Monday, 2 October 2017

Why recharging from banks is not profitable

in a country like Nigeria with so many jobless people, innovations like recharging from the banks might be a good idea but for a labour intensive economy like ours, it should be reconsidered. some are even trying to make a living selling some common items like recharge cards.
Many family heads feed their family through this means until the banks started selling recharge cards. This has forced many people to look for alternative that are not actually available.

Now the banks selling recharge cards seems to be doing us good but in the real sense are draining us and and killing the average Nigerian.

If you recharge #100, u are sent an sms for notification from the network and another one from the bank. You will be charged for the notification from the bank so in essence, you will be paying #104. On the other hand, if you need recharge from a street vendor, you have helped a Nigerian that will probably not get employed by the bank an avenue to keep his job and keep feeding his family.

Another is the use of quickteller to make bill payments. No doubt, its convenient and stress-free but its actually costlier than the conventional subscription or from the vendor. If you subscribe to a GOtv  plus bouquet of #1900, the bank sends an sms of #1900 charges and another sms of #105 charges.These two sms costs #8, so in total you are paying #2013 and yet you will have put smiles on some people's face by patronizing them.

The intent of this write up is not to discredit the banking industry for the brilliant job they do in keeping our money but to discourage activities that will not favour the common Nigerian.