society

The real arguments for Nigeria’s digital Banks

Published

5 years ago

September 9, 2020

If you live in Nigeria, you’ve probably heard some stories about how difficult it is to get anything done at a government agency. Those stories are so popular that they have made their way into popular culture through “oga is not on seat” jokes.

When you’re going to a government agency, you brace yourself for the reality that no matter how small the task you want to accomplish, it could take all day. It’s not unusual for simple processes to be complicated by ridiculous demands.

It’s the sort of thing we’ve come to expect from Nigeria’s public sector. Yet, in the private sector,

Nigeria’s legacy banks will give any government institution a run for their money. A few weeks ago, I read this interesting rant by a Nigerian in the UK Guardian on how it took him 15 trips to the banking hall to withdraw money.

We all have these experiences. The Nigerian banking system throws up the kind of processes that can test the patience of the Pope. Sometimes you apply to get a debit card and you wait for weeks to get. Then you begin another process to get the PIN for the same debit card.

Some other issues that rankle are the unending debts for card maintenance, SMS alerts, the list is endless. Yet, these would be such small trade-offs if Nigerian banks actually provide services that work and are reliable. Bank transfers in Nigeria are like Russian roulette.

Sometimes you can transfer money without hassles, the next time, you may get debited thrice for a failed transaction.

Frankly, I’m not sure which I would rather visit: a banking hall or a government parastatal. If banking is this difficult for me, what’s it like for a lot of the people in the informal sector?

I got the clearest answer last week when my friend shared an article about how many of the artisans who work for him often do not have bank accounts. It’s hard to fault them because banks and banking have come to represent stressors for the average person.

Digital banks are promising freedom

This is why the Digital alternative to banking is interesting. The counterbalance to the wahala of legacy banking is a bank that exists almost entirely in your phone.

They have no physical branches so you don’t have to spend hours in a banking hall trying to explain to a frazzled customer rep that you can no longer reproduce your signature from when you first opened the account seven years ago.

But beyond the branchless structure of digital banks, one of the things Digital banks like VBank say that works for me is their promise of banking without a ton of bank charges. I can be free from those pesky little card maintenance charges from that second-generation bank.

I can make a request for a debit card from an app and get the card delivered to my address in one week.

It’s not often that a bank says all the right things. Yet, there are lingering questions like, “can I put my money in a bank that doesn’t have a branch that I know?”, “Whose shirt will I hold when they debit my account wrongly?.”

There are also big questions like; many of the promises of ease the digital banks make will appeal to the carpenter down your street who still doesn’t have a bank account. How will digital banks reach people like this?

Can the segment of the population who find these promises of freedom attractive- young millennials – form the basis for a sustainable business?

These are questions that remain up in the air, but here’s what I know; V Bank makes really good promises, but the real argument for them is time. Will they still send my debit card in 4 business days in 2027? Will my free transfers still go through and will their customer reps still be as attentive?

I don’t have a crystal ball, but it doesn’t hurt to live in the moment and enjoy all these perks right away.

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Man Rescued After Wife, Children Allegedly Tie Him Up Over Retirement Benefits

Published

6 hours ago

March 18, 2025

Sahara Weekly

Man Rescued After Wife, Children Allegedly Tie Him Up Over Retirement Benefits

A man has been rescued after his wife and children allegedly bound and left him for dead following a heated argument over his retirement benefits.

The shocking incident was shared on the microblogging platform X by a user identified as @dammiedammie35. According to reports, the dispute escalated into a violent confrontation, during which the man’s wife and children restrained him.

A video accompanying the post showed the victim being untied by concerned individuals, with his hands and wrists bound with cloth.

@dammiedammie35 captioned the post:
“Husband rescued after allegedly being bound, gagged, and left to d!e by his wife and children following an argument over his retirement benefits .”

The incident has sparked widespread reactions online, with many expressing shock and condemnation.

Social Media Reactions

@justtooblunt: “As a man, make sure you are not far from the gym. Even if na local dumbbells, try carry. See wetin dem do man .”
@GodstimeMordi: “On top him retirement money.”
@askiaz__: “I married my best friend” Una.”
@EuchariaUrantaO: “Haba! Na! This is just too sad! Over his own retirement benefits? I hope they get arrested! Kai!.”
@EntertainX_: “Imagine working your whole life, only for your own wife and kids to tie you up, gag you, and leave you to die… all because of your retirement benefits. Loyalty is truly a myth these days.”
@TadyJerry: “Look at this violence. You see how evil women can be? She didn’t fight him alone, she made sure her children joined in harassing their father. What a shame. She’s a disgrace and an abomination. Tuehhhh.”

Authorities have yet to comment on the incident, but many netizens are calling for an investigation and possible legal action against the perpetrators.

society

Oludayo Banjo: A Quintessential Gem with a Heart of Simplicity and Preciousness

Published

7 hours ago

March 18, 2025

Sahara Weekly

Oludayo Banjo: A Quintessential Gem with a Heart of Simplicity and Preciousness

~By Oluwaseun Fabiyi

Oludayo Banjo is a gracious and inspiring woman who personifies the values of womanhood and embodies beauty, as thoughtfully presented in this commemorative piece and tribute compiled by Oluwaseun Fabiyi, publisher of BethNews Media.

As noted by Oluwaseun Fabiyi, Oludayo Banjo is a woman of extraordinary beauty and substance, whose enduring influence will be treasured by her friends and associates.

Beholding this energetic woman, Oludayo Banjo, one sees a value that surpasses diamonds, gold, and oil wells, owing to her unwavering devotion to young generations within her community and beyond.

Oludayo Banjo is a woman of remarkable diligence and dedication, distinguished by her extraordinary blend of sisterly affection and angelic empathy, making her a treasured asset to humanity.

As I author this article in recognition of your achievements, you exemplify the characteristics of a dedicated, resplendent, and beautiful Black woman—a true pioneer, humble, spiritually fulfilled, prudent in your actions, and able to forgive even when provoked.

To conclude, I offer a heartfelt prayer on your behalf, seeking divine blessings for good health, happiness, and the successful fulfillment of your aspirations. May your endeavors be fruitful, yielding substantial returns without hindrance.

Oluwaseun Fabiyi, a seasoned journalist, writes from Lagos.

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Makinde Congratulates Chief Bisi Akande

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March 17, 2025

Sahara Weekly

Makinde Congratulates Chief Bisi Akande

Hon. Abiola Makinde, representing the Ondo East/Ondo West federal constituency in the National Assembly, has congratulated Chief Bisi Akande, the former Interim National Chairman of the All Progressive Congress (APC), on the Lifetime Achievement Award conferred on him by the prestigious Independent Newspaper. In a release personally signed by him, he described Chief Akande as a leader of leaders who has not only moved forward the progressive family in the southwest but in the entire country, Nigeria. He described the award as well deserved because of his uncommon display of integrity, dedication, and forthrightness.

Hon. Makinde who was the Director General of the Campaign for the successful election of Governor Lucky Ayedatiwa of Ondo State, asked Chief Bisi Akande, not to relent on his efforts to continue to elevate the progressive family and to make Nigeria better.