Topic: New policy on internet banking (Read 92 times)

CBN should have just look for a possible way to make them more transparent in their activities, like opening a branch and registering them just like other commercial banks. I don’t know maybe having a physical bank makes it harder for transactions to process faster from those banks because all the banks that will be affected by this are all online banks and they were really of help during the no cash policy crisis early this year. CBN should have look for a way to add them to the system since Nigerians love using those platforms and have them registered just like other banks do with CBN to be giving full license of operating.


Opay has been one of the best performing online bank this year and anyone that is using their account for transactions can testify to that. Opay have denied that they are not affected by this new rule. I don’t think a bank can operate and have account informations of other banks if they are not connected through a central system like the one NIBSS provide. The circular looks like CBN wants to stop providing the NIBSS service to those banks that are not commercial, if that is effected many of online banks will be gone and we’ll have to go back to be struggling with network issues when making a transaction.

Do you know one of the problem of been in Nigeria, they kill almost every living been in the country with their policy and when they want to establish a policy, they don't take any precautions or any measure to protect the people, they do it in harsh manner and hence the reason why investors are running away from doing business here in the country. Why on earth will the government force them out when they know that they are helping almost most of the internet banking in the country, like if NIBSS should exit they are going to provode another solution for the banks, it's a shame they that CBN don't like innovation, they want us to go back to to late 60 and 70s commercial banks network. 


In as much as I like Opay service and I have always used them for all my banking service, I think I need to trade careful with amount I'm having on the wallet. I will move out most of it to my account as CBN want us to used commercial banks  . Opay might be right about not connected to NIBSS but for the sake of unforeseen circumstances, it's better to avoid this money operators for now just to be safe because they don't have branch in some places and the way their services has been going for maintenance is another red flag to move out your money quickly especially that Kuda bank, they have been having issues since 2021 so abort while it's still fresh.

Na nice idea Sha because all this online banking system don dey plenty well well and no body know there motive. If them no tarcle them, they fit carry people money run one day. Most of this online financial institution dey take advantage of the failure of our local banking system, to bring an alternative to our problem where as they get another motive for mind. I been get plenty online banking apps but I decide to use opay because I see am more advantageous over some others. The reason behind am na because CBN give am lancens and e also dey fast, cheap and easy to use, compared to others.

This no be bad new sha, intact na very good news because all those switches for this country fit carry person money run, and the worst thing na be say some of them no get license, actually wattin this news dey talk na be say some of those payment system online wey no get license naim dem wan end so. So op abeg edit your post because all those Opay, Kuda, Monie point, piggyvest etc nor follow for those online banks dem wey no get license, opay dem dey out of this discussion. Na very good thing as opay rush come outside come shook mouth put for the matter say dem nor follow, make other fintech banks dem also do likewise, so that people mind go rest, because this matter people don dey understand am the wrong way.

The agency wey dey regulate inter bank service for our country we dem name be Nigeria inter bank settlement system (NIBSS) don give direction to all deposit money banks, merchant banks, switches, mobile money bank, payment services bank, micro finance bank, mortgage bank and others to delist them as the beneficiary on NIP fund transfer channel because it contravene the CBN guidelines on electronic money transfer.


In summary, if you get money inside any of the above affected platforms, you no need to worry because your funds dey save. You fit transfer out but you no go fit fund again if dem implement the rules. Opay, Kuda, palmpay, chipper cash and other mobile banking apps wey we dey use for fast transaction dey affected from this circular but in another development, Opay verified Twitter handle posted that they're not affected with this directive.
https://twitter.com/OPay_NG/status/1732738222533312912?t=sPxBe3Ren9L3NhIHlehjzw&s=19


To some extent, the directive make sense because e go protect us from scams because some of this online banking platform are out there to with one kind motive. But on the other hand, this directive is planing to push us back to traditional and financial banks killing us charges for everything and e no go too favor us for crypto space. How una see this matter?