Olaeffect's Posts
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Few things to note. 1. NDIC only insures customers funds up to N5m anything above N5m is not covered i.e if you have N50m in any bank insured by NDIC they will only pay N5m out of the N50m 2. FairMoney and the likes are safer than some commercial banks at the moment for some key reasons: A. Single obligor limits i.e fairmoney unlike a commercial bank cannot/will not give a single customer or business a loan of N1bn therefore the possibility of them having a single loan that may affect them like a commercial bank is low B. Higher interest on loans/deposit compared to commercial banks. It is funny how most people here keep nothing that FairMoney interest on deposit is too high compared to commercial banks without making any reference to loan interest between commercial banks and FairMoney. FairMoney pays 25% per annum on deposit and charges an average of 15% monthly i.e 180% per annum on loans. Now do the maths and see if interest paid to you is too much. 3. Banks like FairMoney falls under fintech/digital banks. These set of banks are well know for low overhead cost compared to commercial banks due to the fact that although they operate nationally they are not required to have physical structure, building, or staff in every location. This singular thing allows them to operate at a minimal cost compared to commercial banks. Remember the lower the cost of operation the more your net profit if you can sustain revenue. In summary, please note that although most commercial banks have a bigger balance sheet compared to these fintech/digital banks but most of this digital banks/fintech are performing way more better than commercial banks percentage wise. |
Ijaya123:Yes, that is actually why Nigeria is the way it is. I am talking about each and every Nigerian earning a reasonable pay just like we are expected to pay a reasonable price for petroleum and you are here advising me to acquire license to import petroleum to a country that one of the highest producers of crude oil. And you feel you are making sense. With citizens with your kind of mentality, the hope of Nigeria not remaining permanently backward is very slim. |
Ijaya123:Not really. But you cannot compare price of petrol of one country to another without remembering to compare the basic income. And yes, the minimum wage in a country is a yardstick for measuring basic income. Or do you think everyone in Nigeria is a thief that spends way beyond their income? |
inoki247:They will always forget to remember to mention the minimum wage in Nigeria compared to the average in West Africa |
yinkus6750:My thoughts exactly. That is why any small thing they usually call the police. Because a so-called small thing can actually lead to big thing. Imagine someone getting killed simply for loud music issues. This is sad. |
Jamiubond009:My thoughts exactly. Imagine a government that cannot pay its own share of the tariff it sets So who will now buy solar for the masses abi is the money to be used to buy solar for Aso Rock not our common wealth? When will Nigerian come to the realization that money spent by these politicians belongs to each and every one of us. |
PressMyButton:But when dollars was being demanded and pocketed by one politician with video evidence nothing was done about it. How do you expect someone that sells diamonds to have price tag in naira for God sake. Do you have any idea of how much the naira fluctuates in a day/week? Why are we Nigerians so sensitive to what has no direct relevance to our economy/development yet we are insensitive to big issues that pertains to our development. $2bn was stolen in NNPC under Goodluck Jonathan and nobody has gone to jail till date, yet you are happy that someone is being sent to jail for doing a legal business. With many people with your kind of mentality I really do have my sincere reservation of a hope for Nigeria. |
Sebi banks are even providing us a direct service. What is the use of N50.00 stamp duty on electronic transfer of money I sent to my account in another bank, my brother, sister, son, daughter, uncle, father, mother, etc account? These are all personal cash related issues that is not business related which therefore means stamp duty is not required. The worst of it all is that all this levies and charges running into trillions of naira over the years have not been effectively utilized in the development of our financial sector nor properly accounted for. But instead on Nigerian youths to demand for accountability in these regards, we rather concentrate of big brother 9ja, Peller, Cubana's birthday etc The person wey do us for this country really try. |
Zocalite: |
Stluke92:I dey tell you. I wonder how these criminals are able to use same format over and over again. And people keep falling for it. It an IA can trade the market do you think those that develop/run the AI won't use it themselves? Or do you think governments and big corporations won't have been using it? https://www.nairaland.com/6423498/does-it-mean-there-no#99221651 |
Walai:Same Blackman with complaint mentality. That is how you/we will be online talking trash until someone from China will come and build a fish processing plant in that community. He or she will now employ Nigerians and be paying them peanuts and you/we will still come here and talk trash allover again. |
