₦airaland Forum

emperorz:
It's not possible ....

Ao u mean Nigeria has people with hiv than south Africa......baba na lamba b dis oo

You didn't watch the video.

mrpeter010:
Omo South Africa.......ksjsksnsbbdjdkdkskjdjdjdjdbbdv

Na you be the first person wey drop comment wey dey on point.

Obviously, all those above you didn't watch the video.

But South Africa 🇿🇦. 🤣🤣🤣

Day169:
This is what Yorubas call "oro ni shoki"!
.. in other words, no long story.

What is the meaning of Shoki in yoruba?

xvvxiicil

KingTom:
I'm so old, I thought these two were the same person

I am also in your shoes.

LagosOrigin:
Must we name everything after failed politician?

What happened to naming music greats like Fela, Davido, wizkid, flavour, burna boy who has done excellently well to put Nigeria name on global music power house?

Stop naming the nations infrastructure built with tax payers money after criminal politicians that has done nothing but run the economy of the country aground.

I know you tinubu people are doing eye service for buhari 12million north votes but it's a failed mission because atiku and El rufai have inherited it.

The 001’s we have had since 1999 have all had their shortcomings, but we can’t deny they have made contributions nonetheless.

Ikaeniyan0:
How can this be done?

Using nukes.

MaziObinnaokija:
The Iranian Ayatollah's better thank oga TRUMP.If not,dem for don forget him 6Ft down there...

TOUCH NOT MY 🇮🇱 🇮🇱

What do you mean 6ft

Their grave dey deep reach 6ft ?

AMINDA:
PDP is now a carcass. Wike is the biggest loser in all of these because he's now without a platform and will be too ashamed to decamp to APC.

In their desperation to run unopposed, APC destroyed all opposition parties thereby making sure that Obi could no longer run as a third force nor Atiku under the platform of PDP. This has turned out to be a strategic mistake. They never saw the coalition coming. Notwithstanding, Seyi Makinde must contest under the PDP in 2027.

Or rather, the bold reason why he will move to APC.

Because PDP is fast becoming a carcass.

PDPdestroyer:
Don’t be in haste because you will need to change to another party as soon as Obi loses the primaries to Atiku

"Don’t be in haste because you will need to change to another party as soon as Obi loses the primaries to Atiku"

I have always said on this forum, that the GOAT in my perspective is

RONALDINHO ( Ronaldo de Assis Moreira )

Every other is secondary

To include:

Pele
Maradona
Ronaldo Nazario
Messi
Christiano Ronaldo

What happened to the courts?

I just don't understand.

mekuso89:
oyibo people na comfan pretenders na abi you never know?

Their common deep fried chicken and also the roast is nonsense.

Olajide Alphonso everywhere on Nairaland these days.

We are dust, and unto dust we shall all return.

With no exception.

Humans will always be humans.

Let me repeat.

Humans will always be humans.

fasho01:
With porn addiction comes masturbation.

If you masturbated, oga you did not marry a virgin ooo

Just thought to notify you

Educate me further.

I too need even more notification on this matter.

uniquetechng:
Winning a Grammy Award doesn't mean you're known worldwide, even the original owner of the car he bought recently don't know who he is and the man who was telling him about Burna told him that he is a small DJ from Nigeria.

Many Americans and Canadians don't know the flag of Nigeria while others think Africa is a country, I have had to correct many of them that Africa is a continent not a country.

---

Now I am saying unnecessary stuff I don't want to because of 40 characters.

emilo2bad:
First to comment after many years
Thanks Deji for reminding them

As if 40 characters will let you dream about FTC again.

See you at Ninth to Comment (NTC).

Gandah:
This country there's no freedom of speech ooooo
Even seun said we need at least 40 more characters for our speech

Even in countries that claim to have freedom of speech, some speech is still very dangerous.
Like treason,
incitement to violence,
or hate speech.

So yes, freedom of speech no dey absolute.

Emnanuell:
Do you know cockroach milk is better than cow milk ?

Yes, but they are just studying it for its nutrients.
No one’s actually drinking cockroach milk.

They are trying to make a lab version, not milk real roaches.

busariabeyx24:
What will you do, if you find this in your freshly cooked pot of soup?

