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The real arguments for Nigeria’s digital Banks

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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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Otunba Olusegun Runsewe’s Earlier Warning Against Bobrisky Has Been Vindicated

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Otunba Olusegun Runsewe’s Earlier Warning Against Bobrisky Has Been Vindicated

Otunba Olusegun Runsewe’s Earlier Warning Against Bobrisky Has Been Vindicated

 

“If my child ever turned out like Bobrisky, I would feel I failed.” This is the kind of mean remark that some individuals have made upon encountering Idris Okuneye, better known as Bobrisky.

The young man’s controversial lifestyle has sparked debates nationwide, with many worrying about the influence he might have on impressionable youths.

Given his current case with the Economic and Financial Crimes Commission (EFCC), his fame is at an all-time high—so is the worry of the older generation.

In April 2024, Bobrisky was convicted for mutilating the naira, and given a six-month jail sentence. There were claims, however, that Bobrisky lived comfortably in a private apartment during this time, which he denied. Officials later confirmed that while he was held in the facility, his special treatment was for security reasons, due to his appearance and identity.

Bobrisky’s life has indeed been a series of scandals, from the recent legal troubles to social media drama. But these have only helped to him at the centre of public scrutiny. Moreover, his bold defiance of norms has made him a focal point for criticism, especially from parents and community leaders who worry about his influence on young Nigerians.

Public figures including former Director General of the National Council for Arts and Culture, Otunba Olusegun Runsewe have urged parents to teach their children strong values. They argue that Bobrisky’s lifestyle directly opposes traditional African norms of decency and respect. As Bobrisky pushes boundaries, reputable individuals like Otunba Runsewe have spoken out about how they feel these values are being tested.

Indeed, with a large social media following, Bobrisky’s influence is undeniable. Yet, his flamboyant persona and controversial behaviour leave many uneasy. In a society where cultural values run deep, it is only right for rational individuals to be vigilant against things that run against these values. Bobrisky tops this list.

“A man who tries to walk two roads will split his legs,” warns an old proverb. Bobrisky’s life, full of contradictions, reflects this truth. Especially now that he is playing Russian Roulette with bodies like the EFCC, who knows what a person like him could drag parents into in the name of defending their children.

It is important to recall that Otunba Segun Runsewe warned Nigerians about the character called BOBRISKY. Today the cultural icon, Otunba Segun Runsewe, has been vindicated.

 

culled from Lagostimes

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Police arraign woman over N2.8m failed marriage promise

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Police arraign woman over N2.8m failed marriage promise

Police arraign woman over N2.8m failed marriage promise

 

A 25-year-old tailor, Victoria Effiong, was arraigned on Friday before a Lagos State Magistrates’ Court in Iba for allegedly refusing to marry a suitor after collecting N2.8m from him.

Effiong is facing three counts bordering on breach of peace, cheating and obtaining by false pretence.

The police prosecutor, Inspector Chinedu Njoku, told the court that

the incident occurred on September 25, 2024, at 10 a.m. at Ajanaku Street, Isashi.

 

 

Njoku said, “Effiong unlawfully cheated the complainant, Dominic Asuquo, by obtaining the sum of N2,866,000 under the pretext of agreeing to marry him, but she failed to follow through.”

The prosecutor further told the court that while the defendant was dating Asuquo, she obtained an iPhone worth N240,000, different clothes, a wristwatch, shoes and bags valued at N350,000.

He also said that the complainant gave the defendant a cash sum of N810,000, N4000, daily feeding money for seven months worth N868,000.

 

“Effiong also withdrew N300,000 from Asuquo’s ATM account for shopping,” Njoku added.

 

Our correspondent learnt that the situation escalated when Asuquo discovered that Effiong was planning to marry another man, despite having introduced him earlier to her parents, who were aware of their relationship.

Effiong, however, denied the relationship, claiming Asuquo knew she was dating someone else.

She admitted to receiving the iPhone, a smaller phone worth N20,000, money, and other items but insisted that she had told Asuquo to stop sending her money because she was uncomfortable with it.

According to the prosecutor, the offences committed are punishable under Sections 168, (1d), 322, and 314 (2) of the Criminal Laws of Lagos State 2015.

However, the defendant who was arraigned before Magistrate Mrs O. M. Ogun, pleaded not guilty to the charges against her.

Magistrate Ogun granted her a bail of N200,000 with two sureties in like sum.

 

“One of the sureties must be a blood relative, show proof of tax payment to the Lagos State Government, and have their address verified,” the magistrate ruled.

The case was adjourned until November 28, 2024, for mention.

 

 

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There is a need to understand other cultures, and various heritage, Korean director

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There is a need to understand other cultures, and various heritage, Korean director

 

 

By Ifeoma Ikem

 

 

 

Sahara Weekly Reports That The Director of the Korean Cultural Centre Nigeria, Kim Chang-ki, says there is a need to understand other cultures and various heritages.

 

There is a need to understand other cultures, and various heritage, Korean director

 

 

Chang-Ki said this at the 2024 Korean Cultural Festival in Lagos with the theme ‘Tour the World.

 

 

The festival is a yearly event and this year’s event was organized by the Banana Island Property Owner&Residents Association Lagos(BIPORAL)

 

 

He said the multicultural festival is indeed a great event to promote their food and culture and network with other countries.

 

 

He pointed out that the annual event helps people to learn and promote each other’s countries’ cultures.

 

 

‘As individuals tour around countries, there is the need to understand other people’s cultures and various heritages.

 

 

“Korea, the “Land of the Morning Calm, “is a dynamic East Asian nation with nearly 52 million people, famous for its scenic beauty.

 

 

“It is also an avenue to integrate and promote cultural immersion amongst residents and guests”.

 

 

He said that there were lots of memorable activities ranging from different countries’ cultural musical performances, food, games, and other side attractions.

 

 

“The multicultural festival is a very fun experience watching attendees going round the participating countries’ booths for food tasting”.

 

 

 

The excess of Banana Island Property Owner&Residents Association Lagos(BIPORAL) appreciated everyone who took part in the event.

 

 

They added that the event was also to uphold the spirit of community fellowship, cultural integration, and patriotism.

 

 

“We extend our sincere appreciation to everyone who has been part of this year’s festival.

 

 

Some of the countries that participated in the event include the Philippines, Indonesia, Pakistan, Nigeria, Ghana, South Korea, South Africa, Zimbabwe, Cote d’Ivoire, and Jamaica.

 

 

“Other performances from Nigeria were Igbo dance, Art Afrik dance, Calabar and Yoruba dance, raffle draws, etc.

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