Fintech dey boom as naira crisis stretch banks’ digital platforms
Di naira crisis wahala and di failure of banks to do someting about di matter, don make customers embrace fintech, mobile money platforms.
Naira notes redesign don cause crisis wey make daily operations hard for many pipo and organisations. Due to a cash shortage in February, Nigeria economy almost collapse. Also, di matter lead to protests nationwide. As a result, di government reintroduced di old N200 notes into circulation, and dem extend di deadline for dia abolition by 60 days to April 10.
Di scarcity of cash and naira crisis wey naira redesign cause, don make banks dey struggle with di attendant pressure wey come from Nigerians migrating to fintech, mobile and digital banking. And di matter don cause dia platforms to stretch thin.
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Also, Banks dey forced to close dia doors to customers due to angry customers wey dey protest about dia inability to withdraw money.
Even di automated teller machines dey disabled and over-the-counter operations non-existent, banks’ digital platforms just get as e be. Plenty bank customers dey stranded as dem no fit conclude dia transactions.
Banks bin already dey get issues before di naira crisis. Also, plenty of dem don lose dia best members of staff to ‘japa’ syndrome (local slang for migration). Di naira crisis don carry come front di lack of qualified IT manpower for di banking sector. Plenty of dem don migrate go developed economies.
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