[b]Okay...I'm not here kidding! Numbers have it that only about 30 millions Nigerians are bankable, out of which I have 4 bank accounts (LOL). So putting it forward, there are about over 120 Million Nigerians that are not in the banking system--that is if you look into the fact others like me have over 2-3 bank accounts or else the number would be 15 million!

I did my little fact finding and I got to know few things:

1) It's not because these people are poor!
2) It's possible to add more 50 million people to this system using the right tools, design and instruments.
3) The banks are not rewarding! I mean in terms of giving out loans and credits or people friendly insurance.
4) The banks don't put illiteracy into consideration in terms of banking.
5) Our banking system is copied and as such not favorable to most people who are rural dwellers, busy, old etc
6) We need a new design!
7) ETC...

I am putting efforts into bringing all these to reality in the future though it's a great task ahead but I know an average Nigeria would rather bank with an institution that has him/her covered in terms of credit facilities, friendly insurance.

The goal is to bring people, businesses to life!

How would you like that your bank is the one in charge of your healthcare and charges are relatively low? Or you can start a business with better support from the bank including market research and development?
I know there is a vacuum somewhere and this can be filled, so I'm asking what does it take to start a bank?[/b]

Ask CBN no one here owns a bank so stop wasting your time here. The only bank some may have had access to own is blood bank. So be mature n seek your answer in the appropriate quarters

tripplephi:
Ask CBN no one here owns a bank so stop wasting your time here. The only bank some may have had access to own is blood bank. So be mature n seek your answer in the appropriate quarters

Sorry to say but one doesn't have to own a bank first. Some people have the right information, thanks anyway!

BedLam:
Sorry to say but one doesn't have to own a bank first. Some people have the right information, thanks anyway!

Yes sir you are so right but is information not theory Compared to Practical experience ?

Will you trust mere info which may not be current to experience of someone who is in the field and has proven short cuts n solutions? Or did you just ask because you really are not going to start a bank or do anything practical with it? Judge for yourself bro

tripplephi:


Yes sir you are so right but is information not theory Compared to Practical experience ?

Will you trust mere info which may not be current to experience of someone who is in the field and has proven short cuts n solutions? Or did you just ask because you really are not going to start a bank or do anything practical with it? Judge for yourself bro

Let me guess, you want to do what practicals? There are people who have vast experiences, worked with banks and the CBN, please stay out of this!

BedLam:
[b]Okay...I'm not here kidding! Numbers have it that only about 30 millions Nigerians are bankable, out of which I have 4 bank accounts (LOL). So putting it forward, there are about over 120 Million Nigerians that are not in the banking system--that is if you look into the fact others like me have over 2-3 bank accounts or else the number would be 15 million!

I did my little fact finding and I got to know few things:

1) It's not because these people are poor!
2) It's possible to add more 50 million people to this system using the right tools, design and instruments.
3) The banks are not rewarding! I mean in terms of giving out loans and credits or people friendly insurance.
4) The banks don't put illiteracy into consideration in terms of banking.
5) Our banking system is copied and as such not favorable to most people who are rural dwellers, busy, old etc
6) We need a new design!
7) ETC...

I am putting efforts into bringing all these to reality in the future though it's a great task ahead but I know an average Nigeria would rather bank with an institution that has him/her covered in terms of credit facilities, friendly insurance.

The goal is to bring people, businesses to life!

How would you like that your bank is the one in charge of your healthcare and charges are relatively low? Or you can start a business with better support from the bank including market research and development?
I know there is a vacuum somewhere and this can be filled, so I'm asking what does it take to start a bank?[/b]

Walk into cbn lagos or abuja. Believe me you do not have the financial muscle to and in Nigeria of today people are holding to their money. If you are serious though go and study paga, they are in the very market you described - banking the unbanked. Financially you need at least $3m to start a business like paga. I did not just manufacture the number, I have done research with cbn documents, market research tools and industry players. As for the insurance part just forget it unless you want to partner an insurance firm.

capital base of not less than 10 billion dollars!

