The Nigerian Banking Sector; How Free Are People With Banks Rather Than Crypto?




Speed is something we're not used to especially in the financial system of most African countries. (Nigeria to be precise) Apart from speed what else? Safety, anonymity and certainty of the success of a a transaction. There are some certain amount of money you might receive in your bank account if you're a Nigerian, it would immediately be frozen.

This is because the bank does a steady evaluation of your account they take your data which comes in form of your age, job, transaction range and even account balance to determine how much is likely going to enter into your account at one sitting and sometimes people do not realise this because naturally centralisation is a language people have come to see, know and accept.

Now this certainly doesn't show safety, speed is another thing. There is always a huge risk that if you're paying for bills online and you're transfering from one network to another you can have disruption of good internet and your attempt at paying or making a transaction will hang and you'll lose money as it will become untraceable or even take weeks to trace it.

The redundancy in the financial system is why people have a lot of bank account with different banks forgetting that these banks have the same policy, call under the same economic jurisdiction and are controlled by one central or federal bank. Speed of transaction is something that's not guaranteed and if a person loses a big fun because the internet was terrible at a period of transfer then there is an unwritten policy that implies that a customer who owns a bank account, responsible for the transfers bears the whole consequences.

Uncertainty, Anonymity, Speed...

The here we have speed, and uncertainty, how about anonymity? The federal government does not believe anyone should have a bank account with a protected or covered identity unless these people are politicians, musicians or popular celebrities. Because of the internet revolution, you can have access to people's account number and names and these are all you need to scam their, get access into their accounts and take all their money.

Before you register for a bank account I believe BVN which is a bank verification number is enough information for a person to provide for the bank but no, you're asked for a lot of information, from your national identity card to even your mother's maiden name, this information are kept in unsafe database which is hackable and easily brought down with weak or no firewalls. Now because of these huge informations in these database it's possible for imposters to pose as bank agents to steal from people.

images (1)-01.jpeg


Information and data needs to go with adequate security. The banking system is designed in a way where a person who is saving money is putting their identity and data in the open, these datas are often horded to big companies planning to do geographic advertising, people still have money in banks where they're limited in how much they can save, limited In transaction because the system isn't strong enough to take mega transactible access at a period of time, limited in almost every sector and irrespective of this, we still have scammers accessing people's bank account each and everyday.

In reality the technology is old and the people who makes the decisions are equally as backward. Innovations and technology will ensure people provide less information and are assured of security, speed and anonymity but then as much as Nigeria loves tech and science the government will never be an advocate to tech that will give people maximum freedom off their hold or control.

Why The Incessant Control Will Continue

The banking industry is still thriving because people still don't have an alternative to storing their wealth, their money or their valuables. People are left to bear the harsh policies and conditions of banking because they feel if money isn't kept in the bank then it's not safe. Irrespective of the fact that cost of transaction is something that's not escapable I do believe it shouldn't be expensive, but then this is even another bigger scam and how do I mean?

You might have ₦20,000 in your commercial bank for maybe two years, the bank will keep deducting things like ATM fees, maintenance fees and mobile banking fees despite you not even being a recipient of any of these because of the dormancy of your account. To me this is grand theft, nevertheless because your account is open to them they toy with your money creating endless charge fees with are non existent to keep stealing from you.

images (2)-01.jpeg


In conclusion I believe Nigeria needs a revolution, people needs to strip the banking sector off their monopoly and incessant control by buying into crypto and have assess to speed, certainly, less data or info shilled on the internet, security and absolute privacy of fund without the hands of a third party involvement. I still say it again, crypto will revolutionalise the banking sector but then people are still hooked in on the stance that crypto is to unstable and the tech behind it is too sophisticated and untrustworthy.

This are the things banks and government uses to keep people in check, no one wants to buy into a tech where they can't physically access their funds they're still technically backward and ignorance is a tool that is used to control people. Finally, new innovations will happen and it's left for people to read, understand and believe the numerous 'freedom" offered by crypto because this is the only way to be free of the control of the banking sector in Nigeria.

Interested in some more of my works?

The Motivating To Stay Mentally Healthy In An Unmotivated Universe
The Nigerian State; What Change Would Generally Influence The Economy & More?
Scouting In Football; A Failed Commercialised Venture In Most Football Clubs?
Our Love... That Glitters.... (An Original Poetry)
Doing Right By Our Consciousness; Is Death Always Peaceful As It Is Often Thought?
What Is And Isn't The True Definition Of Weakness?


My name is @Josediccus, a young Nigerian student who is a Vlogger, A Psychologist, Poet And Sports Writer/Analyst. I'm using my contents as a process to create shared meaning as well as create expressions through which people on/off hive can relate. I believe content is a process to be enjoyed and relished and I'm up for any collaborations in my field stated above. Cheers

@Josediccus, your brother-in-pen & heart

I'm hoping to reach more people who are broken at heart and spirit, so share on any platform or reblog

My Twitter handle

3 columns
2 columns
1 column