Category Archives: Payment

Customer experience is everything: How GTBank catalyzed the explosion of digital payments in Nigeria

Everyone who has played a role in payments in Nigeria can attest to the fact that the current upswing in the adoption of digital payments started around the middle of 2014 when the trio of GTBank, Fidelity, and Zenith Banks pushed out their USSD banking products. Consequently, the number of us going to banking halls […]

10 predictions for digital payments in 2018

Here are my top 10 predictions for the digital payment industry in 2018.  These predictions are presented in no particular order and have been influenced by my interactions with the evolution of payments and other experts I work with. They are strictly limited to Nigeria because going beyond the border into the Benin Republic would […]

Fraudsters count on banks and FinTechs not talking. It’s killing digital payments!

Electronic fraud is a significant reason why many Africans especially Nigerians, including highly educated middle-class, don’t want to do transactions online or use digital products. While a lot is being done with efforts such as Two Factor Authentication, customer opt-ins, etc., frauds still go on because banks and payment providers don’t share information with each […]

Is Financial Inclusion a Myth?

What if Financial Inclusion is a myth that we have created in our jaded view of what we feel is good for the world’s poor but, does not address their needs or that they do not even need? What if the real problem is that the worlds poor don’t trust these help and they see […]

Where are these 37 Million Ghostpreneurs in Nigeria?

The ongoing revolution in payments, automated credits, and self-service onboarding that have fueled massive growth in digital banking over the last 3 years seems to have largely overlooked the Nigerian Micro, Small and Medium Enterprises (MSME) sector. Forget whatever anyone says, the small business owners have been left behind.  Who did they offend? At a […]

Dropbox banking: The backbone for Fintechs and a probable model for banking in the future

The argument about if Fintechs and Banks are frenemies would never end. And it’s justifiably so. Retail banks have a model of providing checking, savings, investment account services. Of course, they layer that with credit cards, personal loans, mortgages, etc. Fintech showing up on the scene means one thing, banks would be losers. There isn’t any […]

Online Banking without Offline Annoyance

The drumbeat for payments and all things digital has been beating loud and long (and annoying, almost like a banshee!). At face value, this seems to be one thing customers and banks can agree about. Banks don’t want customers in the branches anymore (because it cost more to serve them in-branch) and customers don’t even […]

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 […]