gabbytabby:Walahi you no lie. So many of their graduates working in Walmart, Sobeys, Costco, etc doing normal shelf stocker/forklift driver like someone that only went to highschool. Infact in places like Costco, a cleaner with high school certificate that has been with Costco for 20yrs will earn way higher than a graduate employed today as a financial Clark. |
davico4real:I sure hope you will be able to refund everyone you gave 💯 assurance when this investment will collapse like all the rest before it? Because after it collapse and your diwnlines lose millions simply because of the referral bonus that you want to make, that is when you will start speaking English that all investment is a risk, bla, bla, bla, etc I wonder when you people will ever learn. |
Daddy1000:Hmmm na wa ooo. Almost all investment in this country is a scam. Just too bad. |
Traditional religion generating revenue. Program of various Christian bodies in Nigeria (Shiloh, Redeem, Experience, NSPPD, etc) generating billions year in year out as international visitors attend. But one other particular religion gives us only problems and still take billions away from Nigeria year in year out as pilgrimage expenses 🧑🦯🧑🦯🧑🦯🧑🦯🧑🦯 |
Natbrowny:You have forgotten Bobrisky case abi? So someone like Bushpoppy should come and serve jail time in Nigeria? And you think he won't be living in Hilton hotel and be going clubbing every Friday abi? |
Oyinbo people no sabi drink at all. Most Nigerians that drink, drink to be high, but when Oyinbo drink, they drink to be wasted. |
hedonido:My thoughts exactly. Immediately I saw the video I knew it could only be in the North or an Hausa person. If it was any other person from any other ethnic group, the story would be different. But the only reason for this is that the Hausa's are not cowards, death means nothing to them. And for someone to truly live, you must not be afraid to die. Much respect to the Hausa Man!!! |
There was a time an audit was carried out on every staff account in a particular bank, and a junior staff account had a turnover of N137m in just a period of one year. The staff was immediately detained and investigation started on all his affairs but nothing was found. His whole asset was below N2m. It was then that we realized that you can have a transaction turnover of N100m with just cash balance of N200k lol. That was how some embassy stopped using turnover and stated requesting for proof of funds. Because $26bn was traded on Binance does not mean that $26bn cash is somewhere in Binance from Nigeria. You know our politicians and their cronnies only see things from their own fraudulent point of view. |
Timoleon:Many people will not understand you point. That was how we had an office end of year party few years ago. And one of our former coworkers that was abroad said he was going to contribute. Remember we did not beg or solicit for funds from him ooo. Only for guyman to send $10.00 (which was around N5k then) We felt insulted, because even his mates that were still in the country contributed 4 times that amount. True true at all at all na im bad, therefore you need to give some certain sum of money with explanation i.e manage this N20k ($12.00) for now, I will see what I can do when I have funds. |
Kobojunkie:May God continue to increase your wisdom 🎉🎊🙌 |
Bubu4Sea:Hmmm. My first time knowing all these was mentioned in the Quran ![]() |
Tempulated:Op stop dating broke babes. Don't let anybody deceive you, avoid broke/poor babes the same way babes avoid broke/poor guys. But in the case of a guy, you avoid broke babes because you are avoiding unnecessary billing, babes avoid broke guys because they can't bill broke guys. Hope you see the difference? |
The biggest hit back is for our Ibo billionaires to buy that hotel🚶🚶🚶🚶 |
ACRI:Some people may not understand you. But agreement is agreement. I don't believe the cock and bull story that the guy did not know what he was going to do in the UK. I mean why will somebody take you to the UK for free? For what? Did the Ekweramadu pay him enough? Hell no!!! Did they deserve what they got? Hell yes!!! Will the guy go scort free? Hell no!!! |
Loveagain:APC is just simply EVIL no need to add the "party" 😎🤦 |
Nebes:God bless you. I just smile whenever I see people that are neither real Christians not born again, commenting/giving opinion on church matters simply because the bible is in different languages that everyone is free to read🤣 |
updatechange:Dey play, just dey play. What is clean energy? Any energy that relies on battery to store energy is not clean, because the production of batteries have been scientifically proven to be more environmental degrading than fusel fuel. But the West don't care because unlike fusel fuel, the environmental degrading effect of batteries happenes where it's raw materials are mined than where it is used🚶🚶🚶🚶🚶 |
Too many clueless rascals in power in this country, you just order banks to work Saturday/Sunday as if it is CBN that will foot the bill of operating Saturday/Sunday. Do this people even have an idea how much it cost to run a branch for one day in this country? Some of these branches may run generator throughout their operations Saturday/Sunday, and the staff must be paid weekend banking allowance because Saturday/Sunday are not working days. |
no worry give an till 14th to respond.
