₦airaland Forum

Ijaya123:
Is Opay and Moniepoint a joke to you guys? Everything is not politics. You need to start using that grey stuff between your ears.

What happened to the grey one between your own ears when they were posting fake data trying the deceive the masses? Is integrity even a thing to you?

There’s something unclear about the profits Nigerian banks have been posting. Spending is decreasing, businesses closing and jobs are being lost but banks are posting trillion naira profits.

How is that possible and the money doesn’t trickle down to jumpstart our economy. It just doesn’t make sense. Posting half a billion or more in profit but issuing shares to meet up CBN’s capital requirement which is less than their one year profit. Why don’t they just retain the profit to meet up requirements? Someone with better knowledge please break it down.

Careful4u:
Tinubu will handle the economy

Shettima would handle the security. Recent events have put both the economy and security in a state of flux.

Careful4u:
Tinubu will handle the economy

shettima will handle boko haram while Reno omokri will handle Peter obi if Tinubu don't destroy Nigerian economy nothing nothing again will,selling drug in Chicago and managing economy is a different ball game

This is a good balance of torment.
Let it also touch those who control the money.
Some of the big and mega bank owners are Tinubu Brother's.
One rushed to visit him recently in Abu Dhabi.
Let this failed economy also touch everyone.
The rich should also cry.
So they will quickly talk to Tinubu to do something or resign.

The begining of the end for this big Naija Banks.
Fintech to the rescue.
Meanwhile its just surprising as they keep announcing those hooge profits each quarter year in year out

They'll all learn the hard way

Lazy9jaYouth:
Among other things include:
- The emerge of the likes of Opay as competitors
- The use of Loan App against the traditional bank for loan
- The Japa effect
- The increase in the use of internet banking/mobile app which increased cost of IT
- Last but not the least; The prevailing activities of Sapa

This is not true, these FINTECHs still keep their funds in commercial banks. its a partnership thing not a competition. I make bold to say they help banks more money.

huptin:
This is not true, these FINTECHs still keep their funds in commercial banks. its a partnership thing not a competition. I make bold to say they help banks more money.

What happens to interest on deposit?

Mexyz:
Bros, this your writeup simply point to the fact that you don't even know how the banking sector work. So you're saying fintech and wallets will drive traditional banking out of circulation? Many of you don't even know that these so called fintechs rely on the structure of the traditional banks to run well.
Kindly mention a fintech today that does not maintain an account with a traditional bank, can your fintech grant hundreds of billions to the government in form of loans? How many financial instruments can you invest in through the Opay you mentioned?
What's their assets base and how much do they pay as salaries? Can your Opay give APGs and other facilities to big corporations and individuals for business?

Make una just calm down with this Opay this, Palmpay that abeg.

In as much as I know there is a central interbank system that connects all commercial banks and MFBs, I can come on board with my own technology and incentives and snatch your traditional bank customers. Gone are the days when i need to rely on a major banks infrastructure to excel.

Opay and the rest are licensed by CBN and NDIC and can accept deposits like your traditional banks and they can deploy state of the art tech to keep them above in terms of competition.

Yes, Opay can grant good loans. They have the resources. Check thier latest market capitalisation. How many of your so called banks reach? I know many big retail outlets using Opay as their sole bankers and failities they have gotten.

Can your traditional bank beat Fairmoney in loan disbursement in realtime? Bring it up i want to learn something today from you!

Lazy9jaYouth:
What happens to interest on deposit?

interest on Deposit _average of 5%, return on investment from monetary instruments_21%, the margin_16%

Interest on Deposit_average of 5%, average loan interest rate_30%, the margin_25%

These FINTECHs warehouse their funds with commercial banks.

I wont go into the nitty gritty but, banks make a lot of money partnering with FINTECHs, money they may not have made if those FINTECHs never existed.

cnnamoko:
The Opay effect

I told a cashier in G.. that was raising shoulder during naira scacity period, that this big bank hall ll be converted to a museum or better still a poultry farm in 5-10 years time. She was still formimg untop of my unreversed 11k tilll date.

