Category Archives: Payment

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 […]

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 […]