I have had this thought for a while now which keeps growing, but knowing how disorganised our identity caputirng is in Nigeria, I keep getting afraid.

Do you think a pawn business /store can be a success in Nigeria known to be deficient when it comes to data and identity management plus low security?


Please advise or share your opinion.

Use BVN and NIN and you have identity sorted.

There are private identity databases that capture information not captured by these.

Cross reference the two.

If the person doesn't register in the public and private identity databases, they fail KYC.

Then don't deal.

That's the solution

somehow:
I have had this thought for a while now which keeps growing, but knowing how disorganised our identity caputirng is in Nigeria, I keep getting afraid.

Do you think a pawn business /store can be a success in Nigeria known to be deficient when it comes to data and identity management plus low security?


Please advise or share your opinion.

Don't do it. Nigeria and Nigerians have a way of messing up good and viable initiatives that work in other developed countries. It is in our blood

DUNKA:
Don't do it. Nigeria and Nigerians have a way of messing up good and viable initiatives that work in other developed countries. It is in our blood

Thank you.

By "messing up", you are referring to?

FEGEITOK:
Use BVN and NIN and you have identity sorted.

There are private identity databases that capture information not captured by these.

Cross reference the two.

If the person doesn't register in the public and private identity databases, they fail KYC.

Then don't deal.

That's the solution

Thanks

Meaning their NIN and BVN details must match?

You know the pawn business has different departments within it. Can the above suggestion work for let's say the loan aspect, the lease and then the actual pawn apart from the buying and selling departments?

somehow:


Thanks

Meaning their NIN and BVN details must match?

You know the pawn business has different departments within it. Can the above suggestion work for let's say the loan aspect, the lease and then the actual pawn apart from the buying and selling departments?

You can use just BVN.

You can use just NIN.

You can use both BVN and NIN.

You can use BVN and private identity data.

You can use NIN and private identity data.

You can use BVN and NIN and private identity data.

It all depends on your risk appetite.

The loan apps all over use just BVN.

Maybe they have upgraded to NIN, not kept up with developments.

Yes it can work for the loan, lease and pawn aspect

FEGEITOK:


You can use just BVN.

You can use just NIN.

You can use both BVN and NIN.

You can use BVN and private identity data.

You can use NIN and private identity data.

You can use BVN and NIN and private identity data.

It all depends on your risk appetite.

The loan apps all over use just BVN.

Maybe they have upgraded to NIN, not kept up with developments.

Yes it can work for the loan, lease and pawn aspect

Okay, thanks for your inputs.

Credit worthiness is a big deal in this part of the world.

Then stolen goods too...

You will need a lot of documentation, record keeping, verification, affidavit to avoid being accused of receiving stolen items. Also common sense and instinct is important here.
Otherwise, it’s a good idea.

Find out how to get notary public license first. For each item you buy, have the seller sign under oath that they are the bonafide owner. Apart from using NIN or BVN, seek their permission to take photographs of them and only make payment to bank accounts. So that the money and the person can be traced if need be.

sonnie10:
You will need a lot of documentation, record keeping, verification, affidavit to avoid being accused of receiving stolen items. Also common sense and instinct is important here.
Otherwise, it’s a good idea.

Find out how to get notary public license first. For each item you buy, have the seller sign under oath that they are the bonafide owner. Apart from using NIN or BVN, seek their permission to take photographs of them and only make payment to bank accounts. So that the money and the person can be traced if need be.

Thanks.

True.. Enough knowledge needed when it comes to recognising fake items from real ones.

Focus on buying and selling only for a start. Deal with products you can identity like phones, electronics, furniture etc.

Employ someone who has the skills to identify quality.

As for KYC I doubt if you can have access to governments bvn or NIN database.

Make the sellers sign documents. Pay directly to bank accounts. Obtain copies of government ids

Wish you luck

neutralmind:
Focus on buying and selling only for a start. Deal with products you can identity like phones, electronics, furniture etc.

Employ someone who has the skills to identify quality.

As for KYC I doubt if you can have access to governments bvn or NIN database.

Make the sellers sign documents. Pay directly to bank accounts. Obtain copies of government ids

Wish you luck

Thanks.

somehow:

Thank you.

By "messing up", you are referring to?

1. Stolen goods wahala
2.fradulent transactions e.g will pawn an item and later claim it was not there
3. Legal issues will definitely arise

In my opinion Nigerians are not ready for the pawn business

DUNKA:
1. Stolen goods wahala
2.fradulent transactions e.g will pawn an item and later claim it was not there
3. Legal issues will definitely arise

In my opinion Nigerians are not ready for the pawn business

Some of my fears.

somehow:


Some of my fears.

Bros the headaches that will surely arise may not make the business worthwhile.

Think of your blood pressure

DUNKA:
Bros the headaches that will surely arise may not make the business worthwhile.

Think of your blood pressure

I don think am o

Even the investments I did few years ago in Nigeria has shown me pepper, not to talk of a credit-cum-reputation kind of business.

Alot of Nigerians are destroyers.

somehow:


I don think am o

Even the investments I did few years ago in Nigeria has shown me pepper, not to talk of a credit-cum-reputation kind of business.

Alot of Nigerians are destroyers.

We do not pray for an easy life but pray for the strength to endure a difficult one.

All the best in your future endeavors.

Naija is a reality warping entity

DUNKA:
We do not pray for an easy life but pray for the strength to endure a difficult one.

All the best in your future endeavors.

Naija is a reality warping entity

Thanks sir.

Nigeria!