Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,163,034 members, 7,852,539 topics. Date: Thursday, 06 June 2024 at 07:55 PM |
Nairaland Forum / Nairaland / General / Business / Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? (28789 Views)
Why Are Banks Not Reversing Failed Transactions? / Banks Not Doing Enough To Protect POS Users / The Meanings Of Visa, Verve, Mastercard, Naira, Dollar, Debit & Credit Card (2) (3) (4)
(1) (2) (3) (4) (5) (6) (7) (Reply) (Go Down)
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by damosade(m): 10:33am On Oct 29, 2021 |
There is, it is just only for those peope with genuine source of income, expecially salary earners.. As it is gan, they still owe the bank on credit facility given to them, some dont understand the credit circle while some would spend the initial avail funds and drops the card somewhere. 3 Likes |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by Omonigho1976: 10:33am On Oct 29, 2021 |
UncleAyo:Because the average Nigerian is a thief!!! Any system that you bring would be circumvented. Those currently running Nigeria are a true reflection of the people they govern 6 Likes |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by pocohantas(f): 10:33am On Oct 29, 2021 |
Twoclans: In premium tears. 3 Likes |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by Nobody: 10:34am On Oct 29, 2021 |
Best to spend only that which you have instead of living on credit. |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by dingbang(m): 10:34am On Oct 29, 2021 |
Nupe people will take the credit card and use it to marry wives.. Mchew. 4 Likes |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by ashawopikin(m): 10:35am On Oct 29, 2021 |
Ordinary quick loan we never pay finish na credit card we wan use, all the fintech companies go just run down 1 Like |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by shaybebaby(f): 10:36am On Oct 29, 2021 |
Credit card is type of unsecured loan. With no securities backing the loan amount, the risk of lenders not getting their money back is higher. Now, risk cannot be eliminated, it can only be managed or minimised. And with nothing in place to minimise the risks of defaults, sadly it will be virtually non existent in Nigeria for now. Things used here to minimise risks usually include borrowers to demonstrate 1) proof of places lived spanning several years ( To be double sure you won't runaway)..utility bills, payslips, electoral roll, bank statements to that address. 2) pay slips and bank statements- to determine your income and based on that, the (un) likelihood that you can afford repayments. 3) information on your outgoings/ expenses to further buttress point no 2. 4) Credit history, whether you have any current debts, your history of paying those ( previous defaults, their frequency etc) ie how you have behaved in the past with other people. If you have no history, you are riskier. In summary, the average Nigerian will have access to Credit when they can demonstrate that their are credit worthy. So let's be honest, how many people can demonstrate the points I have listed above ( honestly without fudging anything?) As someone mentioned, with unemployment at the current level, it is reasonable to expect that MOST will default. With high levels of inflations, interest rates on the credit cards will not only carry a risk premium but also an inflationary premium meaning the repayments will be higher and thus adding to the financial difficulties of the holder. Nigeria isn't ready for such on wider scale just yet. Too many unresolved underlying issues at present. 12 Likes |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by oladipupo2234: 10:36am On Oct 29, 2021 |
An average Nigerian is so dubious, self centered, and lacks integrity. A month ago i loaned two friends out of compassion 20k and 30k each. I can afford to let go this amount but not at the moment as i am also broke. Its more than a month now and i am yet to get my money back. I have called and sent whatsapp messages but all to no avail. If friends that i considered close could do this to me, imagine what financial firms go through in the hands of Nigeria. No reasonable nigeria bank will offer credit card. Even if they will, it will be only for 1% of the 1%. We are the architect of our own problem. aremuforlife: 9 Likes 1 Share |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by 234daniel2010(m): 10:37am On Oct 29, 2021 |
Ordinary N5,000 someone will collect as loan some people will decide not to repay back their loans. Nigeria Banks don't like stress. 3 Likes |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by Gbyms: 10:38am On Oct 29, 2021 |
9japride:Lol. It's unfortunate how people think. So if you get a credit card you'd use it to buy latest iPhone? Never use loans unless it's for an investment. 5 Likes |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by koning: 10:39am On Oct 29, 2021 |
Nigerian banks issue credit cards to high net worth individuals in Nigeria. We do have credit cards, but not for everyone. Unlike in the Western world where a cleaner can obtain a credit card limited to his or her ability to pay. 2 Likes |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by Nobody: 10:40am On Oct 29, 2021 |
A majority of the population is living under the poverty line thus the inability for products like credit cards, a poor man has no credit rating and it's not necessarily about the trustworthiness of Nigerians but we have a very small upper middle class that some of these things are meant for. Besides our government is already in enough debt. 5 Likes 1 Share |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by mac04: 10:41am On Oct 29, 2021 |
UncleAyo:Our credit rating is low, people borrow as low as N10,000 from financial houses and will not pay back. 1 Like |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by RichAbujaGuy: 10:42am On Oct 29, 2021 |
Op, too much credit card yahoo/fraud and a weak judiciary system right now. It will happen but be patient. Our banks, internet security are making steady progress joining the 21st century. The CBN is trying o. Western Union, MoneyGram, others to start payment of forex remittances to Nigerians Friday — CBN The new policy allows beneficiaries of remittances to receive inflows in foreign currency through their bank or into their domiciliary account. By Ayodeji Adegboyega December 3, 2020 https://www.premiumtimesng.com/news/top-news/429281-western-union-moneygram-others-to-start-payment-of-forex-remittances-to-nigerians-friday-cbn.html Here's one example of the yahoo industry. Video Of Naira Marley Arriving Court Today For His Alleged Cyber Fraud Trial - Celebrities - Nairaland https://www.nairaland.com/6823501/video-naira-marley-arriving-court 1 Like |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by alexnurreo(m): 10:43am On Oct 29, 2021 |
