₦airaland Forum

Lawalemi:
Anyway, Fintech might soon drive Nigeria banks out of business

All these ignorant statements you people keep making.

You think the commercial bank is all about deposits, withdrawals, transfers, and payment for services?

Opay (Chinese firm) is the best bank in Nigeria at the moment
User friendly bank

Revolva:
They should go to blazes
I will keep using my virtual cards and anytime I ready to use ATM debit card I will let dem know

Same here. Cardtonic came through for me when commercial banks failed me, I'd be an ingrate to dump them because of these unreliable banks. Fvck them.

SalamRushdie:
Most fintech in Nigeria were hastily out together to solve temporary policy problem ...you hear CBN suspend card payments you rush and open virtual card failing to realise govt can relax it's policy at any moment

Exactly. But then if them don do series A,B, etc, they've served a good purpose of creating jobs and empowering people with work experience.

wow! what a big relief, i didnt know until i invited someone ove and needed to pay for a VISA, i already changed £ to N only to reach WORLDSPLAY site and gbagaun e no gree pay on GTB, mo sano TEE, i moved to ACCESS Bank i no see am ACCESS and i moved to WEMA, i was over WHELMED.. so i woke my sis and every canadian peepz n usa peepz up that morning oo, to help convert to $i went shortage of 40k in the process

nedekid:
Guess you never heared providus bank naira cards were never shut down, you just stressed yourself for nothing. The montly limit was about $800 for ordinary cards while the platinum about 3k. I am surprised so many people were ignorant of this.

if u read my Comment , u would noticed i said i woke [b]my SISTER [/b]up in CANADA, she used to work in providus bank bfr relocating 2018, i know providus but why do i have a bank account running to 6 ?

GlobalWay:
Awesome! My joy knew no bounds when I got the Email from GTBank some days ago that my GTBank Naira Card can now again pay for Dollar transactions, etc. What a great relief!
The Ex-P without any iota of pity for Nigerians plunged millions of small and even large scale Businesses into excruciating Pain when he Commanded all Banks to deactivate the ability from ATM Cards just to greedily enrich his People that were massively into Bureau de Change.
I remember how me and my friend had to rush to open Dollar Account and then went to buy Dollars from them on Street at unbearable rate just to fund the Dollar Account with which we manage to keep our Business afloat. That was before OPay and others later came up as way to lessen the stress.

The ex-p didn’t command banks to do anything. Banks had to stop due to shortage of dollars at the official window of 450 naira/$. Inflows coming into the official window then were slowing down because everyone wanted to trade at the black market of 750 to get more value for their FX. With lesser inflow to the Banks, they had little dollars to give you. This is why Tinubu floated the naira immediately because it was a crisis already.

Chipper showed me shege.... I abandoned it with speed when I discovered Grey.

God catch Chipper

Offpoint1:
They should remove the useless limits... They shouldn't detect how I spend my money.

As for Fintech, their greed will kpai them

They put limit according to the amount of FX they have. Nigeria doesn’t print dollars.

Finally I'm free from chipperscash exhorbitant exchange rates. Chipperscash bye bye.

Fintechs won't panic because they know Nigerians trust them, fintechs are here to stay.

First Bank charged my Naira card transaction at N1,880/$. I couldn’t believe my eyes so I reached out to their customer support on X. They didn’t even give me an appropriate answer why Bank FX rate is higher than Blackmarket.

Stick to FinTech to avoid stories that touch.

It remain to relax the stringent policy non Binance p2p then we will all hail tinubu

DeLaRue:
My Gtb card didn't work over the weekend. Tried Zenith card, same problem.

Are we supposed to get new bank cards, or the thing has not started operating.

Official forex market only operates Monday to Friday not weekends

Offpoint1:
They should remove the useless limits... They shouldn't dictate how I spend my money.

As for Fintech, their greed will kpai them

That will happen if you can export products earning $1 million daily, and not looking for what to import with dollars without earning dollars.

fintech almost killed people with their charges. Jesus

Skydivine:
This is the problem with Nigeria, inconsistent policies. Once again, the dollar reserve will be depleted from importing luxury goods.!Then tye resultant effect will spill to everything else.
This will only benefit a few. What happens to raising a Form. M if you are importing goods ?

Which dollar reserve will be depleted? Do you work with fintech that do dollar transaction?

People still buy and import luxury goods true Temu and using Virtual cards so that's just not an excuse.

Rather it will deprive the BDC guys of customers and when this is done, the banks will be the biggest player and would be able to drive down the exchange rate because BDC and virtual cards will be more expense and people will trust the banks more to do their heavy dollar deposits.

Again, the CBN is not going to be defending the naira with the Reserve so how will the reserve be depleted. Inflow of dollar from customers will form the basis to which the banks will sell. Pure demand and supply.

I was at a bank last week and i can count the number of people that came in to make dollar deposit.

Proserpina:
Chipper showed me shege.... I abandoned it with speed when I discovered Grey.

God catch Chipper

Chipper very selfish people. Their exchange rate is so annoying. When I discovered Grey I just abandoned them. Can you imagine I have to pay 3k transfer charges to transfer N60,000 in my Chipper Naira card to my Chipper Wallet... Good riddance to bad rubbish

Freethinker87:
First Bank charged my Naira card transaction at N1,880/$. I couldn’t believe my eyes so I reached out to their customer support on X. They didn’t even give me an appropriate answer why Bank FX rate is higher than Blackmarket.

