RE: Fintech In Nigeria: Why Are We Limited To Payment & Lending?
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I use first bank and I'm currently using Opay too. I want my last penny to be accounted for which the traditional banking system are busy playing with.
No doubts, these virtual banks are killing it hands down and are responsive than our primary banks.
I remember then we don't worry about third party before buying cryptos.
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I think virtual banks like Opay only needs people to trust them for them to take over. People are still being restrictive and this is because of the security reasons that they might have towards virtual banks since they do not have real-time officers. Immediately virtual banks begins to gain the trust of people commercial banks in Nigeria will die
You're right about the trust thing. Opay has been around from 2019 - that's when I knew about it, though it was running so many services then.. registered Keke riders were using it to get customers which was very cheap then in Enugu state..a ride within town was #50.
So I feel there should have been big convert if it started operating as a virtual bank since its inception.
Btw I enjoy your contents.
Tbh, I only found out about opay this year when the cash crises hit. If it wasn't because of the cash crises. Opay might still remain just a virtual auxillary bank. In Lagos here, the growth has skyrocketted and they can still handle transaction very fine. I think its only a matter of time.
Thanks for reading.