BeardedMeat:
How did you arrive at this conclusion?

NinjaXmetahuman:
simple google seeach.

www.google.com

Wisdomkosi:


How?

BeardedMeat:
I know these.

But to say bank charges amount to nothing in revenue is being unfair to banks. So many have declared in billions, revenue from charges alone. Not the only source of income, but a good one.
If those charges meant nothing, some banks won't use COT free as a spelling point.

DrRasheed:
There's no fcknn way Fintech will flourish under multiple taxation policies of this administration. Kuda Bank has really tried but woefully failed.


Modified:
You see how useless we chose to be in this country? The above comment has nothing to do with double taxation, but see how rush to like it.
This is just how Peter Obi is uselessly explaining his economic policies using Buka arithmetics.

Themandator:


The Bank is a useless bank.. It should go under as fast as possible

Look for the story here

The guys received something like 200k or more but less than a million naira, his account was blocked, he went to their only physical office in Lagos by their own invitation and they called EFCC on him

The fools returned online to issue a statement defending themselves that they are following the due process

Not billions not even millions... That was the day I transferred back to normal bank and deleted their app

PNomsule:


As an insider, I can authoritatively say that banks profits from Loans are the least contributing component of their overall income.

No bank relies on loan interest component for profit at least in Nigeria.

The climate is not conducive for it. We are terrible as a people at servicing debts and loan repayment. A good question would be, why don't the banks jump at it with smiles when people request and apply for loans?!

Even such loans that are collateralised with big properties, how easy it is to liquidate such properties and recover depositors funds especially when you factor in the principle of time value for money?

To cap it up, how much is the interest sef, 25% per annum or in that range... abysmally low when compared to the overall cost of running the bank. Ratio of defaulters are high etc...

Clearly, bank charges contribute significantly to her earnings as it is a multiplier effect. Banks are equally involved in other auxiliary and sometime complimentary services/businesses e.g Zenith bank for example runs Venus Medicare. We already know that Heirs Holding, owners of UBA operate hospitality biz as Transcorp, also GenCos... and the list is endless including very shady and dark businesses not excluding drugs.

BeardedMeat:
I know all these buddy. I was in UBA when it merged with Standard trust. I was in the bank when soludo did his beat in CBN. We are basically saying the same things. I don't why that thinks otherwise.

SmartyPants:
This was due to bad debts.

This is why I have no sympathy for those embarrassed by loan sharks.

Nigerians have a terrible exploitative culture.

BluntTheApostle:



Why do I feel like you are a loan shark agent?

The reality is that when you are a financial institution, and you lend money, you have already entered a credit risk.

Bad loans is not a Nigerian thing. It happens everywhere in the world.

In fact, if we were to go by your logic, since India has the largest bad loan figure, Indians must have a terribly exploitative culture, and loan apps are justified in illegally embarrassing people.

There are different types of defaulters.

There may be those who intend not to repay.

But you can't tar everyone with the same brush. That is generalization. Which is a very terrible way to see society.

Look at Innoson who has a loan to repay but can't because he loaned money to a state government which has been unable to repay him. Can you honestly say he has the intention of not repaying his loan?

Whether you are operating in Nigeria or America, once you lend money to someone or a business (whether Nigerian or American), there is no guarantee that you will get your money back.

Kuda knew this, and went into that business with that at the back of their mind.

I sympathize with them. But it is not enough to justify the illegal practises of loan sharks who abuse confidential data and use blackmail tactics to recover loans.

At this period when we are up in arms against these illegal entities, it is hard to tolerate unguided comments such as yours which can create a drawback.

You cannot be sure which of your loved ones may be patronizing these loan sharks until you see their pictures on the internet with the loan agent claiming that they have sickle cell anemia or that they are dead.

BluntTheApostle:



Why do I feel like you are a loan shark agent?

The reality is that when you are a financial institution, and you lend money, you have already entered a credit risk.

Bad loans is not a Nigerian thing. It happens everywhere in the world.

In fact, if we were to go by your logic, since India has the largest bad loan figure, Indians must have a terribly exploitative culture, and loan apps are justified in illegally embarrassing people.

There are different types of defaulters.

There may be those who intend not to repay.

But you can't tar everyone with the same brush. That is generalization. Which is a very terrible way to see society.

Look at Innoson who has a loan to repay but can't because he loaned money to a state government which has been unable to repay him. Can you honestly say he has the intention of not repaying his loan?

Whether you are operating in Nigeria or America, once you lend money to someone or a business (whether Nigerian or American), there is no guarantee that you will get your money back.

Kuda knew this, and went into that business with that at the back of their mind.

I sympathize with them. But it is not enough to justify the illegal practises of loan sharks who abuse confidential data and use blackmail tactics to recover loans.

At this period when we are up in arms against these illegal entities, it is hard to tolerate unguided comments such as yours which can create a drawback.

You cannot be sure which of your loved ones may be patronizing these loan sharks until you see their pictures on the internet with the loan agent claiming that they have sickle cell anemia or that they are dead.

Kobicove:


The guy you quoted is correct, Nigerians have an exploitative culture. An average Nigeria would borrow money from you with the intention of not paying back!

This terrible attitude cuts across both sexes and all age brackets whether young or old.

Do you have any idea how many millions I have 'outside' just because I trusted my fellow Nigerians?

I have stopped lending money to friends and family member even if you come to me crying tears of blood I will just tell you I have no money.

Has someone who begged to borrow money from you ever told you "Why are you disturbing me because of ordinary 180K after all Nigeria is also owing?"

This was an incident that happened over 9 years ago but till today the loan is still unpaid!

SmartyPants:


Go back and rethink all you've written here.

1. Do you know the role lenders play in the economy? Do you know what will happen if major lenders like Kuda crash because people essentially steal from them? Don't come in here with a lack of education on the issues, making emotional arguments.

Let me even come to our level of understanding. If Kuda closes down and your family member was a staff member suddenly made jobless, will you tell them what you've just said?

2. Nigerians overwhelmingly have an exploitative culture. That does not mean every single Nigerian borrows and has no intention of paying back. What I've alluded to is the fact that the majority of Nigerians have an exploitative culture.

Can you deny that the vast majority of Nigerian borrowers take other people's money knowing from the start that they have neither the means nor the interest in paying it back?

This requires no defence. Basic comprehension would have prevented you from drafting all that irrelevant stuff about Innoson. Basic observation can also show you the absolute truth of what I have said.

Do the vast majority of Nigerian drivers obey traffic rules without being forced?
Has Nigeria stopped being one of the most corrupt nations on earth?
Is Nigeria not among the top terrorised nations on earth?
Is Nigeria not among the least livable places in the world?

Are those not the hallmarks of an exploitative culture?

Why not go and meet the compilers of these indices and argue that it's not true, because not everyone and not everywhere in Nigeria is like that since you don't understand the difference between a hasty generalization and a statistical inference?

3. Indians indeed have an extremely exploitative culture. What exactly would that prove or disprove?

4. My family members being involved in folly is not an argument against their folly being folly.

5. Never said all that the loan sharks do is correct. I said I have no sympathy for those embarrassed by them, and I never will. Those who come to equity must come with clean hands.