Monday, September 25, 2023
  • About Us
  • Advertisement
  • Contact Us
  • Privacy Policy
The Daily Crucible
  • Home
  • News
  • Business
    Probe Missing US$15 Billion, NN200Billion Of Oil Revenues – SERAP Urges Tinubu 

    Probe Missing US$15 Billion, NN200Billion Of Oil Revenues – SERAP Urges Tinubu 

    Planned Lagos – Abuja Super Highway To Be Ready In Four Years – Umahi

    Planned Lagos – Abuja Super Highway To Be Ready In Four Years – Umahi

    Exchange Rate: Nigerians In Diaspora At Vantage Position To Invest In Real Estate Now – Realtor Adeyemo

    Exchange Rate: Nigerians In Diaspora At Vantage Position To Invest In Real Estate Now – Realtor Adeyemo

    Acting CBN Governor, Deputies Storm Offices On Monday Despite Tinubu’s Appointments Of Cardoso, Others

    Acting CBN Governor, Deputies Storm Offices On Monday Despite Tinubu’s Appointments Of Cardoso, Others

    Exchange Rate: Nigerians In Diaspora At Vantage Position To Invest In Real Estate Now – Realtor Adeyemo

    Exchange Rate: Nigerians In Diaspora At Vantage Position To Invest In Real Estate Now – Realtor Adeyemo

    President Tinubu Moves To Replace Emefiele, Nominates Cardoso As New CBN Governor 

    President Tinubu Moves To Replace Emefiele, Nominates Cardoso As New CBN Governor 

    Trending Tags

    • Market Stories
    • Bitcoin
    • Litecoin
    • Harbolnas
    • United Stated
    • Property
  • Politics
  • Education
  • Lifestyle
    Glamours As President Tinubu, Obasanjo, Osoba, Abiodun, Others Honour Oba Gbadebo At 80

    Glamours As President Tinubu, Obasanjo, Osoba, Abiodun, Others Honour Oba Gbadebo At 80

    After Exciting Camp Life, Ogun Corps Members Share Challenging Experiences In Their New Environment

    After Exciting Camp Life, Ogun Corps Members Share Challenging Experiences In Their New Environment

    Lady Rescued From Suicide Attempt Facing Challenges In Her 2 – Month Old Marriage – Sources

    Lady Rescued From Suicide Attempt Facing Challenges In Her 2 – Month Old Marriage – Sources

    From A Pentecostal Church General Overseer To Deacon In The Anglican Church: My Story 

    From A Pentecostal Church General Overseer To Deacon In The Anglican Church: My Story 

    Royal Visit: Nigeria High Commissioner In UK, Amb Tunji Isola Receives Oba Gbadebo, Osile In London

    Royal Visit: Nigeria High Commissioner In UK, Amb Tunji Isola Receives Oba Gbadebo, Osile In London

    My Journey Of Nomination, Withdrawal, And Hope: A Personal Account

    My Journey Of Nomination, Withdrawal, And Hope: A Personal Account

    Trending Tags

    • Bitcoin
    • Champions League
    • Explore Bali
    • Golden Globes 2018
    • Grammy Awards
    • Harbolnas
  • Entertainment
    Fast Rising Artiste, MohBad Dies At 27

    Fast Rising Artiste, MohBad Dies At 27

    Nollywood Actor, Bola Ninalowo Finally Parts Ways With Wife, Bunmi

    My Fiancé Was Shot Dead 2 Months To Our Wedding  – Actress Allwell Ademola

    My Fiancé Was Shot Dead 2 Months To Our Wedding  – Actress Allwell Ademola

    Court Jails Tiktoker 3 Years For Cyberstalking Actress Eniola Badmus

    Court Jails Tiktoker 3 Years For Cyberstalking Actress Eniola Badmus

    Finally, May Files For Divorce From Yul Edochie

    Finally, May Files For Divorce From Yul Edochie

    Court Remands Prankster Trinity Guy, Minor’s Parents In Correctional Centre

    Trending Tags

    • Golden Globes 2018
    • Grammy Awards
    • Explore Bali
    • Champions League
    • Harbolnas
  • Sports
    NSF’2024: Ogun Poised To Surpass Past Achievements, Abiodun Vows As He Inaugurates LOC

    NSF’2024: Ogun Poised To Surpass Past Achievements, Abiodun Vows As He Inaugurates LOC

    Alleged Doping: AIU Suspends Women’s Hurdles World Record-Holder, Tobi Amusan

    Alleged Doping: AIU Suspends Women’s Hurdles World Record-Holder, Tobi Amusan

    OOU Beats FUNAAB 2-0 In 40th Anniversary Football Match

    OOU Beats FUNAAB 2-0 In 40th Anniversary Football Match

    Nigeria’s Ese Brume Wins World-Leading Record At Botswana Golden Grand Prix

    Nigeria’s Ese Brume Wins World-Leading Record At Botswana Golden Grand Prix

    Ogun Govt Renovates MKO Abiola Stadium, Recovers Seats Fully

    Ogun Govt Renovates MKO Abiola Stadium, Recovers Seats Fully

    Cristiano Ronaldo Joins Al-Nassr, To Earn $75m Yearly

    Cristiano Ronaldo Joins Al-Nassr, To Earn $75m Yearly

    Trending Tags

    • Champions League
    • Explore Bali
    • Harbolnas
    • United Stated
    • Market Stories
    • Litecoin
No Result
View All Result
The Daily Crucible
  • Home
  • News
  • Business
    Probe Missing US$15 Billion, NN200Billion Of Oil Revenues – SERAP Urges Tinubu 