Fintech ll show them shege. Without a single major branch Opay and Moneipoint ll snatch all their customers like how sidechicks do it professionally

. I saw what you did there

cnnamoko:
In as much as I know there is a central interbank system that connects all commercial banks and MFBs, I can come on board with my own technology and incentives and snatch your traditional bank customers. Gone are the days when i need to rely on a major banks infrastructure to excel.

Opay and the rest are licensed by CBN and NDIC and can accept deposits like your traditional banks and they can deploy state of the art tech to keep them above in terms of competition.

Yes, Opay can grant good loans. They have the resources. Check thier latest market capitalisation. How many of your so called banks reach? I know many big retail outlets using Opay as their sole bankers and failities they have gotten.

Can your traditional bank beat Fairmoney in loan disbursement in realtime? Bring it up i want to learn something today from you!

What do you mean by granting good loans? Can I get a 300BN loan from Opay? No, the traditional banks can't beat fairmoney in loan disbursement in realtime because we are not talking of just 5M loan here, we are talking of billions of naira and that requires lots of paperwork.
You talk about retail outlets, that's very good because that's what those fintechs are meant for. But I doubt if you would market Opay account to the dangotes, Otedolas and the rest. So you see why your Opay and the rest are still learning? What's Opays customer base sef? How many customers do they have?
Please mention one fintech in this our country today that can give me a 100M loan, I doubt if we have any that even gives loan of 20M.

Bros I agree with you that the fintechs are good, but they simply do not have the resources, assets and structures that the traditional banks have, at least not for now.
No serious businessman today that would want to receive huge/significant payments from a client or something that would present an Opay account as the receiving account.

Mexyz:
What do you mean by granting good loans? Can I get a 300BN loan from Opay? No, the traditional banks can't beat fairmoney in loan disbursement in realtime because we are not talking of just 5M loan here, we are talking of billions of naira and that requires lots of paperwork.
You talk about retail outlets, that's very good because that's what those fintechs are meant for. But I doubt if you would market Opay account to the dangotes, Otedolas and the rest. So you see why your Opay and the rest are still learning? What's Opays customer base sef? How many customers do they have?
Please mention one fintech in this our country today that can give me a 100M loan, I doubt if we have any that even gives loan of 20M.

Bros I agree with you that the fintechs are good, but they simply do not have the resources, assets and structures that the traditional banks have, at least not for now.
No serious businessman today that would want to receive huge/significant payments from a client or something that would present an Opay account as the receiving account.

Bro relax. I know. If its the kind of loan consortium of banks gave to the likes of Dangote Refinery. These guys are gradually getting there.

Rome was not built in a day.

Nigeria online banks are getting the money

One thing about this forum is ignorant people have all the time to beat educated opinions down. Someone posted a month ago that Fintechs are dealing with traditional banks. Another without knowledge attacked the opinion that it was beer parlour nonsense. Look at the reality on ground.

The government should run the consolidation exercise once again. It’s better to have only two competent finance institutions in the country over nine useless ones.

Ijaya123:
Is Opay and Moniepoint a joke to you guys? Everything is not politics. You need to start using that grey stuff between your ears.

How have you used "that grey stuff between your ears"?

How were you expecting them to use theirs?

meobizy:
One thing about this forum is ignorant people have all the time to beat educated opinions down. Someone posted a month ago that Fintechs are dealing with traditional banks. Another without knowledge attacked the opinion that it was beer parlour nonsense. Look at the reality on ground.

The government should run the consolidation exercise once again. It’s better to have only two competent finance institutions in the country over nine useless ones.

From your post, how have you countered their ignorance with knowledge?

lexy2014:
From your post, how have you countered their ignorance with knowledge?

I don’t. Ignorant posters will only confuse someone. They have nothing to contribute other than chaos.

Inflation is over 30%, banks interest rate is over 30%. Ask each Nigerian bank what's their interest rates on savings and fixed deposit, you will cry. That's different from their various dubious charges

They had better start giving long term mortgages to Nigerian workers at reasonable interest rates over 20 or 25 years. That's banking. The era of dollar trading and quick profits is over.

cnnamoko:
The Opay effect

I told a cashier in G.. that was raising shoulder during naira scacity period, that this big bank hall ll be converted to a museum or better still a poultry farm in 5-10 years time. She was still formimg untop of my unreversed 11k tilll date.

