There is a place of behavioral change in product adoption, regulators putting in the right incentives earlier on would have helped deepen the adoption but here we are.
Stakeholders yet to recover from the talent exodus, now they have to deal with array of infrastructure issue, application security and other external challenges beyond their control. I think the key lesson here is to understand the importance of creating pipeline for key talents across board and rethink the thought of ''no one is indispensable'' because it can really hurt at times.
This is an amazing article. I think the problem is summarized by how strong the NIBSS infrastructure is because every interbank settlement (except enaira) is done through the same NIBSS. I've asked myself and I'm researching how to process instant settlement outside NIBSS. I also see this time as an ample opportunity to introduce tap-on-phone card payment and I'm building a VISA app that anybody that can transact with cash can use.
There have been conversation around building redundancy for NIBSS but looking at the setup - NIBSS is owned by all licensed banks including the Central Bank of Nigeria (CBN), I am afraid that is not happening anytime soon.
The App idea sounds really interesting, I cant wait to see it launch!
Well taken thought-line at K
My thoughts;
The level of cash addiction across the nation clearly depict how poorly the regulator, players (commercial & fintech) have fared.
It has also exposed the lack of robust infrastructure needed to achieve financial inclusion in underserved areas.
Right now what we see is the massive exclusion of the supposedly banked in urban centers.
There is need for massive infrastructure scale, and awareness.
Need I forget to mention that brain drain also amplified the situation.
Stakeholders hell bent on underpaying talents can now dance naked in the market square to the rhythm of their awkward beats.
I see massive gap for fintech’s both existing and budding players to fill up.
A Startup solely focused on financial inclusion awareness can make a killing promoting same.
The game just got started.
Interesting comment Brain.
There is a place of behavioral change in product adoption, regulators putting in the right incentives earlier on would have helped deepen the adoption but here we are.
Stakeholders yet to recover from the talent exodus, now they have to deal with array of infrastructure issue, application security and other external challenges beyond their control. I think the key lesson here is to understand the importance of creating pipeline for key talents across board and rethink the thought of ''no one is indispensable'' because it can really hurt at times.
Its time to build!
This is an amazing article. I think the problem is summarized by how strong the NIBSS infrastructure is because every interbank settlement (except enaira) is done through the same NIBSS. I've asked myself and I'm researching how to process instant settlement outside NIBSS. I also see this time as an ample opportunity to introduce tap-on-phone card payment and I'm building a VISA app that anybody that can transact with cash can use.
Thanks Kelvin.
There have been conversation around building redundancy for NIBSS but looking at the setup - NIBSS is owned by all licensed banks including the Central Bank of Nigeria (CBN), I am afraid that is not happening anytime soon.
The App idea sounds really interesting, I cant wait to see it launch!