₦airaland Forum

triplechoice:
Let's not pretend you didn't understand my point. I never said Opay is a superior bank to Access Bank, I said Opay creates massive employment value. The conversation was never about who has better Treasury Bills ,corporate assets, or more employment value,It was about your claim Opay doesn't employ people.

You're building a strawman to escape because you can't counter the facts: 500.000+ agents across Nigeria putting food on their tables daily. If you're blind to the employment value in this, there's nothing else I should be discussing with you.

Now, concerning your "20 tellers per branch, in 2026 how many branches of Access Bank actually employ 20 tellers?. Banks in Nigeria are aggressively cutting staff, deploying ATMs and pushing customers to apps to save costs. You're relying on outdated number while ignoring the half-a-imilliomi micro-businessness Opay empowered.

If you have a superior argument to disprove that Opay isn't creating value for Nigerians, bring it. Don't hide behind "I can't continue this conversation" just because you can't refute the numbers. Address the actual point: Does putting food on the table for 500.000 families count as employment or not?

I thought I was drunk when I read this.

What values is Access Bank creating that's more than that of Opay at this point?

I responded to another fellow here

maasoap:
What values is Access Bank creating that's more than that of Opay at this point? Individuals, micro and small businesses can't access their loans and other commercial banks. Many Nigerians run away from them because of too many charges and poor services.

Every physical banking document represents demand for an economic activity somewhere in the supply chain:

Deposit slips
Withdrawal forms
Cheque books
Account-opening forms
Letterheads
Envelopes
ATM receipts
Transaction forms
Corporate stationery
Security documents
Marketing materials
ID-card materials
Branch signage

This creates business for printing companies, paper suppliers, graphic designers, packaging companies, stationery distributors, logistics companies and equipment suppliers.

Technology companies also benefit from the bank's operations as Access Bank's operations require:

Core banking systems
Mobile banking applications
Internet banking
ATMs
POS infrastructure
Payment gateways
Cybersecurity
Cloud infrastructure
Data centres
Telecommunications
Software development
IT support
Network infrastructure
Data analytics
Artificial intelligence
Digital identity and KYC systems
Fraud-detection systems

Access Bank had thousands of branches. Abeg, just think about what it takes to operate hundreds of branches and service outlets.

There is demand for:

Architects
Engineers
Construction companies
Electrical contractors
Plumbers
Furniture manufacturers
Interior designers
Signage companies
Air-conditioning companies
Generator/energy companies
Security-system installers
Maintenance contractors
Property owners and landlords
Every new branch, office, ATM location or renovation can therefore generate economic activity outside the bank.

What about cash/branch management services that require

Cash-in-transit companies
CCTV suppliers
Alarm companies
Vault manufacturers
Access-control companies
Insurance companies

Just the physical movement and protection of money creates employment beyond the bank's payroll.

Let's not talk about

Corporate and investment banking
International trade
Government revenue
Shareholders

flexyrule:
I thought I was drunk when I read this.




I responded to another fellow here

I don't know if you were drunk when you read my earlier response, but your latest reply confirms you failed to comprehend what both of us actually wrote. we both used the phrase "at this point", meaning we were asking about what is being built in the present moment, expanding to remote areas of Nigeria right now, not what happened in the past. I also used the word, "creating", which refers to an ongoing process, not completed historical milestones. Because you failed to grasp this distinction, you built a strawman and initiated a debate I never started. A company can only claim to be "creating" present value if it is growing its employment footprint. Traditional banks are shrinking, while Opay is growing

Every physical banking document represents demand for an economic activity somewhere in the supply chain:

Deposit slips
Withdrawal forms
Cheque books
Account-opening forms
Letterheads
Envelopes
ATM receipts
Transaction forms
Corporate stationery
Security documents
Marketing materials
ID-card materials
Branch signage

This creates business for printing companies, paper suppliers, graphic designers, packaging companies, stationery distributors, logistics companies and equipment suppliers.

Technology companies also benefit from the bank's operations as Access Bank's operations require:

Core banking systems
Mobile banking applications
Internet banking
ATMs
POS infrastructure
Payment gateways
Cybersecurity
Cloud infrastructure
Data centres
Telecommunications
Software development
IT support
Network infrastructure
Data analytics
Artificial intelligence
Digital identity and KYC systems
Fraud-detection systems

Access Bank had thousands of branches. Abeg, just think about what it takes to operate hundreds of branches and service outlets.