Fintech ll show them shege. Without a single major branch Opay and Moneipoint ll snatch all their customers like how sidechicks do it professionally

You are uninformed. Fintechs don't really affect traditional banks profit. The huge profit declared last year was majorly from interest income and FX revaluation gains. High interest rates means huge profit for banks.

Impact of Cbex and Pcex

cnnamoko:
The Opay effect

I told a cashier in G.. that was raising shoulder during naira scacity period, that this big bank hall ll be converted to a museum or better still a poultry farm in 5-10 years time. She was still formimg untop of my unreversed 11k tilll date.

Fintech ll show them shege. Without a single major branch Opay and Moneipoint ll snatch all their customers like how sidechicks do it professionally

Banks don't make money from commercial customers in fact they spend more expenditure on commercial customers.
Banks make money from corporate organisations while spending less to maintain them. You must be joking if you think fintechs will rival banks you must be joking.

cnnamoko:
The Opay effect

I told a cashier in G.. that was raising shoulder during naira scacity period, that this big bank hall ll be converted to a museum or better still a poultry farm in 5-10 years time. She was still formimg untop of my unreversed 11k tilll date.

Fintech ll show them shege. Without a single major branch Opay and Moneipoint ll snatch all their customers like how sidechicks do it professionally

My money is in Bran ch, Fair money, Op and Pp as I'm enjoying their services

Ihenzy:
Banks don't make money from commercial customers in fact they spend more expenditure on commercial customers.
Banks make money from corporate organisations while spending less to maintain them. You must be joking if you think fintechs will rival banks you must be joking.

Corporate organisations are the reasons why most banks go under. Commercial customers benefits nothing in return from the banks, small and medium enterprises can't even access loans not to talk of individual bank customers

Most of the gains they witnessed last year were FX gains, is that banking

Of which CBN better collect windfall tax from them by force by fire, these banks are very silly.

Now that CBN is taming the beast, there won’t be anything for them in that corner.

They should make profit through normal banking operations, not shortcuts that adds no value to the customers. The level at which banking is in Nigeria is very pitiable.

So what now happened to all thesms,withdraw and deposits charges dem no follow for profit?

Mexyz:
Make una just calm down with this Opay this, Palmpay that abeg.

The banks are having issues because of bad loans.

Real estate, manufacturing, and imports take a fat chunk from them.

The real estate sector is the worst. The banks give loans for huge projects, the developers in turn complete the projects but offer them for sale at inflated prices. The buildings sell slowly, in some cases never sell.

When the loan is called or the bank claims the property they also can’t sell to recover the loans because the market is overpriced - so what do they do? The rather refinance the loan. Eventually everything will crash.

The real estate markets are a bubble.


Imagine taking a $5M loan to develop only to put a ridiculous $10M sale price. But, everyone is doing it at the same time, and it’s still the same group of banks an individual will go to finance the purchase partly because he wants to hold and resell or rent out over x years to pay the loan. The prices keep going up, so all you can do is take another loan to pay another loan.

People should have scratched their heads when Dangote said he owns only a hand full of properties. The super rich are waiting for the real estate market to crash so they mop up. The paper billionaires are buying with hopes the market will rise.

The real estate sector will crash within 3 - 5 years all it takes is a sharp decline in oil prices.

So what does the government do … kick the can further down the road.

jimmyolasun:
People still dey use bank?? Abi bank still dey exist?? .. except for my Wema shaa wey money dey enter fixed... Immediately fiam! I don move am go opay or palmpay.. piggyvest and the grand one.. my binance and bitget🤗

What's the percent of piggyvest annual payment?

Careful4u:
Tinubu will handle the economy

As promised, crash petrol price and make life abundant for everyone.

Deltafirstson:
Although the pump price of fuel was N197 when President Bola Tinubu took over on May 29, 2023, the product now sells for N617 per litre – less than two months after.

