₦airaland Forum

Nigeria learning allot from "Silicon Savannah" Kenya


For Nigeria’s 94.4 million extremely poor people, having a bank account may be a luxury many cannot afford due to the cost of maintaining a basic savings account.

To maintain a basic bank account in Nigeria, the account holder spends an estimate of N500 per month as Account maintenance fees, ATM card maintenance charge, SMS notification fee, stamp duty, and fees charged on transactions with other banks.

“Is it not someone that has enough money that will be thinking of banking it? All I think of every day when I come to this park is how I am going to sell and use the money to buy food for my family. I pray God blesses me so I too can have a bank account,” a petty trader by the name Ajoke told BusinessDay at the busy Ojuelegba under bridge.

Available data from the World Poverty Clock analysed by BusinessDay revealed that that with the current level of Nigeria’s extremely poor people, the country has more people living in extreme poverty than India and China combined.

The latest figures from the World Data Lab put Nigeria’s extremely poor people at 94.4 million, this is 54.6 million higher than India and China combined with 39.8 million poverty population.

The World Bank defined the new international poverty line as $1.90 a day in 2015 from $1.25 a day previously used in 2008, indicating any individual who lives below $1.90 or less per day is poor. The same benchmark was regarded as the internationally agreed poverty line by the United Nations.

“People will remain financially excluded because they are financially disempowered,” Yele Okeremi, MD/CEO of Precise Financial Systems (PFS), a Lagos-based financial software company said.

“We still have a large population living below $2 a day, how do you want to include them financially?” he questioned.

Checks by BusinessDay revealed that since 2015, Nigeria’s economy expanded by an average of 2 percent, a rate lower than the country’s 2.6 percent population growth rate. Meaning in the last four years, Africa’s most populous nation has been producing more people than it can feed.

Most recent data by EFInA put Nigeria’s financial inclusion rate at 63.2 percent (compared to Kenyas 84%) meaning that as much 36.8 percent adults still lack access to financial services.

“I opened an account last year, and the small money that was inside has been debited by the bank for different reasons and now there is almost nothing in it,” a customer of a Nigerian tier-one lender said on the condition of anonymity.

According to Oghogho Osula, financial expert and former MD/CEO of Coronation Trustees Limited, Nigeria has a large mobile market, and the huge number provides an opportunity to use it in deploying easy-to-use technology that can improve access to financial services.

Data by Nigerian Communications Commission (NCC) analysed by BusinessDay revealed that the total number of subscribers per individual telecoms operator as of August 2019 stood at 176.89million.............

As such it was clear that a better balance between the market and the regulatory structures was required.

Meanwhile, since then there has been an explosion in mobile money wallet usage in Kenya and other Africa peers, Nigeria’s CBN was rather focused on an independent bank-led model that would supplement and support the existing banking system.

“The fundamental obstacle to the rapid expansion of financial inclusion in Nigeria is the failure of the private sector actors in the telecoms and financial services ecosystem to collaborate effectively,” an analyst said in a statement.

According to the World Bank report, mobile money drove financial inclusion in Sub-Saharan Africa, as only eight countries in Africa which included Burkina Faso, Côte d’Ivoire, Gabon, Kenya, Senegal, Tanzania, Uganda, and Zimbabwe recorded 20 percent or more adult using only a mobile money account.

Between 2014 and 2017, the World Bank noted that there has been a significant increase in the use of mobile phones and the Internet to conduct financial transactions which contributed to a rise in the share of account owners sending or receiving payments digitally from 67 percent to 76 percent globally, while developing countries recorded 57 percent to 70 percent.

Wuoche:
Hehehe they want to add numbers, if we give them cbk they will also count it as two

NSSF Tower should be 3 buildings

Wuoche:
Even that MNF he is talking about is one building and not two as he claim.

I wonder how can this be called two buildings

Wuoche:
LeMac and parliament towers are much taller than Rita tower

In terms of floor count

Wuoche:
Here is Rita tower, where are those 30 floors?

This is just like LeMac or Parliament Towers

Abohboy:
I just shared the image did I not unless your blind why do I need to share the link

I told you, that's rubbish

Carmit:
Duuuuude!... Your pettiness is alarming!

Any kindergarten kid can find his way round YouTube just by viewing those screenshots.
Bruhhh..

That's rubbish then...just give up

Stevoh18:
Check on the two links

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.imf.org/external/datamapper/index.php&ved=2ahUKEwjqpO31kbzlAhVWilwKHUsBD_AQFjAAegQIARAB&usg=AOvVaw3xwc07uuVpbrYdcWPQcKvR


https://knoema.com/pjeqzh/gdp-per-capita-by-country-statistics-from-imf-1980-2024

#Pacretus the two links

Abohboy:
Go onto YouTube and search projected gdp to 2050 top 30 or 20 economies and Tanzania is on that last and so is Ethiopia but not kenya

Why is it so hard for you to share the link

Carmit:
Don't cry baby.
Kenyans should also try to spot humour in posts before wining

No it's not humour, it's stupidity....
When you insist that we have the same electricity problems like you it's not humour, you're exposing yourselves, that's admitting you have the said problem and it won't change the fact that Kenyans have never had such third world problems

Abohboy:
That's only up to 2024 I said upto 2050

2050...that's too much to take it seriously....can you share the link

Abohboy:
Go onto YouTube and search projected gdp to 2050 top 30 or 20 economies and Tanzania is on that last and so is Ethiopia but not kenya