There is demand for:

Architects
Engineers
Construction companies
Electrical contractors
Plumbers
Furniture manufacturers
Interior designers
Signage companies
Air-conditioning companies
Generator/energy companies
Security-system installers
Maintenance contractors
Property owners and landlords
Every new branch, office, ATM location or renovation can therefore generate economic activity outside the bank.

What about cash/branch management services that require

Cash-in-transit companies
CCTV suppliers
Alarm companies
Vault manufacturers
Access-control companies
Insurance companies

Just the physical movement and protection of money creates employment beyond the bank's payroll.

Let's not talk about

Corporate and investment banking
International trade
Government revenue
Shareholders

Now, to address the copy-pasted manifesto you have recycled without reading the context: you wrote an entire essay, but you made one fatal error, you described a shrinking economic model and tried to pass it off as a growing one.

Everything on your list is in decline because traditional banks are actively cutting costs. Let me dismantle your argument point by point

First, you listed withdrawal slips , cheques, letterheads, deposit slips etc. But let me ask you , How many people these days are using withdrawal slips. Banks actively discourage it, Tellers now ask, "Why didn't you use am ATM card?. Cheque books are almost going extinct. Banks are going paperless to save money, so the demand for printing companies from traditional banks is declining, not rising.

Meanwhile, 500,000+ Opay agents print thermal receipts daily, far more demand for paper and ink than remaining banking halls

Second, traditional banks are closing branches, 229 in 2022 alone, and more since, not building new ones. They are boarding up windows and firing staff. So where is the new jobs for the architects , plumpers, engineers, furniture makers you listed?

Meanwhile, Over 500,000 Opay agents,and the number is increasing every day, are renting shops, fixing roofs, buying paint, installing fans, buying generators or installing solar panels, hiring local carpenters for wooden stand, paying signboard makers for their banners. That is decentralised construction employment happening in every village and city daily, far more than Access Bank's shrinking real estate footprint

Third, you listed vault manufacturers, CIT companies, alarm companies. But physical cash usage in banks is plummeting. Banks are reducing their vault sizes and reducing CIT trips to save costs. Opay agents, however, need mobile money security and local vigilantes to protect their daily cash float. That creates grassroots security employment that never existed before.

Furthermore, you listed cybersecurity, cloud infrastructure, data analytics, and AI as if Access Bank invented them. Opay uses all that too, plus more, because they handle millions of real-time micro transactions daily Traditional banks mostly outsourced this to foreign firms like IBM and Oracle, while Opay employs more local developers and data scientists directly.

I do not dispute that traditional banks handle institutional money. But employment value is not measured by how much corporate FX you move, It is measured by how many families eat. Access Bank touches the 5% elite. Opay and others, via their agents, touch the other 95% of Nigerians who just want to send ₦2,000 to their village

Opay is in growth mode, expanding its agent network, onboarding millions daily, and creating decentralised micro-businesses that never existed 10 years ago

So "at this point in time" Opay is creating more employment value for the masses than traditional banks.

And here is the reality even Access Bank cannot deny: they have their own POS machine they give to agents, but mobile money vendors say they are exploitative and not profitable. Everyone in the field prefers using either Opay or Moniepiont. The market has spoken.

Your list is an obituary for the past, mine is a blueprint for the future

triplechoice:
I don't know if you were drunk when you read my earlier response, but your latest reply confirms you failed to comprehend what both of us actually wrote. we both used the phrase "at this point", meaning we were asking about what is being built in the present moment, expanding to remote areas of Nigeria right now, not what happened in the past. I also used the word, "creating", which refers to an ongoing process, not completed historical milestones. Because you failed to grasp this distinction, you built a strawman and initiated a debate I never started. A company can only claim to be "creating" present value if it is growing its employment footprint. Traditional banks are shrinking, while Opay is growing



Now, to address the copy-pasted manifesto you have recycled without reading the context: you wrote an entire essay, but you made one fatal error, you described a shrinking economic model and tried to pass it off as a growing one.

Everything on your list is in decline because traditional banks are actively cutting costs. Let me dismantle your argument point by point

First, you listed withdrawal slips , cheques, letterheads, deposit slips etc. But let me ask you , How many people these days are using withdrawal slips. Banks actively discourage it, Tellers now ask, "Why didn't you use am ATM card?. Cheque books are almost going extinct. Banks are going paperless to save money, so the demand for printing companies from traditional banks is declining, not rising.

