In Nigeria, banks are at the center of gravity for anything financial services: for all you do, you need BVN (bank verification number) and only banks issue BVN. But banks struggled, initially, to find value as fintechs began their redesigns. As I noted in my video on Smiling Curve, banks were at the center where value is marginal. Fintechs had always played at the edges of the curve.
But wait, the Central Bank of Nigeria has the memo: unleash the banks to move at the speed of now. Yes, going forward, deposit monetary banks (yes, commercial banks) can operate mobile money wallet services without prior approval. This opens many opportunities for banks.
Why ask a company to apply and wait weeks for review on something competitors can do overnight? Sure, they need to be regulated since they have other people’s money. But yet, you can still allow them to dream bigger in their businesses. The best fintechs in Nigeria include some of our banks.
Tekedia Mini-MBA (Sep 12 – Dec 3 2022) has started; registration continues. Register here. Cost is N60,000 or $140 for the 12-week program. Beat early bird for free books and other bonuses.
#1. Advance your career, run your business better with Tekedia Mini-MBA (Sep 12 – Dec 3, 2022): cost is N60,000 naira ($140). Click and register here.
#2. Click here and register for Tekedia Startup Masterclass and master business secrets from start-up to unicorn. Cost is N180,000 naira ($400).
#3. Click here to join Tekedia Capital Syndicate and own a piece of Africa’s finest startups with small investment.