Author Archives

A bunch of banana ate a monkey

Making GSI available to every lender would be the CBN’s smartest decision

The biggest mistake CBN has made, despite its commendable and spirited efforts to get credit into the hands of every Nigerian, was to lock out non-CBN licensed lenders from accessing the global standing instruction (GSI) to recover loans. GSI is one of the most powerful and currently impotent tools ever created by CBN to support […]

Is proof of funds a fraud?

The proof of funds loans has allowed over 100,000 Nigerians to travel abroad for schools or immigration without having the funds demanded by the embassies. This is a fraud but even then, what are the implications for Nigerians?

Hiring is as hard as investing in startups. Maybe harder

Finding the next Facebook, Paystack, or TeamApt as an angel investor is pretty hard. I’m not the first, nor will I be the last to reiterate what you probably already know; most startup investments fail! In fact, 90% are duds and maybe only 2 out of 100 investments would be rockstars.  Sadly, hiring, especially for […]

Being poor doesn’t make you a bad borrower

There is a general belief among top bankers and armchair experts that the poor don’t pay back their loans, and therefore there isn’t any basis to even let them have access to credit. The arguments are many, and having fought with unmatched vim in many of these arguments, and I wonder how I have escaped […]

It’s destructive for lenders to punish good borrowers

Loans in Nigerians are quite expensive and it’s due in one part to the high-default rate but also  because of what I would describe as  lenders destroying their chances of developing a good business. You’re probably wondering why I would say this, so if you would be so kind as to allow me do you […]