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How Nigerian Banks Are Making Nigerians POOR. - Business - Nairaland

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How Nigerian Banks Are Making Nigerians POOR. by osile2012: 12:07pm On Jul 26, 2016
I appreciate advancement in technology, but sometimes there are disadvantages that come with it. As the economic situation bites hard, unemployment situation worsens and inflation all time high, Nigerians find it hard to survive.

With the banks going into retail or recharge cards and data, this development further worsens the economic situation of these Nigerians who sell recharge cards for a living.

There was the girl i have been buying card from for years, i dont spend less than N10,000 monthly buying cards for both data and calls from her. Some months ago, i was introduced to this code from one of the banks to purchase credit. Ever since then, i have become very lazy to go and buy card. I am no longer worried that my data is about to expire,because i can simply buy with my phone from the comfort of my home or wherever i am.

Its been up to 6 months now, and i have not bought card from this girl. I feel guilty each time i am driving past and see the excitement on her face like before, expecting to make sales and i wave and tell her next time. I am sure she is wondering if i am buying from someone else or what exactly is happening.

I sometimes pass through another street when i remember i will meet her on my way. It pains me but i have become addicted to the simple method of purchasing from my phone. I no longer need to scratch the cards . But i just sat down today to calculate, and discovered that this girl has lost over N60,000 sales from me alone to the banks.

And i wonder, is it right for the banks to go into a business that these already poor Nigerians are managing to survive ? Are they not compounding the hardship for these Nigerians. The banks are laying of staff from within and also chasing people out of business outside.

108 Likes 19 Shares

Re: How Nigerian Banks Are Making Nigerians POOR. by dominique(f): 9:13pm On Jul 26, 2016
Good thing that you have realised your contribution to small scale business owners. Let's try to patronize anyway we can. They're badly hit by this economic downturn as they hardly sell like before.

My case is almost opposite to yours. I've been recharging via bank account for years because I hate scratching and loading cards. Recently, a friend that manages a small neighbourhood kiosk (@ my signature) has been facing financial difficulties. Recharge card is one of the few things she sells that I can use. So I had to reverse my decision and now I buy all my cards from her. I still hate loading cards, but the satisfaction I get that I am increasing someone's revenue base outweighs the annoyance of loading 15/16 digits into my phones.

184 Likes 25 Shares

Re: How Nigerian Banks Are Making Nigerians POOR. by egopersonified(f): 9:43pm On Jul 26, 2016
First off, you are the one impoverishing this girl not the banks. Why not get her number, she sends you the pin and you pay when you go through her route? Or just buy as you have always done. Please note that you have to apologize for the trauma you have made her go through all this while.

85 Likes 4 Shares

Re: How Nigerian Banks Are Making Nigerians POOR. by osile2012: 11:11pm On Jul 26, 2016
egopersonified:
First off, you are the one impoverishing this girl not the banks. Why not get her number, she sends you the pin and you pay when you go through her route? Or just buy as you have always done. Please note that you have to apologize for the trauma you have made her go through all this while.

[size=18pt]Its not in my nature to owe, hence i cant buy on credit. Secondly, Like i said the comfort of loading from my phone has become addictive but i will still try to make the sacrifice. It would have been easier for me if such an option did not exist . The banks should not have introduced it .

I no longer remember card when i see money in my wallet. But i will try to patronize her when my data runs out this time. I pray it does not happen in the Night.[/size]

37 Likes 3 Shares

Re: How Nigerian Banks Are Making Nigerians POOR. by echelons(m): 6:14am On Jul 27, 2016
I make the sacrifice by buying from these retailers when the amount is high... I thought about this a long time ago. But u don't blame the banks, they are just like the next big corporation, they will always swallow anything that comes their way.. They call it Non Interest Income.. Money they didn't suffer to make.

12 Likes

Re: How Nigerian Banks Are Making Nigerians POOR. by veekid(m): 6:14am On Jul 27, 2016
This one is funny small
Re: How Nigerian Banks Are Making Nigerians POOR. by niceguy7(m): 6:16am On Jul 27, 2016
Lol.
Re: How Nigerian Banks Are Making Nigerians POOR. by wandeykul(f): 6:16am On Jul 27, 2016
Jst try @least once in a while.
Re: How Nigerian Banks Are Making Nigerians POOR. by pendusky(m): 6:17am On Jul 27, 2016
Op your topic is misleading...

