Fintech adoption skyrockets as consumers snub banks’ digital platforms
By Oghale Mafuru
Coming on the heels of the recent naira redesign and cashless policy of the Federal Government, consumers have jettisoned banks’ payment platforms for fintech apps to facilitate seamless electronic transactions.
Consumers who have been under intense anxiety and distress following the inability to access cash and make electronic payments void of technical interruptions, have embraced the mobile money solution for convenience and instant financial services.
Speaking to MARKETING EDGE, some of the consumers who now heave a sigh of relief after several experiences using fintech apps, complained of many failed transactions encountered while using banks’ mobile apps. They added that with fintech apps, transactions are done without delay.
Dominic Uduak, a businessman revealed that the fintech app he uses has made him enjoy good patronage despite the cash crunch noting that payment is completed with ease to the delight of customers.
He said: “Most of my customers do not usually come to buy with cash. You see I was using my bank account to receive payment but many times, I will not see the money. When I go to the bank, I cannot get it resolved on time. With this my fintech app, I receive instant alert when money is transferred to me. If I don’t see alert, then it did not enter.
“To tell you the truth, I have two fintech apps that I am using and they are working very well” he added.
On her part, Mary Akpan, a hairstylist speaking enthusiastically confirmed that since she started using a fintech app, she stopped all transactions made through her bank.
“To be frank, I don’t think I will use my bank account for now until this crisis is over. About 90% of my customers pay me through transfers. Imagine if I have to rely on my bank. Before now, customers will transfer money, I will not see it. When you go to the bank, you will stay at the gate for hours. Well the only concern for me about this fintech app is that they don’t have a physical presence. I am not sure I can save money there anyway” she said.
Other anonymous comments posted online include:
“My bank app is telling me “Transaction unsuccessful, stopped due to fraud check” my legitimate money wey I sweat out. Stupid last bank. After this period, I will wipe off my account with you guys”.
Another customer lamenting online said: “I had two failed POS transactions today… please refund our monies…”
“Download fintech app, transfer your funds there and from there, do your transfers. Na Wetin save me” another customer responded.
“Nigeria is not yet ripe for a cashless policy. No steady power supply, transactions will fail. Meanwhile, the sender will be debited and the receiver won’t receive any money in his account. Illegal debits from banks. Error messages when transfer is initiated.
Come to rural area, you can hardly find a bank. No electricity. Na POS dey cashout from poor traders and most of the rural dwellers don’t have a bank account.
In a report by Nairametrics, a financial literacy platform, most fintech apps recorded over 10 million downloads following the CBN’s naira redesigned policy.
While enormous online payment traffic has been blamed for the service glitches experienced by bank customers, the banks need to develop the technological capabilities to accommodate the overwhelming number of transactions on their platforms to optimize service delivery.
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