Some banks offer this but it has to be a salary account.. 1 Like |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by jay89(m): 10:45am On Oct 29, 2021 |
I have been using card for 6 years now. Maybe u are not credit worthy that's why u are not aware. My credit card limit is even 300k 2 Likes 1 Share |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by dayoscape: 10:45am On Oct 29, 2021 |
People go chop gbese die and fraud go plenty 1 Like |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by almarthins(m): 10:45am On Oct 29, 2021 |
aremuforlife: 90% of Nigerians. Na wetin dey kill us be that. Honesty far from Nigerians. 6 Likes 2 Shares |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by Froshloaded: 10:46am On Oct 29, 2021 |
Twoclans:Lol.. They should allow only the rich Nigerians to use cc. |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by ozo13(m): 10:47am On Oct 29, 2021 |
UncleAyo:access bank does. jus dial *901*14# they will show if one is eligible 2 Likes |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by Natajo2021: 10:48am On Oct 29, 2021 |
The problem was caused by the Hausa-Fulani hegemonists following the rejection of National identification cards in 1979 It is a difficult problem to run a credit card scheme without National identity card of individuals. The banks in Nigeria will open up once the integrity of National ID is established. 2 Likes 1 Share |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by BigDawsNet: 10:52am On Oct 29, 2021 |
Credit card will only work in a country with low unemployment rate... Cus they believe whatever you owe...you will pay Countries that operate in this level When you are out of jobs..you can get another in less than 24 hours When you are out of job ..you get government assistance till you secure back a new job(Canada) You get a relief grants when any disaster occur... 2 Likes |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by chloride6: 10:52am On Oct 29, 2021 |
Lol, they do. You just haven't been considered worthy.. |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by somehow: 10:54am On Oct 29, 2021 |
hustla: We know but regulation is needed. Anything shouldn't go if we want an organized society. We have desperate and hapless people in Nigeria due to the state of the economy for years now, so government need to protect these people, else these loan apps will drive some into crime just to pay back the ridiculous interest and you may likely be the victim of these crimes. 2 Likes 1 Share |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by Jaymoney5000(m): 10:56am On Oct 29, 2021 |
UncleAyo: Because Nigeria is a failed state 1 Like 1 Share |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by slydog(m): 10:57am On Oct 29, 2021 |
shaybebaby:Nice write up, however there are ways round this. I plan on starting up a credit card fintech, there are two already in the country and the opportunity is there. I just need like $100k to start 3 Likes |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by pedrilo: 10:59am On Oct 29, 2021 |
SmartPolician:Spot on! This is why they dont like LAPO. LAPO is owned by a Nigerian, understands how Nigerians behave and know to work with Nigerians as per credit/borrowings and because of this, the public chose to hate LAPO and vilify it at every slight opportunity. 4 Likes 1 Share |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by 27Pushing30: 11:00am On Oct 29, 2021 |
UncleAyo: Credit cards are readily available but even abroad they’re based on some sort of security /credit score / personality. Ordinary loan app quick loans are being abused and the entitled debtors I see here egging themselves over how they won’t pay is why I’m even against commercial banks offering these quick loans via dial ups. Even most institutions can’t back their staffs ... that alone shows you how “trustworthy” Nigerians are 5 Likes 1 Share |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by Nobody: 11:01am On Oct 29, 2021 |
There are credit cards in Nigeria o. But you need to be someone “strongly” employed and the credit card is linked directly to your salary account. It’s not available to the general public because of poor database and verification systems. Nigerians move about too sporadically for that. 3 Likes 2 Shares |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by hustla(m): 11:02am On Oct 29, 2021 |
somehow: True 1 Like 1 Share |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by Cognitivereason: 11:02am On Oct 29, 2021 |
social security no. is for the US...NIN is for nigeria... ur there blaiming govt.. inshort ..it even in this govt.. that a lot of focus is being put on NIN and even BVN .. the average nigerian doesnt want to regsiter for the NIN not to talk of linking it to his/her sim.. is that govt fault.. our mentality is the reason y govt have to bring in force to get the little things done..look at the time of bvn.. if there wernt threat to block accounts ..u think nigerians will care.. inshort b4 nigerians take this NIN seriously gov. has to block millions of sim cards otherwise we wont do it.. whereas in the saner climate. people understand the importance and even present themselves willingly to get registered 9japride: 5 Likes |
Re: Why Are Nigerian Banks Not Using The Credit Card System Like Other Countries? by shaybebaby(f): 11:03am On Oct 29, 2021 |
slydog:Just make sure you do a benchmarking exercise and inspect the state of their books to make sure they themselves are not cooking the books. Then draw up a business plan, and go looking for investors if you have indeed solved the problem of the associated risks. Wishing you the best of luck. 3 Likes |
(1) (2) (3) (4) (5) (6) (7) (Reply)
Naira Falls Across Markets As CBN Adjust Clearing Rate To N197 / Nigeria’s CBN Is Printing Money To Keep The Govt Afloat & Alarms Are Ringing. / What Would Be Your Business Plan If You Had The Necessary Capital?
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 66 |