Tobex4realTobex234:


Lol. Fintechs charge about 5% per month..

emmanuelewumi:



But the big banks that charge about 1.5% per month are making a hell of money from poor and helpless Nigerians

I have told Nigerians to do keeping money in the banks again, microfinance banks and fintech firms are better

ChybuzzDD:


I hope you know the connterparts of these your 'big banks' abroad in developed economies don't charge upto thst 1.5% for the entire year?

Why are you not seeing 1.5% per month as being excessive for a struggling economy?
Shouldn't banks in such an economy offer a lower interest rate relative to those of the first world economy?
No, you won't support that, because you need their outrageous earnings to get higher dividends.
Your position shows how selfish an average Nigerian is, and hence, the reason the country's economy will perpetually remain in the woods.

ChybuzzDD:


I hope you know the connterparts of these your 'big banks' abroad in developed economies don't charge upto thst 1.5% for the entire year?

Why are you not seeing 1.5% per month as being excessive for a struggling economy?
Shouldn't banks in such an economy offer a lower interest rate relative to those of the first world economy?
No, you won't support that, because you need their outrageous earnings to get higher dividends.
Your position shows how selfish an average Nigerian is, and hence, the reason the country's economy will perpetually remain in the woods.

Donbrig:
You just viewed it from my own perspective. It is all about greed.

emmanuelewumi is only supporting the unethical banking modalities in Nigeria because it favours his investment plans, perhaps he has enough money to pump into the system and make huge profits, forgetting about the millions of people who don't have such privileges and might become a threat to his own investments and life.

I have lots of investments in Nigeria, mainly hotels, bakeries and real estates, but whenever I look at the unfair system I am making money, I begin to ask myself lots of questions. King Solomon called it vexation of the spirit, all vanity.

At the end of it all, it is far better to have a healthy society with fairness and equality, than have a few multi millionaires and billionaires who doesn't want the status quo to change for the betterment of the masses.

demelza:
^^
It was in the West I discovered that banking is a privilege.
These banks charge you money to save with them. Not like in Nigeria where banks give you interest, no matter how meagre.

Imagine behemoths like JPMorgan Chase or Wells Fargo fighting to retain business of ordinary citizens. When it is known that over 50% of Americans have less than $1000 as savings as at July 2020. So how do these banks make their billion dollars profits then?

Some of them don't even pretend to have your time. If you don't have a minimum amount you can never cross their threshold.

Capitalism originated from these people. Nigerian banks are still learners; they have not graduated at all.

But yeah, let's keep looking at everything from the West with rose-colored glasses.

ahiboilandgas:
i understand your ambition but am a business man i cant understand how me investing in you will yield me profits...am very conversant with schooling aboard u need over 12m in accounts naira to get an Australia visa.i paid over 10000 euro for my brother in ireland and still had to support him severally until he graduated he was working partime earning around 1000 euro but expenses takes all......i can only asist u with sponsorship accounts with good turn over....at not financial cost to me .....

helpyom:




@ahiboilandgas Dear sir, thank you so much for your insights and willingness to assist me through this journey sometime last year.

Even though I felt the journey was easier not knowing the hurdles here I am soliciting for sponsorship documentations as you volunteered to assist me with that, regarding the tuition i have been able to raise the tuition from our land we sold, I am hoping to start up studies sometime June.

I hope to hear from you soon regards to my request so as the school can confirm my studentship and begin process of sending my Coe for visa process.

ahiboilandgas:
Naira officially devalued to 410.

ChybuzzDD:


I hope you know the connterparts of these your 'big banks' abroad in developed economies don't charge upto thst 1.5% for the entire year?

Why are you not seeing 1.5% per month as being excessive for a struggling economy?
Shouldn't banks in such an economy offer a lower interest rate relative to those of the first world economy?
No, you won't support that, because you need their outrageous earnings to get higher dividends.
Your position shows how selfish an average Nigerian is, and hence, the reason the country's economy will perpetually remain in the woods.

Godbpraised:
Oga sah, you do not have to say his greedy, the system created the whole mess, his taking advantage. In the west too they are loopholes and people are taking positions.

afroxyz:

But the reality is in a struggling exonomy interest rates are bound to be high. Then come add naija matter join

chigo4u:
Is there any bank in Nigeria that pays interest on dorm accounts?

emmanuelewumi:



A private message would have been better.

afroxyz:

But the reality is in a struggling exonomy interest rates are bound to be high. Then come add naija matter join

OgogoroFreak:
By now who don't have his money in dollar or dollar asset, is immune to high blood pressure.

freeman67:


I don't think there is any. Though I have not gone round all the banks. Most banks I have interacted with treat dorm account as current account. Current account s do not pay interest instead you are charged for COT after transaction.

chigo4u:
Is there any bank in Nigeria that pays interest on dorm accounts?

ChybuzzDD:


That then could explain why such economies continue to go further down or remain along that path of underdevelopment.
Governments alone do not develop economies.
Their primary role is to provide the enabling environment and the necessary regulations for businesses to thrive.
Individuals(entrepreneurs and businessmen) and private/cooperate institutions play a bigger role in deciding the direction of the economy.
And in most cases, they need credit facilities from the banks/financial institutions.
In a country like Nigeria, where the interest rates are ridiculously high, we all can see the effects today.
Just compare the number of private companies registered on the floor of NSE with that of the NYSE. The difference is very clear.

ahiboilandgas:
Why the naira is a yeye currency see the inflationationary trend ..5 litres of oil now 5k ...1k per litre

ahiboilandgas:
Naira officially devalued to 410.

emmanuelewumi:



How, please explain