Stick to FinTech to avoid stories that touch.

Run oooo,run for your dear life,what kind of nonsense is that

Freethinker87:
First Bank charged my Naira card transaction at N1,880/$. I couldn’t believe my eyes so I reached out to their customer support on X. They didn’t even give me an appropriate answer why Bank FX rate is higher than Blackmarket.

Stick to FinTech to avoid stories that touch.

Well I used UBA naira debit card last week and I was only charged N1583/$

I think if you want good deals you should stick to banks like UBA, GTB or any of these new generation banks

Personperson01:
All the grammar and adverts of same companies running the same product with the same error pages.... Are you referring to these as bully or share lack of understanding of financial knowledge which is causing the downturn of the economy since 99kokoro? As a matter of facts nothing will change and the problem will persist with even bigger huddles with these your FiNSTech or whatever you call them. First thing your president did was to get an account when he got into office. A young one at that.... Ask yourselves why.

It seems you work with a fintech company.

As a matter of facts alot will change and most fintech will forced to either review their pricing, lock up shop or diversify.

4words:
Which dollar reserve will be depleted? Do you work with fintech that do dollar transaction?

People still buy and import luxury goods true Temu and using Virtual cards so that's just not an excuse.

Rather it will deprive the BDC guys of customers and when this is done, the banks will be the biggest player and would be able to drive down the exchange rate because BDC and virtual cards will be more expense and people will trust the banks more to do their heavy dollar deposits.

Again, the CBN is not going to be defending the naira with the Reserve so how will the reserve be depleted. Inflow of dollar from customers will form the basis to which the banks will sell. Pure demand and supply.

I was at a bank last week and i can count the number of people that came in to make dollar deposit.

It’s a bad idea to put in place fiscal structures that encourage trade deficit. That is what this policy will do. When everyone becomes mini importers , dollar rate will increase and so will everything else. We have been through this path before.
What your demand and supply argument will do is to increase price of dollar based on increasing demand. The reverse will never ever occur ( less demand for dollar). Your guess is as good as mine to what becomes of the price of most goods when this happens.

DeLaRue:
My Gtb card didn't work over the weekend. Tried Zenith card, same problem.

Are we supposed to get new bank cards, or the thing has not started operating.

Worked for me though on Amazon US

Which site were you trying to purchase from?

Proserpina:
Chipper showed me shege.... I abandoned it with speed when I discovered Grey.

God catch Chipper

I used Grey to receive money for a documentary project that I am currently promoting but they returned the money to the sender, saying I didn't provide a PDF receipt of the payment. But the money is a donation from someone I don't even know.

The company is too primitive as far as I am concerned. Any idea of other FINTECH that doesn't require such receipt?

Skydivine:
It’s a bad idea to put in place fiscal structures that encourage trade deficit. That is what this policy will do. When everyone becomes mini importers , dollar rate will increase and so will everything else. We have been through this path before.
What your demand and supply argument will do is to increase price of dollar based on increasing demand. The reverse will never ever occur ( less demand for dollar). Your guess is as good as mine to what becomes of the price of most goods when this happens.

According to report, we currently have trade surplus meaning people are importing less compared to when the dollar was pegged and naira card blocked. And this is largely due to the weakened purchasing power of the naira and not because the naira card was blocked. Aslo, are you going to import into a country with a weak purchasing power?

What I believe would happen is there would be more flow of dollar through the banking system rather than the informal process.

There is a peg of how much dollar can be spent quarterly and I believe that is some level of protection for the naira.

People are hedging against the dollar in the black market, people hoarding the dollar to sell at a higher rate because they know there is demand. This policy will take away that power.

When will FCMB start oo. Waiting for all banks to resume

FamilyAdviser:
It remain to relax the stringent policy non Binance p2p then we will all hail tinubu

Don't even go there, it is risky!
Hail Mr Tinubu at your own detriment

Skydivine:
It’s a bad idea to put in place fiscal structures that encourage trade deficit. That is what this policy will do. When everyone becomes mini importers , dollar rate will increase and so will everything else. We have been through this path before.
What your demand and supply argument will do is to increase price of dollar based on increasing demand. The reverse will never ever occur ( less demand for dollar). Your guess is as good as mine to what becomes of the price of most goods when this happens.

All of these things you speak of are already happening at the black market. Using your naira cards reduces the rate at which deals take place in the black/parallel market allowing official rates control the rates in all markets just like it is in most countries.

WebsiteMaster:
Chipper very selfish people. Their exchange rate is so annoying. When I discovered Grey I just abandoned them. Can you imagine I have to pay 3k transfer charges to transfer N60,000 in my Chipper Naira card to my Chipper Wallet... Good riddance to bad rubbish

They are very greedy!!! Very very greedy .


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nedekid:
Oga the suspension of naira card had little to do with cbn but rather policies of the individual banks. The reason for this opinion is that some banks eg providus bank never suspended forex payment on its cards.

You are saying rubbish with confidence, maybe you are conversant with international transactions, cbn policy stopped all international transactions using ATM of all our commercial banks