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The real arguments for Nigeria’s digital Banks

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4 years ago

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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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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Warmest Birthday Wishes to an Exceptional, Gracious Woman, Mrs Folake Fabiyi ~Oluwaseun Fabiyi

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36 minutes ago

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November 15, 2024

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Warmest Birthday Wishes to an Exceptional, Gracious Woman, Mrs Folake Fabiyi
~Oluwaseun Fabiyi

 

On this momentous occasion, I am thrilled to honor my beloved sister, Falake, a paragon of kindness and industriousness, on her birthday, today, Friday ayaba Fabiyi Supo, 15th November 2024. Ma, the divine benevolence of God Almighty has bestowed upon you another year of life, replete with promise and opportunity.

It is also an opportune moment to reflect on your blessings and methodically enumerate them, thereby acknowledging the remarkable accomplishments of God in your life

As you commemorate another year of existence today, may the Supreme Being graciously continue to endow your life with success, benevolence, and unwavering favour, and henceforth, every utterance and account regarding you and your household shall be replete with good tidings

I fervently pray that God’s divine guidance and favor will continually be upon you, and may He graciously bestow His kindness upon you now and forever. Please accept my warmest congratulations and sincere best wishes

To my dearest Mummy Precious, I offer my warmest felicitations and hope your birthday celebration is exceptionally eventful.

Warmest Birthday Wishes to an Exceptional, Gracious Woman, Mrs Folake Fabiyi ~Oluwaseun Fabiyi

Oluwaseun Fabiyi a seasoned Journalist writes from Lagos

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JUST IN: Supreme Court dismisses Govs’ suit against EFCC legitimacy

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3 hours ago

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November 15, 2024

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JUST IN: Supreme Court dismisses Govs’ suit against EFCC legitimacy

 

The Supreme Court has dismissed a suit filed by state governors challenging the legality of the Economic and Financial Crimes Commission (EFCC) Act and two other anti-corruption agencies.

The court ruled that the suit before it lacked merit, affirming the legality of the EFCC’s establishment and the two other anti-corruption agencies.

More details coming

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The Limit Breaker Sierre Leone Day 2- Spirit Brings Liberty When You Obey Instructions – Dr Chris Okafor.

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9 hours ago

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November 15, 2024

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The Limit Breaker Sierre Leone Day 2- Spirit Brings Liberty When You Obey Instructions – Dr Chris Okafor.

…. Obedience is the Solution to Limitations

If somebody can start it, somebody can end it, obeying instructions can change any evil patterns in the life of people, pattern of sickness, Poverty, Late marriage and what have you, when you obey instructions you will breakout of the Limitations in your father’s house.

This was the case study at the day 2 of the ongoing The Limit Breaker Conference in Freetown Sierre Leone where over 2 million faithful received Prophetic Blessings from the servant of God, The Generational Prophet of God.

Teaching on the Topic, Breaking out from the Limitations of my Father’s House Part 2, The Convener Chris Okafor world outreach Ministry COWOM and Senior Pastor Grace Nation Global Dr Chris Okafor continue on the highlights said when you obey instructions, you are prone to be free from any bondage of your father’s house.

The Generational Prophet of God also remarked that , it is not that the devil is powerful but because of the lack of Knowledge of the People, he said ignorance is a licence to bondage therefore obedience is majorly the solution to ancestral Limitations, when you obey instructions the spirit that brings liberty locate you and you will be free from bondage and every spirit of Limitations from you father’s house, you will be free from it.

It was another Powerful and Prophetic movement of God at the Conference, God uses his servant the Generational Prophet of God Dr Chris Okafor to do what he knows how to do best, Addressing Various issues, calling Names, Names of villages, while Every evil altars holding people inheritance exposed, Profiling solution to every case file brought to the conference, it was indeed a life changing Prophetic encounter in the life of the good people of Sierre Leone, the testimonies that will come after the three days prophetic encounter will be enormous and according to a participant who will not want her name mention.

The conference continues on Friday 15th November 2024 ,Same Time and Venue

 

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