Category Archives: Payment

Getting them high: Challenges of onboarding customers to digital services

Digital services, which include cards, online banking, mobile apps for finances, USSD for transferring money you don’t have, etc., are essential services. In fact, financial inclusion has been elevated to the level of fundamental human rights. However, unlike things we derive joy from using – Whatsapp, Tinder, Facebook, to mention a few, digital services are […]

Fixing the PTA Palaver with Technology

There was a collective sigh of relief when the Central Bank of Nigeria recently decided to clear the backlog of travel allowances pending with banks. Nevertheless, a lot of well-meaning Nigerians could also see the opportunities for arbitrage and abuse. Of course, bad boys being bad boys, it quickly turned into a bazaar. The Personal […]

Report on Perception of Digital Bank in Nigeria

The emergence of small and nimble digital banks, known as challenger banks in other climes, is disrupting the concept of banking and financial services. Interests from the average customer have been very strong, in particular among the millennials. However, most of these have been confined to Europe and North America save for two large digital […]

Who shall tell our stories?

I have spent the last few months reading, researching and discussing with many payments industry experts on what the new wave of FinTech and payment innovations mean for the world, Africa, you and most importantly me. I’m sorry that I have to use the FinTech jargon. Just like big data, cloud, etc. FinTech as a […]

mCash would change the future of payments in Nigeria

The Nigeria Inter-Bank Settlement System (NIBSS), along with numerous banks, have launched mCash as an alternative payment system in the populous country in Africa. mCash rides on USSD and anyone can easily use the code to make payments at large stores, corner shops, etc. The mCash payment system, which is automatically available to over 28 […]

Is Nigeria ready for digital banks?

There is so much confusion out there about what digital banks are. Bring a thousand self-proclaimed experts and you will probably get two thousand different definitions. I am confused too, but for today, let’s pretend that I know what I want to say. A digital bank, sometimes called a direct bank or online-only bank, is […]

Core Banking Software in Nigeria

This is probably the third time I’m writing about core banking software in Nigeria. I did that in 2011 and it’s interesting to see how banking software have evolved in Nigeria since then. The choice of core banking software is not trivial and a wrong move can spell disaster. Banks are usually very conservative about who […]

Digital “Fluffy” Banking

Digital Banking seems to be the new buzz word these days. I love buzz words; they are necessary distractions in the agonizing world we live in. But what’s digital banking? Nobody seems to know. Just like those mischievous boys in the bible – customer service we know, value for money we know but what the […]

Telcos to the Mobile Money Rescue

The Central Bank recently relaxed the rule on Mobile Money (MM) participation by giving out telcos invite to the party. Yes it’s a party but then everyone’s gone home. Specifically telcos are now allowed to be Super Agents, which means they could use their thousands of retail touch points to serve MM customers. But unlike […]

Micro-lending, or lack of it, didn't kill Financial Inclusion

My recent rant on what’s making mincemeat out of financial inclusion in Nigeria generated quite a bit of talk within my little circle of friends. Some thought I must have mistakenly installed someone’s mind while looking for my lost one. A pitiful few others felt it made some sense, which is something that’s rarely said […]