UncleAyo:
Why is Nigeria not using the credit card system? Are Nigerians less human?

There is also mobile checking in other countries where you can use a mobile phone to cash a check by just taking the picture of the check.

In Mr Shaggi's own words - leemao.

Shey you want make dem run down ni? Go and check their level of Non-Performing Loans for a start .

an average nigeria man always find a way to cut corners...but the debit card evolved over time meaning security wise we get there if introduced.

When the country as a whole is a credit country... we dey use credit cards just that we no know.

SmartPolician:
You see, there are few people who use credit cards in Nigeria because the issuers know they are credit-worthy.

Try to make friends with someone who works with those online companies that lend Nigerians money, the person will tell you how useless Nigerians are. The default rate is extremely high and some shameless Nigerians will even threaten or insult you for asking them to repay the money they borrowed.

Besides, those countries that use credit cards have what they call credit score and track your spendings and earnings. If you default, the government will clear it, but you are finished because you will hardly get something on credit again unless you consult experts to help you build it again.

Na Buhari wey never loot our money finish dey come clear your bad credit history?

Lol. Credit score has to do with your previous borrowings and repayments, you will have good credit score/rating if you were not defaulting and the amount the bank will be willing to loan you will be increasing the more you repay without defaulting.
My point is that we can't have credit score in Nigeria, good or bad because we are not even considered worthy of any amount of loan to begin with.

thesicilian:
You want credit cards, when common online loan apps that people collect money from they'll come here to be looking for lawyers that will help them fight the company instead of just paying up

Nigerians na wonderful people normally na

thesicilian:
You want credit cards, when common online loan apps that people collect money from they'll come here to be looking for lawyers that will help them fight the company instead of just paying up

Some people have taken it has a way of making quick money. Lol.

Johnames:
how many apps are you owing?

MissEfe:


14

Johnames:
wow! Same here 13

StarryV:
Only 14? And you're not sleeping fine Hahahahahahahahahaha your own better o

Do Nigeria system have credibility?

APCNig:
Ole ni e. You be thief. Ecobank trued it few years back, the bank is still regretting it till today

I feel attacked by your comment but I will let it pass.

9japride:
Credit card system is very good and it discourages fraud. But those wicked entities in the corridors of power who love to see people suffer won't allow it to work. They don't want the common man to measure shoulder with them. For example with a credit facility anyone can get latest phone, car etc. In addition, we need to develop our social security number system. But due to mischievous ways of those in power, they won't allow it to work. If done properly the security situation will be reduced more than 50%. Those in power know exactly what they are doing, they all travel out and see how things are done in other countries. To me, its just pure black man wickedness and nonsense attitude. It pains me a lot that with all the wealth in the country, people can't just enjoy it fully but just a few numbers of privilege one's that are enjoying the goodies meant for everyone.

I am not so much surprised by the nonsense you wrote, its the 24 illiterates (so far) that liked your post that I feel sorry for.

Sterling Bank has started something like that with their Specta package.... We'll get there

hollah123:
A country without data base can't use it n besides Nigerians are too criminal minded to use it imagine wetin many people dey do loan apps

What do you mean Nigerians are too criminal minded, are you stupid or something? Actually, you're an idiot as are those with same sentiment as you on this particular slur.

Most Nigeria-issued so-called Credit Cards are only Credit Card in Name. Most are actually Debit Cards.

Let me give you an example:
If you have a Domiciliary Account at GTB, the associated Visa Card that comes with it (needs to be applied for) is called a Credit Card. But it is actually a Debit Card - because you can't spend more than what you have in your Dorm. Acct.

What they do is this: They (GTB) will create a special Card Account No to which you can transfer funds from the main (Dorm) Account. Your so-called Credit Card is now linked to that Card Account.
In essence, you have to fund the Card Account from your Dorm Account. You can't spend more than what you have transferred in.

In this case of GTB`s so-called Corporate Visa Credit Card, what makes it horrible is that you can fund it online via Internet Banking (you can't do it by Mobile Banking) but you cannot defund it online. You can only defund it offline at a Bank's Branch via a written application. So, if your Card was compromised, you wouldn't have enough time to defund it before a big damage might have been done on the Card. What kind of worthless Card is that?


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UncleAyo:
Why is Nigeria not using the credit card system? Are Nigerians less human?

There is also mobile checking in other countries where you can use a mobile phone to cash a check by just taking the picture of the check.

There are several credit card operators in Nigeria. Maybe not just popular, but they have good offers.
Dem no pay me so no free advert

GoodLord95:
Me I know sey even in the next 2 years Nigeria cannot introduce credit cards for all it's citizens, instead of credit card they gave you guys e-naira .
Me I know sey even after 2 years from now Nigeria will not introduce credit cards for all it's citizens who owns different bank accounts, I laugh in e-naira

Guy I don't know the bank u r using but Its over 5yrs now that i av been using credit cards( two diff credit cards)

shaybebaby:
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.