You could have written

"How Technology is making people poor"

My sister "flash" me in the middle of the night, I didn't have much credit, Do I have to call iya sikiru to send me Airtime at that time? no.. I simply dial Sterling Bank Recharge code *822*Amount# and my account was credited, when I call her she was crying, she need data to finish her term paper which to her will be submitted in the morning, I simply dial *822*Amount*Her No# (Sterling Bank third party recharge) and she was credited, that solve the problem.. Gbam grin

Take a careful look at banks these days, you don't meet much paying tellers, they will advise you, sire pls use the ATM, owing to these, banks don't employ more hands for this purpose because ATM (Technology is doing the work)

I could remember when I was in school when water biz came out, you only need waterproof, refrigerator and water to start the biz, but when rich men saw that they can bring in Machine for purification and packaging (Technology), that the beginning of Pure Water Business which led to wiping out of the poor ones who started the biz.

Take for example our old women in market who sell salts in markets, Dangote came with his purification machine (Technology) to purify and sell salts, everyone now buy Dangote Ionized salt..


what about Local Cyber cafe (I remember sleeping severally at cafe in the name of Night browsing) these days Telecom Network operators give cheap data on your set, (Technology redefined) I dont need to visit cafe,(I use my laptop) I don't even need a modem(Another huge loss to modem manufacturing coy) I use hotspot on my phone..


OP you don't say banks but Technology is making people poor and also making life convenient... grin


BTW we want to embrace Solar Energy grin

that's a warning to PHCN workers

189 Likes 22 Shares

Re: How Nigerian Banks Are Making Nigerians POOR. by FuckTheMod: 6:18am On Jul 27, 2016
Especially first bank undecided

1 Like 1 Share

Re: How Nigerian Banks Are Making Nigerians POOR. by Iam2awesome(m): 6:19am On Jul 27, 2016
You have successfully marketed the ease of using bank codes to recharge your phone whenever you are out of airtime.

4 Likes 2 Shares

Re: How Nigerian Banks Are Making Nigerians POOR. by omenka(m): 6:19am On Jul 27, 2016
osile2012:


[size=18pt]Its not in my nature to owe, hence i cant buy on credit. Secondly, Like i said the comfort of loading from my phone has become addictive but i will still try to make the sacrifice. It would have been easier for me if such an option did not exist . The banks should not have introduced it .

I no longer remember card when i see money in my wallet. But i will try to patronize her when my data runs out this time. I pray it does not happen in the Night.[/size]
If you don't wanna be owing her, then get her account number and make your payment into it whenever she sends you airtime.

Abi??

18 Likes

Re: How Nigerian Banks Are Making Nigerians POOR. by PriNceNova(m): 6:19am On Jul 27, 2016
Nothing stops you buying the recharge cards in advance before driving pass. Buy in large amounts and recharge at your comfort when needed. #its a nice Shout to people like you out there

1 Like 1 Share

Re: How Nigerian Banks Are Making Nigerians POOR. by emeijeh(m): 6:20am On Jul 27, 2016
Who put up this thrash here? angry
Real lubbish. **in a baby's voice**

2 Likes

Re: How Nigerian Banks Are Making Nigerians POOR. by okenwa(m): 6:22am On Jul 27, 2016
Indeed Nigeria is in recession, how can a registered entity like bank decent so low to merchant rechargeable cards? Whatever is the software they are using to access out accounts should be relinquished to this little entrepreneurs to earn a living.

6 Likes

Re: How Nigerian Banks Are Making Nigerians POOR. by safepaulooo(m): 6:23am On Jul 27, 2016
This sounds like a banker who got laid-off very recently, trying to get back at the bank

1 Like

Re: How Nigerian Banks Are Making Nigerians POOR. by bunmioguns(m): 6:23am On Jul 27, 2016
No wonder you people don't buy data from me again


embarassed

cry

2 Likes

Re: How Nigerian Banks Are Making Nigerians POOR. by adedayoa2(f): 6:25am On Jul 27, 2016
I shuffle buying from both end, nothing can be done about this except calling the buyers and telling them to send pin numbers. Moreover there's a woman in my office that even buy as much as 40k worth of card from the bank, they send it to her phone and she sells to her customers. Even at night we call her to send us airtime (any amount) your account get credited automatically. It was called VTU in the mid 20's.

2 Likes

Re: How Nigerian Banks Are Making Nigerians POOR. by Nobody: 6:25am On Jul 27, 2016
this is one of many distractions that has led to many banks ; running the short code recharge service such as the extremely vulnerable *737 service offered by gtb, losing focus and direction.

