Fear for Fintech banks

[Jenwi]

Na so every time I go get rumour say all this fintech banks wey be our greatest opay, kuda, palmpay, and all of them wan shutdown. en don become play play something, na so some people don they remove all their money. One man one time like that say e no Dy put more than #10,000 and immediately en put am en Dy go withdraw am. Another person say e no Dy allow e money stay overnight inside the account say en no trust Wetin fit hapon for night when en Dy sleep.na so others they call am online bank, say M.M.M  don do them something so anything wey come from online Dem no go put head.
Me my self I get opay, moniepoint, and palmpay but I  no Dy fear becos I know Wetin be N.D.I.C. mean.
Make them stop all this rubbish those banks they really help us o.

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[Stepstowealth]

There is the fear and uncertainty with Fintechs because of the kind of many bad experiences that Nigerians have had, and because it is not impossible. Fintechs because they do not all have physical locations like the normal bank wey we get, Many people dey always fear an avoid them. I dey use Opay for more than a year now, and since this time, I never face any real or serious problems like the one wey the banks dey give us, but I still dey use my sense. How? I nor dey leave big money for the fintech account, na only money wey I know say I wan spend nai I dey keep for Opay.

[nelson4lov]

No be their fault. In a country like ours wey don heavily dey infested with ponzi schemes and thousands of scams in the past and present, people dey try dey careful with these fintech banks. Initially, I been dey skeptical of fintech banks because them no really get office wey person fit go lodge complaint in the event of failed transfers that were not refunded.

For instance, in October, I had an issue with one of these fintech banks and the process of getting it resolved wasn't enjoyable one bit as we were just going back and forth with the session IDs, screenshots, etc.

But I no go lie. Currently, I use fintech banks about 95% of the time compared to traditional banks. It's faster and more often than not, cheaper to use.

[Inior]

 na true you dey talk oo, but as e stands now , my guy dey wait for me to transfer funds for am , kuda just tire my funds down..

[Tuclikk]

Na so every time I go get rumour say all this fintech banks wey be our greatest opay, kuda, palmpay, and all of them wan shutdown. en don become play play something, na so some people don they remove all their money. One man one time like that say e no Dy put more than #10,000 and immediately en put am en Dy go withdraw am. Another person say e no Dy allow e money stay overnight inside the account say en no trust Wetin fit hapon for night when en Dy sleep.na so others they call am online bank, say M.M.M  don do them something so anything wey come from online Dem no go put head.
Me my self I get opay, moniepoint, and palmpay but I  no Dy fear becos I know Wetin be N.D.I.C. mean.
Make them stop all this rubbish those banks they really help us o.

You know say one thing with this naija wey we dea immediately rumour start to spray everybody go wan add something on top. You as person wey go school how you go see something wey be say their license na from N.D.I.C you go say they go rn with your money chai, op you no this people wey dea fear, be like say dem do one or two with the app wea be say payback go dea, if not how dem go chop your money if no be loan you collect. This moniepoint, opay and kuda even na transfer you do wey no do, dem dea reverse your money back. Even normal bank dea do da one ? If no be say you go complain and fill form before they go rectify your issue you fit wait until 3- 7 working days, Let be sincere.

[Jamestown70]

Op this matter about Fintech bank shutting down na lie but na account way still dey tier 1 that is account way Dem no use BVN or NIN open am Dem go ban cbn one close those accounts because them no get any trace anybody can open it with out stress using someone's else details which e no make sense u no know if the person na kidnapper scammer or any random people wey dey do bad thing, the thing be say if you get account with such banks make you do fast fast link am with your bvn or NIN so that e fit enter tier 2 to avoid story that touch many pipo na only these banks them rely on so abeg make una do fast fast to enter tier 2 make cbn no ban am.

[Kelward]

Me I de liken dis Fintech banks to di exchanges wey we de run our crypto transactions, na place to conveniently do our transactions, after dat na to transfer money put inside our traditional bank account. Di rumors of dem shutting down fit no be true, because na so wicked people de take carry fake news to spoil other people businesses. But the point be say so far say dem no get branches like normal banks wey you fit enter do physical transactions or make complaints, if anything happen to your money na OYO be your case. Dem de very convenient just like exchanges and I de reason say dem fit also go down like some exchanges, so as e no de advisable to leave your coins for exchanges, e no too de advisable to leave better money for inside Fintech banks.

[DubemIfedigbo001]

One thing for this naija be say panic dey spread like wildfire among people easily because of the way the country be and most people no even dey verify the source before them begin spread am. I no blame them though cos the government no dey help us at all, in fact, they placed us in a state of panic already, so mostly, Nigerians are skeptical of bad new rather than good ones.
These fintech banks are what I call life savers, they gained good prominence during the cashless economy and some of them like majorly Opay is still maintaining good standards up till now. They recently had a physical office at Abuja recently. standard banks are well known for their unnecessary dramas and network hitches, so these fintech banks saves us a lot of stress and drama and makes life easier for the citizens.
Opay is my spending account, I do virtually all my money movements and bills payment from it and I've never had any reason to regret it for almost three years now. What more can I ask from them?. I virtually don't keep much funds there, I still spread my finances across other banks and investment channels, but Opay has been very instrumental and engaging financially over the years and I sure give them credit for that.