Check on the two links

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.imf.org/external/datamapper/index.php&ved=2ahUKEwjqpO31kbzlAhVWilwKHUsBD_AQFjAAegQIARAB&usg=AOvVaw3xwc07uuVpbrYdcWPQcKvR


https://knoema.com/pjeqzh/gdp-per-capita-by-country-statistics-from-imf-1980-2024

Abohboy:
Just so you know Tanzania is projected to surpass you in gdp by 2026 and it is expected to become one of the world's top 30 economies by 2050 with Nigeria, Egypt and Ethiopia but there is no Kenya

You're completely wrong, fact is that projections implies that we double Tanzanias GDP and we'll surpass that of Morocco by then

Kazikazi:
if we compare over 30 floors completed in Nairobi vs Dar, Dar has more

Can you list them here

tylann:
Nairobi has skyscrapers than the whole of west Africa combined

Most Nigerians are so uninformed, can that guy ask such a question or he's probably joking("...skyacrapers as many as Naija and SA has?." mentioning South Africa and Nigeria in one sentence

pacretus:
any citation to this

Just check on the IMF on that specific year, if I'm wrong just share the link here

The great Rift valley #Kenya

Kazikazi:
hohohohoho
You got GDP growth figures of 2019 before the year end?

If I call u stupid,will I be wrong?

Cry kid, with your laziness

Carmit:
That image is probably from Kenya
See the circumference and trajectory of the upper frontal head

Nigerians are obviously very ignorant, full of pettinesses lots, you think everyone is a Kenyan, you call those southern Africans Kenyas, Sudanese are Kenyans, all Masais are Kenyans, all Somalis are not Kenyans....you're very foolish

obidark:
and....??
you are only throwing numbers around....
do you realy think this impress us nigerians....??

Throwing numbers
Can you be specific where I quoted wrongly

Kazikazi:
You gave me figures of TZ GDP growth of 4% for 2019, I ask u to give me the figures for Q3 2019,but you failed!

If I call u stupid will I be wrong?

I gave you the source of that and you don't want to use your lazy brain to look for more details about it...

obidark:
all of a sudden its not about nigeria no more,now its about tanzania....

kazikazi,come and hear....

In 1998 Nigeria's GDP was $209b the same time Kenya had $15b, that was almost 15× larger....with our small population we're are closing in quite and fast

Kazikazi:
Stop lying. Give me the figures of Q3 2019 TZ GDP!

You've started your Tanzanian habit of denial.... You can as well search it online

obidark:
hey hey hey hey....face front....wetin consighn tz with a thread about kenyan vs. nigeria....??
we nigerians have no issues with tanzanians....

you kenyans are the issue here....!!

Because everyone here are only Nigerians and Kenyans

rvp2018:
TZ cooked their 5.2% to 7% last yr and are set to repeat again by claimimg another 7% while real GDP is down 4% this year

And it's all about overtaking Kenya, they'll dream about it forever but soon we'll double their GDP even in per capita

Kazikazi:
The growth rate for 2019 will be released early 2020,probably on February or march

This is the latest, by now they must have the figures for 1st,2nd$3rd quarters....meaning it's almost accurate

pacretus:
saw something's concerning Burundi and Rwanda and I was shocked.
Massive development. And I kept wondering where you got the mindset that you will do better than any of those countries.

Are sure you've checked on Burundi definitely you've not, only Rwanda and maybe Uganda though they're growing from a very low place

This is the East African community countries GDP growth rate 2019 and GDP nominal 2020

Tanzania 4% growth 2019,
GDP $64b 2020

Uganda 6% growth rate 2019
GDP $33b 2020

Rwanda 7.8% growth rate 2019
GDP $11b 2020

Burundi 0.4% growth rate 2019
GDP $3b 2020
Total GDP $111b

Kenya 5.8% growth rate
GDP $109b 2020

~Source IMF

pacretus:
Xenophobic Gh is different from border closure. I mean it's like comparing apples to peanuts.

Ghana is barely recognised in the region or continent. Whoever controls Ecowas or AU is the big brother.
petty politics made Ghana think they have a mate in West Africa. Ivory coast is far more developed than GH, this I can prove.

Colonized by the British or speaking English doesn't mean we are mates. Let that sink into your head, before someone does it for you.

Ghana is definitely doing much much better than Nigeria, it's incomparable. Ghana is better than many countries while Nigeria is doing the worst.facts are all over... get that into your head

MiddleDimension:
even though we are more in number

Even though you're more underdeveloped, your life expectancy is 15 years shorter than Kenya, 53yrs Nigeria - 67yrs Kenya. Your poverty rate percentage doubles Kenya, Nigeria 75%_Kenya 33%...we can go on and on and compare....to literacy, electricity, child mortality rate...(HDI)

Abohboy:
48% actually 90 million out of 200 million

That's extreme poverty figure

MiddleDimension:
generator is a way out!
it shows i can solve my personal problems!

it is good you know that even in poverty, we can still buy generators, a thing you can't do in Kenya even though there is a dire need of generator in every house hold in Kenya as power supply is very erratic in all parts of your country.

Pwahaha "generator is a way out" that noisy machine that we only use to pump water in our farm, you're not ashamed to admit you use to in the house

MiddleDimension:
they currently do not have dollar billioanires. the average Nigerian is richer than the average Kenyan, yet, they think we have not done anything with our oil wealth. lol

Dude 75% of you are living below poverty line, that's one of the highest in the world....you don't know what you are talking about