I won't really blame these banks, times are hard and they have to survive but why do that by building insecure systems?

see a victim here.
https://www.facebook.com/sunday.olutayo/posts/10208115108209651
Re: How Nigerian Banks Are Making Nigerians POOR. by adedayoa2(f): 6:26am On Jul 27, 2016
safepaulooo:
This sounds like a banker who got laid-off very recently, trying to get back at the bank
like seriously, this is all you can offer?

8 Likes

Re: How Nigerian Banks Are Making Nigerians POOR. by SIRKAY98(m): 6:26am On Jul 27, 2016
I think it over 2years hv been using my internet banking to recahrge.

Even my data.
Re: How Nigerian Banks Are Making Nigerians POOR. by adedayoa2(f): 6:27am On Jul 27, 2016
okenwa:
Indeed Nigeria is in recession, how can a registered entity like bank decent so low to merchant rechargeable cards? Whatever is the software they are using to access out accounts should be relinquished to this little entrepreneurs to earn a living.
These banks didnt start the selling of cards yesterday oooo.

2 Likes

Re: How Nigerian Banks Are Making Nigerians POOR. by Abduljohn(m): 6:27am On Jul 27, 2016
You do only that you want to do, no bank will ever know or appreciate your loading, just check your balance token has been deducted (though might no be material to you) but a sacrificial mind needs striving from comfort. Manage and make some1 that gain just 25 -30 average on your purchase smile

3 Likes

Re: How Nigerian Banks Are Making Nigerians POOR. by highwaist: 6:31am On Jul 27, 2016
osile2012:


[size=18pt]Its not in my nature to owe, hence i cant buy on credit. Secondly, Like i said the comfort of loading from my phone has become addictive but i will still try to make the sacrifice. It would have been easier for me if such an option did not exist . The banks should not have introduced it .

I no longer remember card when i see money in my wallet. But i will try to patronize her when my data runs out this time. I pray it does not happen in the Night.[/size]
its more costly to buy from the bank,bank will deducts alert serves for every transaction,even if u buy 100 nira card.its not eceonomical wise to by frm bank

2 Likes

Re: How Nigerian Banks Are Making Nigerians POOR. by 0955eb027(m): 6:32am On Jul 27, 2016
The rich is just looking for avenues to make more money without taking into cognizance the effect it will have on the struggling ones. Well, i will not blame them cos thats the way we (animals) are wired, survival of the fittest. Soon, banks will introduce platforms like konga, jumia where all can be purchased, including food stuffs. GOD help the needy.

3 Likes 2 Shares

Re: How Nigerian Banks Are Making Nigerians POOR. by johnstar(m): 6:33am On Jul 27, 2016
undecided
Re: How Nigerian Banks Are Making Nigerians POOR. by bigx(m): 6:33am On Jul 27, 2016
It's business.

Innovate or die.

The banks have taken their step, the recharge seller should do the same.

6 Likes

Re: How Nigerian Banks Are Making Nigerians POOR. by tunapawizzy: 6:34am On Jul 27, 2016
U don't blame d banks for trying to make as much as dey can make.... If u wana help d lady ... Take d pains and go buy from her ...

2 Likes

Re: How Nigerian Banks Are Making Nigerians POOR. by valiantheartprod(f): 6:35am On Jul 27, 2016
hmm, I don't even know what to say. but Good morning Nigeria. Good morning Nigerian s
Re: How Nigerian Banks Are Making Nigerians POOR. by Chibudollar: 6:35am On Jul 27, 2016
You think you're doing the girl?, you're doing yourself

1 Like

Re: How Nigerian Banks Are Making Nigerians POOR. by Kay17: 6:36am On Jul 27, 2016
osile2012:


[size=18pt]Its not in my nature to owe, hence i cant buy on credit. Secondly, Like i said the comfort of loading from my phone has become addictive but i will still try to make the sacrifice. It would have been easier for me if such an option did not exist . The banks should not have introduced it .

I no longer remember card when i see money in my wallet. But i will try to patronize her when my data runs out this time. I pray it does not happen in the Night.[/size]

Your consideration is probably limited to just these two factors. Consider the technology the banks use, the success of that technology might be an incentive to a more sophisticated one which might be more beneficial in other areas like health.
Re: How Nigerian Banks Are Making Nigerians POOR. by free2ryhme: 6:39am On Jul 27, 2016
who bank epp undecided

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