[HajiBagi]

Na so every time I go get rumour say all this fintech banks wey be our greatest opay, kuda, palmpay, and all of them wan shutdown. en don become play play something, na so some people don they remove all their money. One man one time like that say e no Dy put more than #10,000 and immediately en put am en Dy go withdraw am. Another person say e no Dy allow e money stay overnight inside the account say en no trust Wetin fit hapon for night when en Dy sleep.na so others they call am online bank, say M.M.M  don do them something so anything wey come from online Dem no go put head.
Me my self I get opay, moniepoint, and palmpay but I  no Dy fear becos I know Wetin be N.D.I.C. mean.
Make them stop all this rubbish those banks they really help us o.

Na waiting go spoil the name of this banks some people dey do, all this banks have help us no be small, although I  know say all This banks are online banking and we no dey see them like the other banks but waiting this banks Don do for us some banks wey we know more than a year's never do am, this banks are very strong and sharp when it becomes transaction, them no they waste time like others banks wey be say if you wan do transaction and money hang you go go bank go complain, this online banks no need to go anywhere you go just make call and everything is fine.

I dey even hear say our government say them go ban this bank's because them no get branch, and according to the news wey I hear them say on 15th of this December them go ban am and we dey December 15 now and nothing happen, all this bank's can not be ban at once because many people now are using it, and I think it is because them they get customers pass all this our former banks na him make them wan ban am, nothing we no go see for this country.

[Mate2237]

Op you thread made me laugh, this not the first time I don hear this rumors. Na from the beginning nof last year and till now we have not heard anything again and there was a time when the cashless policy started, I was also hearing that because of the way Micro Finance Banks operating and their services are very fast in transaction so CBN said they would stop the USSD code which banks are using to transfer money and stop their bank apps and really frankly speaking all the bank networks at that time were not working so people come dey think say na weti CBN tok nai dem wan accomplished that time. But later after every drama, things became normal again.

And as it is now, those banks will not or can't be eliminated in the Nigeria banking and financial services or system. And really MMM spoiled many people mind for this online things and most cryptocurrency. Many people still never believe say Bitcoin e dey genuine because of weti dem lost for MMM.

[Miles2006]

No be say I dey call those people liars cause sometimes wetin A talk go dey different from B own and the both words no be truth naso some people dey, All this things wey you mention I never experience any so I no fit talk about those banks but I only know about kuda and have seen someone insulting palmpay, the best is to avoid using palmpay and kuda only but for opay I haven't experience such and the network is just too fast compared to traditional bank.
But all this things wey people dey talk na market strategy because person fit use mouth spoil another person business or company na why competition dey always dey for business.

[Dr.Bitcoin_Strange]

There was a news published on the month of March 25,2023 regarding the "Alleged fraud: CBN denies suspending OPAY, PALMPAY account. "
This has only been the news trend as of last year December and earlier this year and ever since then there is no news or warning stating that those fintech mobile money service company will be suspended. It is all rumors but citizens should not just keep a very huge amount of money in those accounts.

[CryptopreneurBrainboss]

Me my self I get opay, moniepoint, and palmpay but I  no Dy fear becos I know Wetin be N.D.I.C. mean.
Make them stop all this rubbish those banks they really help us o.

I love the fact that you don't believe the rumour but nothing should be taken for granted, remember smoke no dey just dey somewhere wey fire no dey. If the rumours keep popping up then we should keep our guard up because anything fit sup at any minute. Me I dey use fintech banks very well and I dey put better money inside and dey even use them dey do many transactions but I know the risk involved although opay looks unlikely to go anywhere. Recently self dey just open physical presence for the country and plan to do more in other states.

Dem go dun see people worries for the net before dem do this one. Yes dem be fintech but you're in a country with bad history with companies without physical presence in the country so to avoid doubts do the needful and create a physical presence. Nigerians are right to worry as this country things get swept under the rug very quickly. When things go bad na only talk we go dey hear without people money been refunded. Even our traditional banks can't cover all the money you have with them if things go south talk more of fintech. Abeg na Nigeria we dey so no go put more than you can afford to lose for those fintech especially the ones wey no get better popularity. Highest wey the government go do na to arrest the owners of the fintech if them go bankrupt because of hack or exist scam so make we protect ourselves abeg.

[Spaceman1000$]

I no believe say N.D.I.C wan stop this Banks, na rumour mongers just dey spread falsehood. However I also believe say, those our commercial banks too fit follow for people way wan put sand for the garri of fin-tech companies, because I believe say them don see how a lot of people dey troop into the fin-tech banking world, there by reducing their patronage.
So fin-tech has come to stay. Like the one's you enlisted, they all have licenses to operate within the speculated framework given to them to operate within.

[Makus]

Normally all these Fintech banks no get any intention to shutdown na just rumors from haters and this fake news Dem fit dey even planned by bank sef, who knows, this one wey person no go fit predict this country and wattin em citizens fit do just to survive, wattin I dey talk dey very possible even if say I no dey sure or get fact to back am up. This Fintech banks na very big treat to traditional banks and since Dem start to come out side, na so people just dey run dey use Dem because of their fast transactions. But yet I still dey Yan us say dem nor dey all that safe to put big moni inside so make er mind wattin we dey keep inside.