Meanwhile, 500,000+ Opay agents print thermal receipts daily, far more demand for paper and ink than remaining banking halls

Second, traditional banks are closing branches, 229 in 2022 alone, and more since, not building new ones. They are boarding up windows and firing staff. So where is the new jobs for the architects , plumpers, engineers, furniture makers you listed?

Meanwhile, Over 500,000 Opay agents,and the number is increasing every day, are renting shops, fixing roofs, buying paint, installing fans, buying generators or installing solar panels, hiring local carpenters for wooden stand, paying signboard makers for their banners. That is decentralised construction employment happening in every village and city daily, far more than Access Bank's shrinking real estate footprint

Third, you listed vault manufacturers, CIT companies, alarm companies. But physical cash usage in banks is plummeting. Banks are reducing their vault sizes and reducing CIT trips to save costs. Opay agents, however, need mobile money security and local vigilantes to protect their daily cash float. That creates grassroots security employment that never existed before.

Furthermore, you listed cybersecurity, cloud infrastructure, data analytics, and AI as if Access Bank invented them. Opay uses all that too, plus more, because they handle millions of real-time micro transactions daily Traditional banks mostly outsourced this to foreign firms like IBM and Oracle, while Opay employs more local developers and data scientists directly.

I do not dispute that traditional banks handle institutional money. But employment value is not measured by how much corporate FX you move, It is measured by how many families eat. Access Bank touches the 5% elite. Opay and others, via their agents, touch the other 95% of Nigerians who just want to send ₦2,000 to their village

Opay is in growth mode, expanding its agent network, onboarding millions daily, and creating decentralised micro-businesses that never existed 10 years ago

So "at this point in time" Opay is creating more employment value for the masses than traditional banks.

And here is the reality even Access Bank cannot deny: they have their own POS machine they give to agents, but mobile money vendors say they are exploitative and not profitable. Everyone in the field prefers using either Opay or Moniepiont. The market has spoken.

Your list is an obituary for the past, mine is a blueprint for the future

I really don't have time to be having this beer parlour arguement l with you, sir.

If you think Opay will overtake all the commercial banks combined in valuation and net worth before December, fine!

If you also think that Opay currently offers more value to Nigerians than all the commercial banks combined, fine!

It's too early to be arguing over what doesn't add a dime to my pocket. And I don't even see how both institutions add any value to my life in my current timezone.

flexyrule:
I really don't have time to be having this beer parlour arguement l with you, sir.

If you think Opay will overtake all the commercial banks combined in valuation and net worth before December, fine!

If you also think that Opay currently offers more value to Nigerians than all the commercial banks combined, fine!

It's too early to be arguing over what doesn't add a dime to my pocket. And I don't even see how both institutions add any value to my life in my current timezone.

You don't have time for "beer parlour arguments". yet you wrote multiple lengthy essays and copy-pasted a manifesto. Now that your arguments have been dismantled point by point, you suddenly want to run to Reddit and claim this conversation doesn't add a dime to your pocket. interesting and very funny.

I never gave any December timeline , that is your invention. I never said Opay offer more value than all commercial banks combined, another invention. You are building strawmen because you cannot counter the simple fact I started .

If the conversation doesn't add value to you, why did you engage so passionately?

Safe journey to Reddit. The rest of us will continue building the future.

triplechoice:
You don't have time for "beer parlour arguments". yet you wrote multiple lengthy essays and copy-pasted a manifesto. Now that your arguments have been dismantled point by point, you suddenly want to run to Reddit and claim this conversation doesn't add a dime to your pocket. interesting and very funny.

I never gave any December timeline , that is your invention. I never said Opay offer more value than all commercial banks combined, another invention. You are building strawmen because you cannot counter the simple fact I started .

If the conversation doesn't add value to you, why did you engage so passionately?

Safe journey to Reddit. The rest of us will continue building the future.

Okay sir.

Best of luck!

opay employed more people than your banks in case you care to know .

horlando30:
That is not true. Opay total employees is just over 1k people while access bank alone employs over 28k. The technology innovation of opay is very good but regarding employment impact on Nigeria the traditional banks are better.

Imagine the impact of 28k families loosing their jobs on the nigerian economy!