I am one of those that believe and advocate that in this day and time, we all have only two choices: disrupt or be disrupted.
What this basically means is that irrespective of who you are or what industry you operate in or how much you have in your vault, you need to come to terms with the reality that some kid somewhere is seeking better ways to deliver the same product and service you are currently delivering.
So, I am not surprised to have observed Nigerian banks grow into what has now become huge supermarkets where you can find all that you want, even to shop for your household items but rare to get support for small businesses.
Today, Nigerian banks are airline ticket resellers, ecommerce platform owners, bill collectors and many more. The one I find very striking is the sale of airtime, one business that had kept many unemployed youths and even grownups going for a long time.
Today, the banks are smiling to the “banks” because they have used superior technologies which they can afford to make it super easy for people to buy airtime through them rather than through the guy on the street. Some of them, have created short codes that are linked directly to your phone and bank accounts, which is certainly convenient and laudable but have we thought about the overall effect on unemployment?
I may not have been perturbed if such banks would turn around and find other ways to empower such young minds that have, sort of, been displaced from their means of livelihood. Each time I pass through anyone who settles for recharge card sales as a mainstay, I usually shake my head in pity wondering if they are aware of the tsunami that is coming with the aid of technology.
Now, before I am accused of double standards, I’d like to state that I buy more of my airtime online as well. But, here is the difference: I rarely buy through the banks; rather I buy through start-ups such topupgenie, topupnigeria and a few others trying hard to innovative in that space. Why do I prefer these channels? It is because I realise that it is the only way these start-ups can earn income, hire more staff, innovate and grow.
It is my humble opinion that Nigerian banks should just focus on core financial services, innovate around that and stop trying to be resellers or traders under whatever disguise. — Finish Reading on the Punch Website