That soup is gone...

Nothing you wan tell me
Health pass money always.

morikee:
It's 1000 Quarterly not 4000

Not enough original content

Didn't you get their email?

Abi they later reversed it to $1000 ?

TimeManager:
Resumption of naira card was a big relief. Cardoso is really earning his pay, little wonder he was named African CBN Governor of the year.

-Kiss the truth!

My Biggest relief about banking since this year started.

Offpoint1:
They should remove the useless limits... They shouldn't detect how I spend my money

Guarantee Trust Bank has pegged the limit on their Naira card to $4000 quarterly.

At least it's better than having nothing before.

At last, FINTECHS won't bully me with FX charges like they did before again.

Current cost per $100 👇🏾👇🏾👇🏾

Resumption of international transactions on naira cards pits banks against fintechs.

The resumption of international transactions on naira cards has pitted the banks against financial technology (fintech) companies offering virtual dollar cards, as Nigerians now have more options than they did in the last three years.

Between July 2022 and January 2023, Standard Chartered Bank, First Bank of Nigeria (FBN), Guaranty Trust Bank (GTBank), and Zenith Bank announced the suspension of international transactions on their naira debit card, giving rise to fintechs like Chipper Cash, GoMoney, Cardtonic, Wallet Africa, BoldSwitch, Geegpay, and Fundall to fill the vacuum.

Within the last three years, the fintechs enabled Nigerians without a bank dollar card to pay for services like Amazon, AliExpress, Netflix, Spotify, YouTube and conduct other international transactions.

However, their market share is about to shrink as banks’ naira cards can now be used for cash withdrawals on automated teller machines (ATMs) abroad, purchases on international websites, and point-of-sale (POS) payments outside Nigeria.

FACTORS THAT WILL DECIDE USERS’ NEXT MOVE

With Nigerians now having more options, some users told TheCable that several factors like spending limit, foreign exchange (FX) rates, as well as wider platform acceptance, will determine their next move.

Geoffrey Nwankpa, a frequent user of dollar virtual cards, who said he is willing to switch to a bank naira card due to certain charges that come with using fintech virtual cards, said the spending limits on cards will determine his decision.

While noting that payment for foreign transactions would not be difficult anymore, Nwankpa hoped that “the commercial banks would not put absurd limits on international transactions. Imagine putting a limit of $1,000 a month for me. It cannot work. So I hope their limits will be fair.”

Also, he said the exchange rates are another factor to consider, as one of the fintechs he is using charges “outrageous rates.”

“You might purchase a dollar at N1,800, and then to sell it will be like N1,500. On top of that, you have $1 monthly card maintenance. If you send or receive USDT, there will be a deduction,” he said.

“Let’s say I send out $100 from my fintech wallet. I would be receiving about $98.5 on my exchange. It is the same for receiving.”

Also, Odudu Inyang-Udoh, who uses two virtual credit cards, described both as “seamless,” however, he said he is considering whether to continue using fintech platforms.

Inyang-Udoh said his decision will hinge on “transaction charges and limits, exchange rates, etc,” adding that he would gladly switch if the naira debit card offered better value for money when making online purchases.

He added that reliability, in terms of wider platform acceptance, also matters to him.

“Potentially, I also see ease of payment for online transactions, especially on international platforms. But everything depends on how the advantages of using the naira debit card outweigh virtual credit cards,” Inyang-Udoh said.

DIFFERENCES IN NAIRA AND VIRTUAL CARDS FOR FOREIGN TRANSACTIONS

TheCable understands that banks have lower transaction limits compared to fintechs, as Wema Bank and First Bank offer $1,500 quarterly, GTBank restricts users to $1,000 quarterly, and UBA has a daily and monthly limit of $1,000 — depending on the card used.

However, Chipper Cash and Eversend have a monthly spend limit of $10,000, Geegpay restricts users to $5000 monthly, and Ufitpay has a $2,000 monthly limit, while Fundall has no limit.

In addition, BoldSwitch and Sendbit have a $10,000 maximum transaction limit.

Also, note that while the official and parallel exchange rates are N1,530.26 per dollar and N1,550/$, respectively, Chipper Cash FX rate is N1,714/$, and that of Eversend is N1,619, as of July 11, according to Monierate.

