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Sunday, March 18, 2012

Is Nigeria Ready For A 'Cashless Economy?'. Obviously Not

First, I'll like to correct the term 'cashless economy'. Please Mr. Sanusi, it's not 'cashless', it's mobile money. Money in your hands that you can access whenever you dont have cash. So get? When you tell a market woman 'cashless', she'll immediately imagine money is disappearing.

What's with Sanusi and terms though? Instead of 'interest-free' banking, they were telling us 'islamic' banking. I mean Jews practised interest-free banking yo.

eTranzact servers were down today. @ifeanyigbemudu had problems transferring  money with his account. It's a Sunday, and those of us in the web community know traffic is at its lowest on Sundays. So why are Nigerian bank servers always down on Sundays? What's always worrying una?

I said I'll avoid GTBank in this post, but I just cant. 24th December, 2011. A GTBank Data Centre was on fire. Nationwide Outage. KABLAM. No money. It practically disappeared. GTBank servers are ALWAYS down like for real. Buy more hard drives or something. Stop acting Friendster film for us.

Our technology is obviously not ripe for a 'cashless economy' or an economy that's fully dependent on web transfers. I'm not saying we shouldnt try to move ahead with technology, I'm saying we're not ready enough to be having 150K withdrawal limits. That's stupid. What's 150K going to do?

The CBN needs to reverse the fine policy. Why should I pay I fine if I want to collect MY 150K? Is it your money? Like, the U.S and Japan are obviously moving faster than everyone else in the mobile money thing. You've got Square, Google Wallet, NFC transfers, all that good stuff. The question is are they fining their citizens for withdrawals? Again. Is it your money?

Back to the GTBank thing. How does a company that large have only one data centre for the entire country. I honestly get disappointed when I get into GTBank Branches. The first thing you meet is the bloody annoying queue. Like you have too many customers, build branches already or hire more staff! The other day, I saw a 2/3 year old writing her assignment on the floor at Yaba. Like, her mother had obviously been on the line for too long. We were on the line too.

Please, when I created my SKS account, I didn't ask you to create another account for me that's an 'ATM' account. Why can't the ATM account be tied to the main account. Be doing daylight robbery, be forming cuu kid.

Until these issues are resolved and UBA stops "Hidden Charges". I'm sorry, this cashless economy nonsense cannot work. I've already started stashing my own money in my own house bank. I'll rather have thieves steal it, than it disappearing.

See how I've even avoided all the mobile networks and ISP problems? You'll go and eat at restaurant, when it's now time to pay, MTN will now be using you to do Kalo Kalo. Fold your sleeves bros, it's time to wash plates.

My Starcomms modem disconnected while I was drafting this. Imagine if I was about to make some large scale payment. HEL HO HEL