketing.Thanks to social media.You get your products,take them to the house,take a photo of them and circulate them to social media platforms with price tags where there is delivery options,offers,discounts, and hire .This gives you an opportunity to take part in other tasks too.I do not remember very well when ATMs came into existence but what i know is that they were not there when i was born many years ago.That goes to the banking sector.There is withdrawal fee at the ATM,i am not sure about depositing at the ATM yet.Whereas that is an increase in technological trend and loss to the clients,it is a profit in the banking sector.Introduction of mobile money in Kenya has led to wider economic growth.We can now check our balances using our phones in the various apps,we receive a text message once a transaction has been made and therefore it reduces the cost of transport from our homes to the bank or ATMs.CCTV’s have also emerged in schools,offices,hospitals and other departments for the development of economy in Kenya .However,this leads to a decrease in financial trends.since CCTV’s use technology which is energy, it is renewable which will need money .Security guards are no longer employed in some areas which may lead to unemployment and reduction in salaries hence financial development in that particular sector is lowered for the management and difficult for the workmanship.
Having looked at that let us discuss the negative effects of financial developments against the graph of technology and economy in Kenya.
- Unemployment – Technological developments have led to companies finding better ways of doing things.for example data entry,advertisements,taking care of a client ,new machines have emerged and therefore they don’t need employees.the employees are either under-utilized and so not paid well or their skills and knowledge on a particular sector is not used at all.This leads to unemployment.
- Agricultural sector – Since people are coming up with different ideas from time to time,agricultural machines are being created and so the cost of accessing them and using them is high,some workers may need too much salaries in return,cost of products in the market have risen and so since many people don’t buy,some perishable goods go bad which is a loss to the sellers and producers as well.Sellers may also sell their products at a cheaper price that they end up incurring losses in their business.How about the economy in relation to the agricultural sector?
- Lack of information and policies – Not everyone in Kenya knows every innovation that each person has come up with over the past,present and in the near future.We only here that something has come up and now we have to adhere to it.It is because there is no proper communication channel.As much as technology is improving daily, we are yet to see a change in communication channels when new policies have been made in Kenya.Not everyone owns a television set or a radio or can buy a newsletter/newspaper.Some of the Kenyans live where you can not even meet a person who owns either of them and so chances of them knowing of a job opportunity is close to zero.They are not taken into consideration unless at a point drought,floods or calamity.
Positive effects in financial developments against the graph of technology and economy in Kenya.
You find that increase in the trend of technology has a positive impact in in the economy since it leads to a wide economic growth (from the transitions above).Whereas it leads to a negative effect in finances,there is a way in which we can cub this with the help of the country itself,me/you,our immediate neighbours and our thinking.
How is all this related to personal finances?
For you to manage your finances,make a budget,plan and use your finances the right way,you need to understand how various factors relate with world/trends in finances and how they affect your personal finances.In our case,as technology develops each day,money increases it’s value and the economy becomes wider and wider.What does that tell you?
It is not all about your money but the value of your money with each increasing technological trend and how it affects your activities with money.For you to budget and invest on something you have to know how much it costs,how other sellers with the same commodities sell,the best method of investing,strategies you can make to pay your debts and lend money using banks and SACCOs,and how various people in the same proffesion carry out their financial plans for the same purposes.
New mindset=New results
As technology progresses,our finances should also progress.There is no point of having a wider economic growth if our finances is not growing.
P.c : The platform is free for any questions,discussions and clarifications concerning the topic.Enjoy your read.