Jethrolite:
Walk into cbn lagos or abuja. Believe me you do not have the financial muscle to and in Nigeria of today people are holding to their money. If you are serious though go and study paga, they are in the very market you described - banking the unbanked. Financially you need at least $3m to start a business like paga. I did not just manufacture the number, I have done research with cbn documents, market research tools and industry players. As for the insurance part just forget it unless you want to partner an insurance firm.

Now this is nice response! It's not intended to be a one man business. Why do you say I should forget the insurance?

utenwuson:
capital base of not less than 10 billion dollars!

I don't believe this.

BedLam:
Now this is nice response! It's not intended to be a one man business. Why do you say I should forget the insurance?

Lol, it is not even meant to be a 10 man business unless there is a billionaire with spare cash among you. Here's the thing, in Nigeria no one wants to invest in your idea as a matter of fact no one will. You need to start on your own, when you probably start seeing profit or gross transaction value close to N1bn, venture capitalists and investors will give you a listening ear. Study paga and hotels.ng, I mean Tayo Oviosu and Mark Essien to see how they eventually got funded. Tayo was funded from start because he had a solid financial background in the USA, nobody paid attention to Mark until hotels.ng became sustainable for over a year.

Insurance and banking are 2 very different businesses and it is not an easy business to break into in Nigeria. Nigerians do not use insurance especially on the serviceable market you have in mind. Institutional users are already taken and you do not have the finance or lobbying power to grab market share.

Get to know one bank CEO and learn the ropes from him, then become his rival.

mordtonia:
Get to know one bank CEO and learn the ropes from him, then become his rival.

Believe me, as long as he wont get a share from it, nothing will fall off him. Nigerians are not used to healthy competition.

Jethrolite:
Lol, it is not even meant to be a 10 man business unless there is a billionaire with spare cash among you. Here's the thing, in Nigeria no one wants to invest in your idea as a matter of fact no one will. You need to start on your own, when you probably start seeing profit or gross transaction value close to N1bn, venture capitalists and investors will give you a listening ear. Study paga and hotels.ng, I mean Tayo Oviosu and Mark Essien to see how they eventually got funded. Tayo was funded from start because he had a solid financial background in the USA, nobody paid attention to Mark until hotels.ng became sustainable for over a year.

Insurance and banking are 2 very different businesses and it is not an easy business to break into in Nigeria. Nigerians do not use insurance especially on the serviceable market you have in mind. Institutional users are already taken and you do not have the finance or lobbying power to grab market share.

True. How much do you think one need to be insured by NDIC ?

BedLam:
True. How much do you think one need to be insured by NDIC ?

I do not know. It is easier to buy a bank now than to start one.

I don't think the $10b capital base is feasible o, haba!

Starting a bank in Nigeria of today is truly between a rock and a hard place but I know of one guy who says they are starting up one pretty soon, this year. He was Head of Equity Capital Markets in one of the banks that has been bought over...

5 billion Naira minimum share capital for a regional bank.The national one will be 100 billion naira.

overboard:
I don't think the $10b capital base is feasible o, haba!

Starting a bank in Nigeria of today is truly between a rock and a hard place but I know of one guy who says they are starting up one pretty soon, this year. He was Head of Equity Capital Markets in one of the banks that has been bought over...

This is the reason new players are not in the scene. Just recycled ones. I bet their cabals might frustrate one as in any case with Nigeria. Thanks for your input. I will be watching out for the new one and see how it unfolds.

BedLam:
This is the reason new players are not in the scene. Just recycled ones. I bet their cabals might frustrate one as in any case with Nigeria. Thanks for your input. I will be watching out for the new one and see how it unfolds.

Hmmm well, he is actually fresh blood o, just clocked 40 or 41. He is more of a wizkid when it comes to securities trading and treasury management, financial advisory, venture capital funds management... you know the works. He has held in a horde of other portfolios before the aforementioned... now head of an oil and gas coy.

Basically, he said their license was ready and they are kicking off soon but I can imagine the frustration that might have been experienced due to stifling by the 'cabal' before now.