RANT: BANKING CRISIS IN NIGERIA

Yesterday I was able to convert 40,000 naira worth of HBD to hive which I transferred to Binance for cash. This I was able to do in a matter of minutes. I transferred this said amount to my brother's (@iamchuks) bank account so he could pay for tuition fees and till now he is yet to be credited.

I have another 3-week-old transaction with another bank which is yet to be resolved. I have visited their branch a few times; I have written several emails; I have called; and even went as far as reaching out to the bank via their social media page but yet nothing has been done. I have about 50,000 naira held indefinitely by the bank.

Now it's become a norm to have multiple bank accounts, which is a strange practice to me. I have been using just one bank account for the past decade for my day-to-day transaction and I have had less than 10 issues transacting within that time frame but now the sorry is different.

Due to the increased bank failures, I have been forced to have multiple bank accounts to avoid inter-bank transfer issues because they are capricious--you cannot tell if a transaction will pull through or not. It is also ironic most reliable banks now happen to be microfinance banks i.e palmpay, opay, etc. The big banks are unable to deliver quality banking services irrespective of their size, capital and years of experience

The customer care service is nothing to write about. Most of their reps on the phone sound tired and unmotivated as they regurgitate the same words and faux promises. I can't help but wonder if these organizations do not realize or understand the importance of having decent customer service

WHY ALL THIS SUDDEN CRISIS?

Banks have been having a hard time since the implementation of the cashless policy by the Central Bank of Nigeria. However, this isn't much of an excuse as the Apex Bank of Nigeria has gone back on its policy.

What seems to be the obvious issue is scalability and the massive brain drain in the financial sector. Most of the best s have migrated to Europe or other parts of the world in search of better working conditions. It is my fear that the situation will get even worse as more Nigeria seek greener pastures elsewhere.

As a businessman who is constantly transacting, the current bank crisis is worrisome. It is impacting my business negatively, and I do not think I can continue this way.

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