In his inaugural address, Tinubu announced that subsidy was gone, fulfilling a promise that all leading presidential candidates made during the campaign.

However, pump price of fuel hit N537 per litre days after Tinubu ended subsidy.

On Tuesday, the price climbed further to N617, a development that the Nigerian National Petroleum Corporation Limited (NNPCL) attributed to “market forces”.

Nigerians have been lamenting the hardship occasioned by fuel price hike. Amid the lamentation, a video where Tinubu campaigned to slash the price of fuel went into circulation.

Checks by Daily Trust affirmed the authenticity of the video uploaded on the YouTube page of Channels Television.

At his campaign rally in Abeokuta, Ogun State capital, on January 25, 2023, Tinubu spoke on a number of issues, but those of fuel scarcity and naira redesign made the headlines.

However, Tinubu who spoke in Yoruba language, also assured the crowd that though people were saying petrol price would hit N200, it would be reviewed downward under him.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax, we will bring it down,” he had said in the 7th minute of the video.

King Wasiu Ayinde Marshall, a Fuji musician who performed at the rally, interrupted the president’s speech with chants as the crowd cheered.

On the campaign podium with the president were Vice-President Kashim Shettima; Pa Bisi Akande, interim National Chairman of the APC; Femi Gbajabiamila, Chief of Staff to the President; Senator Gbenga Daniel; among other bigwigs of the ruling party.

Tinubu went further to say Nigerians would defy the acute fuel scarcity at the time and trek to cast their votes.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200/N500 per litre. Go and relax, we will crash the prices,” he had said.

https://dailytrust.com/breaking-video-of-tinubu-campaigning-to-crash-fuel-

he had said in the 7th minute of the video.

https://www.youtube.com/watch?v=4JH8CC_JdUA

Mexyz:
Bros, this your writeup simply point to the fact that you don't even know how the banking sector work. So you're saying fintech and wallets will drive traditional banking out of circulation? Many of you don't even know that these so called fintechs rely on the structure of the traditional banks to run well.
Kindly mention a fintech today that does not maintain an account with a traditional bank, can your fintech grant hundreds of billions to the government in form of loans? How many financial instruments can you invest in through the Opay you mentioned?
What's their assets base and how much do they pay as salaries? Can your Opay give APGs and other facilities to big corporations and individuals for business?

Make una just calm down with this Opay this,


Palmpay that abeg.

So you feel between something that is easy to open, reliable and fast and something that have opposite features, a normal human being will go for the latter?
I don’t know why we hate telling the truth in this Country, so you want to tell everyone that fintech doesn’t have any effect on commercial banking system?
Don’t worry, come back to this post in the next 10 years and see if thing will be better for commercial bank.
Why do you people hate to tell the truth?
How many youth of under 18 years old use commercial banks?
You talked on borrowing billions of money, how many Nigerians do borrow billions of money?
Commercial banks are still functioning but they are being going down gradually.
Go to any market and see if their is a seller that doesn’t have Opay or PalmPay or any fintech that they use often and most has commercial banks account but they don’t even know the whereabouts of atm card let alone know their account number.

Be there deceiving yourself before you realize , it will be too late for you.
Let me tell you from age bracket of Nigerians,
Age that uses commercial bank mostly are around 45 years upward and those that use it among them are those that cannot operate multimedia phone, I mean the application model type phone. This is common to those that uses ordinary phone.
You will hardly find someone between 16 to 44 yrs that uses commercial banks for day to day transaction.
If I am talking about day to day, I mean an account you use anytime you want to buy something not an account you use to receive salary or income.
But if you are still adamant with your view, wait till next 10 years and let see what the commercial banks will become.

cnnamoko:
The Opay effect

I told a cashier in G.. that was raising shoulder during naira scacity period, that this big bank hall ll be converted to a museum or better still a poultry farm in 5-10 years time. She was still formimg untop of my unreversed 11k tilll date.

Fintech ll show them shege. Without a single major branch Opay and Moneipoint ll snatch all their customers like how sidechicks do it professionally

Lol.... You obviously don't know how things work.

Without traditional banks fintech like opay can't function.