On charges, virtual card operators like Geegpay deduct $0.5 per dollar transaction and 0.9 percent of transaction value for non-dollar purchases, while BoldSwitch offers charge-free transactions on US websites, but shopping with other foreign currencies attracts 2.5 percent of transaction value.

Furthermore, Eversend charges a fee of $0.50 per transaction, but bills a 3.5 percent fee when customers make payments via euros and pounds.

Also, Ufitpay imposes a 1.5 percent charge on each transaction on USD virtual cards.

However, banks like GTBank and UBA only deduct value-added tax (VAT) on each transaction.

‘USE OF NAIRA CARD FOR FOREIGN TRANSACTIONS WON’T AFFECT OUR OPERATIONS’

BoldSwitch, a fintech startup, told TheCable that the resumption of international transactions on the naira card will not affect its operations.

“Our value proposition remains intact because many users still seek alternative platforms that provide higher transaction limits, faster access, and more flexible onboarding than traditional banks,” BoldSwitch said.

“The lifting of the suspension may provide more options for consumers, which is a good thing. However, bank-issued naira cards often come with strict limitations in terms of monthly limits, high rejection rates on global platforms, and foreign currency instability.”

“BoldSwitch continues to offer stability, transparency, and access to international payments without the usual friction. We expect to see more curiosity in the space but not necessarily a decline in demand for our services.”

On how the company plans to retain users amid growing competition from commercial banks, BoldSwitch said it has built several infrastructures to enhance user experience, including AI-powered features tailored to users’ needs.

“We are also developing more business-focused solutions for in-store and creator payments that banks currently do not provide. In essence, we’re not just providing financial services; we’re building a modern digital finance ecosystem designed for the realities of young Africans and the diaspora,” the company said.

Also speaking, Cardtonic, a digital exchange platform, also said it is a positive development because Nigerians should not be restricted from making international payments and purchases “because they are Nigerians.”

The company, however, said it is still assessing the situation.

‘IMPACT WILL BE LIMITED’

Commenting on the development, Ayokunle Olubunmi, head of financial institutions ratings at Agusto & Co., said that after banks halted naira transactions on dollar cards, most users switched to using the lenders’ dollar cards.

As such, Olubunmi noted that the impact on fintechs may be limited, given that the customer base they acquired during the period remains relatively small.

Also, he said the banks that recently lifted the suspension on dollar transactions for naira debit cards “still had a limit.”

Unlike in the past, when service users had a very high limit and could carry out a wide range of transactions, Olubunmi said the current allowable spend remains relatively restrictive.

“Although it is better than zero, it is nowhere near where we used to be,” he said.

“Some of the fintechs might see a decline in their transactions, but people might still prefer to use the fintech.”

Olubunmi added that fintechs’ business model means “if one area is not working, they can pivot into something else.”

Speaking further, Olubunmi said there are more areas where fintechs and banks can collaborate than compete.

“The fintechs cannot really compete with the banks because they do not have as many funds as the banks, especially for domiciliary accounts. They do not have it as much as the banks do,” he said.

“For most fintechs, it is either they pivot into other things or find a way of collaborating with the banks.”

Also commenting, Charles Abuede, research analyst at Cowry Asset Management Limited, said the new development signals growing confidence in the FX market and improved liquidity within the banking system.

Abuede added that the policy shift may also be a deliberate strategy to attract more FX inflows — especially from remittances — by boosting confidence in the system and improving access to global payments.

SOURCE: https://www.thecable.ng/resumption-of-international-transactions-on-naira-cards-pits-banks-against-fintechs/

aribisala0:
For you to be expelled you would normally have completed 200 level or higher

Can you be more explicit in what you mean?

In at least 40 characters.

“Everything before the word ‘but’ is horseshit”



The statement isn't horseshit, so why `but` after it?

Kastonkastroll:
A reasonable judge will throw this petition outside sha. A party internal problem is only the party's issue. And if the former chairman term has expired so who is the current chairman?

This una talk no get head abeg

It seem like say you no dey aware of the Electoral Act 2022 .

Celestialsword:
He said maintenance and not restructuring

Some of you people can't understand simple and correct English language

Some of you people have a very poor sense of humor.