Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,497 members, 7,954,902 topics. Date: Saturday, 21 September 2024 at 12:08 PM |
Nairaland Forum / Nairaland / General / Business / Will Nigerian Banks Ever Start Issuing Credit Cards? (15462 Views)
Ussd Codes For Nigerian Banks / How To Protect Your Credit Cards / ATM When Shopping Online / Differences Between Debit And Credit Cards (2) (3) (4)
(1) (2) (3) (4) (Reply) (Go Down)
Will Nigerian Banks Ever Start Issuing Credit Cards? by Nobody: 12:29pm On May 12, 2016 |
The efforts of the last CBN governor in his bid to make the Nigerian economy cash-less is credible. So far, we have seen positive results with more businesses adopting the P.O.S electronic payments system. There were hiccups initially with bad networks and lack of electricity to keep them charged but somehow they meandered through it all and more people are now opened to swiping their cards in restaurants and supermarkets. I for one don't usually carry cash. I usually make my withdrawals and shop for my immediate needs for at least a couple of days. Then I'm left with a little money which is somehow sensible and safe in the sense that I stand to loose a lot less just in case of a robbery or mere carelessness. Such instances have happened to me in the past and In some cases I was a bit lucky while sometimes I lost a lot. The crux of the matter now and the reason for this write up is the issue of access to credit. I for one love credit, not just because I could get something I couldn't afford at any point in time but for the convenience attached to it. Nigerian mobile networks have been able to adopt this credit facility as a strategy to sell even more with MTN's extra credit and other products by Aitel, Etisalat and Glo. I think it's about time Nigerian banks start issuing Credit cards to their loyal customers and not just salary accounts as being practised by some banks. With the new BVN policy which is being put into effect by the CBN, I believe a more accessible credit line being offered by Nigerian banks would expand the economy. This is speaking from a layman's point of view. There should also be credit assessments and credit scores awarded to customers who transact more with such cards. I am not an economist but common sense only tells me that would be a better way to put the several billions of dollars lying fallow in a few people's accounts. Great economies around the world are build by ordinary people with small businesses and the Nigerian economy cannot be build on a few people's business empires I.e Dangote and the likes. Please let the appropriate authorities know so at least the economic hardship the common man is feeling can be eased up a little bit. Easy access to credit is convenient, easy access to credit means growth. Just thinking out loud. 22 Likes 1 Share |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by Nobody: 12:31pm On May 12, 2016 |
Lalasticlala, Seun, Obionscopy over to you.
Please let's get people's view on this. |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by Benjom(m): 12:41pm On May 12, 2016 |
Let's kill corruption first and then reduce our unemployment rate to 10 to 15 percent. With those effected, credit card will work in our vicinity. #NigeriaGoKukuBetter 14 Likes |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by donvicky2007: 12:42pm On May 12, 2016 |
I hope they have good cyber security before issuing credit cards. 2 Likes |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by Nobody: 1:32pm On May 12, 2016 |
Benjom: Corruption cannot be totally killed, it can only be reduced while 10% to 15% unemployment may be achievable in the long run. However, with the BVN in place, debt recovery would be a lot easier. @donvicky2007 I believe there is enough cyber security in place already and the debit and prepaid cards they issue presently are also being used online. 11 Likes |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by Nobody: 6:46pm On May 12, 2016 |
Nice one. I sure would love to be a beneficiary of that. 1 Like |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by Icecomrade: 6:46am On May 13, 2016 |
Skye Bank issue credit cards. Both Naira and USD Most Nigerians are not credit worthy and recovery is usually a huge issue. Light stringent measures are in place to curb defaults. Go! Enjoy the Skye Bank credit card 8 Likes 1 Share |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by Nobody: 6:48am On May 13, 2016 |
We'll surely get to that level one day |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by driand(m): 6:50am On May 13, 2016 |
Yes, but when we get to that stage... For now we already have ATM Mastercard and visa cards, which can be used on ATM machines and for online transactions... We are still growing, everything in life is about stages 1 Like |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by tizzle1: 6:50am On May 13, 2016 |
DOA....i'll just swipe $1m , ask a family memeber to open an account for me..i continue to enjoy the money what am i saying the thing is your need to upgrade the average nigerian mentality first before anything else 1 Like |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by CarrotAndStick: 6:50am On May 13, 2016 |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by Elzends(m): 6:51am On May 13, 2016 |
Not ecobank
✌ 2 Likes |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by richidinho(m): 6:51am On May 13, 2016 |
if they like 1 Like |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by carpenter(m): 6:51am On May 13, 2016 |
Nigerian Banks issue Credit, Debit and some even offer Prepaid cards. (At the moment the credit cards are limited to naira and dollars in most banks) Visit your bank site and see. Requirements for having one are also available. 3 Likes |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by Marley01(m): 6:52am On May 13, 2016 |
As in, bank go loan us money ne?? Me I don't get ur drift o. Hexplain the inssue please.. |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by SmartMugu: 6:52am On May 13, 2016 |
