As the end of the Naira scarcity is nowhere in sight and following the breakdown of commercial banks mobile apps and USSD codes, Nigerians are switching to virtual fintech banks which provide swift transactions. Virtual banks like Opay Palmplay , Kuda are some of the top choices.
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The naira redesign has caused conventional banks to struggle with the attendant pressure that has come from Nigerians migrating to mobile and digital banking, causing their platforms to be overloaded.
Banks were forced to close their doors to customers due to angry customers complained about their inability to withdraw money.
With automated teller machines disabled and over-the-counter operations non-existent, banks’ digital platforms were overwhelmed. Many bank customers were stranded as they were unable to conclude their transactions.
A Guaranty Trust Bank customer, who gave his name as Ekene, lamented about the poor network and how it has affected her.
“My bank app has not opened since last Monday. Thank God that I have customers who trust me enough to give me items on credit. If not I do not know what I would have done.”
While banks are having a hard time coping with the pressure that has come with the naira redesign, it has been a boom period for financial technology companies also known as fintech. Many bank customers have switched to fintech for their day-to-day transactions.
Fintech such as Kuda, PalmPay, Moniepoint, Parallex, etc., have become household names in the country as customers now depend on them for online payment as the naira crisis drags on.
“Also, we can state that this period has been quite challenging from the CBN policy to the state of the nation to the attacks on banks but just to add that the fintech, the of Opay, Kuda, PalmPay and others, have come to save the day, and many Nigerians have fallen back on this fintech who before now was known as the underdogs.”
He advised banks to do more in strengthening their infrastructural base in terms of capacity building.