Good to see an educated response/post for once on this cesspit of illiteracy and ignorance that is Nairaland

Thanks for your useful post!

UncleAyo:
Why is Nigeria not using the credit card system? Are Nigerians less human?

There is also mobile checking in other countries where you can use a mobile phone to cash a check by just taking the picture of the check.

Because Nigerians are criminals. Even to borrow N100 airtime from mtn can make them change line talkless of cash.

who says they are not. I have been using a credit card since 2015 and it works just like what you have in other countries

Exactly! Someone will borrow money as low as 2k from you, to pay back will lead to world war.

UncleAyo:
Why is Nigeria not using the credit card system? Are Nigerians less human?

There is also mobile checking in other countries where you can use a mobile phone to cash a check by just taking the picture of the check.

Ha! Credit for Naija? Ha! You wan get heart attack? Ha!

SmartPolician:
You see, there are few people who use credit cards in Nigeria because the issuers know they are credit-worthy.

Try to make friends with someone who works with those online companies that lend Nigerians money, the person will tell you how useless Nigerians are.

The rate of default is extremely high and some shameless Nigerians will even threaten or insult you for asking them to repay the money they borrowed.

Besides, those countries that use credit cards have what they call credit score and track your spendings and earnings. If you default, the government will clear it, but you are finished because you will hardly get something on credit again unless you consult experts to help you build it again.

Na Buhari wey never loot our money finish dey come clear your bad credit history?

You have a point, but buhari is not the cause.

Their are no laws (legislators) to enable and guide this actions, where will Buhari (Executives/Executioners) get his enforcement from.

Until Nigerians know their place in this country, respect one another without any sentiment to it, we won't get what we want.

Angy55:


An average Nigeria person is a scammer. I'm currently working with a company that gives out products on loan. Thank God the company is smart enough to put a software from the manufacturers, once your paid time is finished it would lock. But we still have people trying to manuevrr but we are smarter than them.


How can you buy a product worth over 150k, your initial deposit/first only is maybe 20k-30k and you go and resell to another person. Their mind is always at scamming their fellow man. I pity people who buy fairly used stuffs expecially technology here in Nigeria expecially Lagos.

This is terrible.

Nigerians don't deserve good leaders forget.

thesicilian:
You want credit cards, when common online loan apps that people collect money from they'll come here to be looking for lawyers that will help them fight the company instead of just paying up

You said it all.

SmartPolician:
You see, there are few people who use credit cards in Nigeria because the issuers know they are credit-worthy.

Try to make friends with someone who works with those online companies that lend Nigerians money, the person will tell you how useless Nigerians are. The default rate is extremely high and some shameless Nigerians will even threaten or insult you for asking them to repay the money they borrowed.

Besides, those countries that use credit cards have what they call credit score and track your spendings and earnings. If you default, the government will clear it, but you are finished because you will hardly get something on credit again unless you consult experts to help you build it again.

Na Buhari wey never loot our money finish dey come clear your bad credit history?

buhari go even borrow from your credit card.

Some of yah all need to log off of NairaLand and go out into the real world.

Credit card, credit report, collection all exist now in Nigeria.

234daniel2010:
Ordinary N5,000 someone will collect as loan some people will decide not to repay back their loans. Nigeria Banks don't like stress.

pedrilo:

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.

Because LAPO became law onto itself.

UncleAyo:
Why is Nigeria not using the credit card system? Are Nigerians less human?

There is also mobile checking in other countries where you can use a mobile phone to cash a check by just taking the picture of the check.

Who is still using cheques in 2021?

That's an archaic way of sending money.

People send money electronically, no need for cheques.

u never pay loan finish na cc u wan collect

I think Access bank offers something similar and it's called a DTS account and depends on credit score of account holders of the bank to access this

pappilo:


I am not so much surprised by the nonsense you wrote, its the 24 illiterates (so far) that liked your post that I feel sorry for.

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Is it not the government that gives directives to banks and other financial institutions to run a programme? Where is the illiteracy in my statement? So you don't know government have a final say in how things are run in a country?

somehow:


Because LAPO became law onto itself.

Hahahah see them.
Do you think anyone will bother to disturb your peace if you borrow and repay as and when due?

pappilo:


Good to see an educated response/post for once on this cesspit of illiteracy and ignorance that is Nairaland

Thanks for your useful post!

You are welcome. Unfortunately, this is one of the downsides of capitalism..it fosters a consumerist society.