With the current state Nigeria is in, credit opportunities will not work in that system - except may be for a select few, but yet it won't be same as in sane countries. The reason is simple. The US for example has a unique identifier for everybody living there legally - Social Security Number (SSN). Nigeria doesnt. With the SSN, everything else can be linked - your properties, debts, equities, family members, criminal history, insurance records, census reasons etc. Every business in the US (an example) can decide if you are credit-worthy once they look through your past records from your SSN. Banks, financial firms, employers, etc and rely on that to make informed decisions. If it took forever for Nigeria to think about BVN, how much longer would it take to implement something close to SSN that the US uses? Unless BVN will be used to represent SSN. But what about people that don't have bank accounts and don't need BVN? The right approach would be to have a unique number assigned to every citizen in Nigeria, even babies. From that, everything else can be done. I thought that was the whole reason for the National ID card, until... So, I won't blame banks if they don't think Nigeria is ripe for that yet. Like everyone, they don't want to lose money from people fleeing with funds they borrowed. The right system has to be put in place to establish a confidence level for them. 18 Likes 2 Shares |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by Segadem(m): 6:53am On May 13, 2016 |
Hmmmm |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by rodeo0070(m): 6:53am On May 13, 2016 |
We have. Its been around for a while now. Please check the links below: http://www.stanbicibtcbank.com/Nigeria/Individual/Transactional-accounts/Cards/Credit-Cards https://www.firstbanknigeria.com/products/e-banking/debit-and-credit-cards/first-naira-credit-card/ I also know of Diamond, Access etc... 3 Likes |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by realest247(m): 6:53am On May 13, 2016 |
Ahhh! CC for 9ja now isn't advisable o!. Trust me, we ain't ripe for that yet. If not, I trust my people nah!. We'll sure bastardize it. though some Banks issues, but not really effective. 1 Like |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by blym4real: 6:54am On May 13, 2016 |
Nigerian banks do issue credit card if you meet the requirements for it. 4 Likes |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by Nobody: 6:55am On May 13, 2016 |
Hmmmmmmm no need for Credit card wen prices of commodities are still on the high side. |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by ChappyChase: 6:55am On May 13, 2016 |
That na one chance ooo! |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by nybol(m): 6:55am On May 13, 2016 |
Diamond Bank issues credit cards to its customers, even if they don't have their salary accounts there. I've been using the credit card for about 6 years now and it's really been helpful. Just walk into any of their branches and find out. 4 Likes |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by Hadez(f): 6:57am On May 13, 2016 |
Credit card in Nigeria is going to be a debt to the bank |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by CaptainBomb(m): 6:58am On May 13, 2016 |
When will nigerian government have a central database and social security number 1 Like |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by iomoge2(f): 6:58am On May 13, 2016 |
Stanbic IBTC AND Diamond Bank issues credit cards na. 1 Like |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by Nobody: 6:59am On May 13, 2016 |
Marley01:Yeah! It's more like banks give you access to spend a certain amount over a period of time to pay back in future with interests. blym4real:I hope the requirements are not too stringent. rodeo0070: Thanks a lot. I'll check out those links and see. |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by hottathanfire(m): 6:59am On May 13, 2016 |
Hmm, it's already available but you must have a good credit rating to enjoy most of the cards to avoid stories that touch. Before you know some people will dump the card after incurring debt and it will be hard to track them. Case study: you buy a network sim during a promo and when you are done you borrow big amount of credit and call all of ur friends and even enemies so that you can finish the airtime then you break the sim. 1 Like |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by Ideyontop: 7:00am On May 13, 2016 |
This is the reason |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by whirlwind7(m): 7:00am On May 13, 2016 |
Nah. Nigerian banks would be taking a mighty risk by issuing credit cards at this time. Our system doesn't have a credible database and good security to counter credit card frauds yet. It doesn't take much to forge identities and other documents that would facilitate a credit card issuance. Even though cards are linked to one's account, it still doesn't take much to open new accounts with forged documents, register for BVN with it, even register SIM cards, all with the intent of discarding all of it once you max out the card. |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by Badgers14: 7:00am On May 13, 2016 |
Maybe in the future but no time soon... Have you ever applied for a loan from a. Nigerian bank They almost ask for your stool sample Compared to like U.S. where you apply online, just enter your information and they approve, require further processing or deny..... They only document they ask is copies of your recent pay stubs... Then the money gets deposited to your account... The same applies to credit card... When they approve your application, they just send you the card in a mail... Cheers!!! 1 Like |
Re: Will Nigerian Banks Ever Start Issuing Credit Cards? by RichYoungNigga: 7:01am On May 13, 2016 |
Lol. They should start issuing debit cards first Note: Debit card is not ATM card. They don't have the system in Nigeria for credit card. Here in America, before you get a credit card, they will check your credit score and credit report to know if you are qualified to get a credit card. Where in Nigeria can you check someones financial info or identity on the internet |
Help. LASTMA Seized My Vehicle! / FCMB Group Announces Leadership Changes. / Nairabet Why The Delay In Payout?
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 40 |