    Probe Missing US$15 Billion, NN200Billion Of Oil Revenues – SERAP Urges Tinubu 

    Planned Lagos – Abuja Super Highway To Be Ready In Four Years – Umahi

    Planned Lagos – Abuja Super Highway To Be Ready In Four Years – Umahi

    Exchange Rate: Nigerians In Diaspora At Vantage Position To Invest In Real Estate Now – Realtor Adeyemo

    Exchange Rate: Nigerians In Diaspora At Vantage Position To Invest In Real Estate Now – Realtor Adeyemo

    Acting CBN Governor, Deputies Storm Offices On Monday Despite Tinubu’s Appointments Of Cardoso, Others

    Acting CBN Governor, Deputies Storm Offices On Monday Despite Tinubu’s Appointments Of Cardoso, Others

    Exchange Rate: Nigerians In Diaspora At Vantage Position To Invest In Real Estate Now – Realtor Adeyemo

    Exchange Rate: Nigerians In Diaspora At Vantage Position To Invest In Real Estate Now – Realtor Adeyemo

    President Tinubu Moves To Replace Emefiele, Nominates Cardoso As New CBN Governor 

    President Tinubu Moves To Replace Emefiele, Nominates Cardoso As New CBN Governor 

    Trending Tags

    • Market Stories
    • Bitcoin
    • Litecoin
    • Harbolnas
    • United Stated
    • Property
  • Politics
  • Education
  • Lifestyle
    Glamours As President Tinubu, Obasanjo, Osoba, Abiodun, Others Honour Oba Gbadebo At 80

    Glamours As President Tinubu, Obasanjo, Osoba, Abiodun, Others Honour Oba Gbadebo At 80

    After Exciting Camp Life, Ogun Corps Members Share Challenging Experiences In Their New Environment

    After Exciting Camp Life, Ogun Corps Members Share Challenging Experiences In Their New Environment

    Lady Rescued From Suicide Attempt Facing Challenges In Her 2 – Month Old Marriage – Sources

    Lady Rescued From Suicide Attempt Facing Challenges In Her 2 – Month Old Marriage – Sources

    From A Pentecostal Church General Overseer To Deacon In The Anglican Church: My Story 

    From A Pentecostal Church General Overseer To Deacon In The Anglican Church: My Story 

    Royal Visit: Nigeria High Commissioner In UK, Amb Tunji Isola Receives Oba Gbadebo, Osile In London

    Royal Visit: Nigeria High Commissioner In UK, Amb Tunji Isola Receives Oba Gbadebo, Osile In London

    My Journey Of Nomination, Withdrawal, And Hope: A Personal Account

    My Journey Of Nomination, Withdrawal, And Hope: A Personal Account

    Trending Tags

    • Bitcoin
    • Champions League
    • Explore Bali
    • Golden Globes 2018
    • Grammy Awards
    • Harbolnas
  • Entertainment
    Fast Rising Artiste, MohBad Dies At 27

    Fast Rising Artiste, MohBad Dies At 27

    Nollywood Actor, Bola Ninalowo Finally Parts Ways With Wife, Bunmi

    My Fiancé Was Shot Dead 2 Months To Our Wedding  – Actress Allwell Ademola

    My Fiancé Was Shot Dead 2 Months To Our Wedding  – Actress Allwell Ademola

    Court Jails Tiktoker 3 Years For Cyberstalking Actress Eniola Badmus

    Court Jails Tiktoker 3 Years For Cyberstalking Actress Eniola Badmus

    Finally, May Files For Divorce From Yul Edochie

    Finally, May Files For Divorce From Yul Edochie

    Court Remands Prankster Trinity Guy, Minor’s Parents In Correctional Centre

    Trending Tags

    • Golden Globes 2018
    • Grammy Awards
    • Explore Bali
    • Champions League
    • Harbolnas
  • Sports
    NSF’2024: Ogun Poised To Surpass Past Achievements, Abiodun Vows As He Inaugurates LOC

    NSF’2024: Ogun Poised To Surpass Past Achievements, Abiodun Vows As He Inaugurates LOC

    Alleged Doping: AIU Suspends Women’s Hurdles World Record-Holder, Tobi Amusan

    Alleged Doping: AIU Suspends Women’s Hurdles World Record-Holder, Tobi Amusan

    OOU Beats FUNAAB 2-0 In 40th Anniversary Football Match

    OOU Beats FUNAAB 2-0 In 40th Anniversary Football Match

    Nigeria’s Ese Brume Wins World-Leading Record At Botswana Golden Grand Prix

    Nigeria’s Ese Brume Wins World-Leading Record At Botswana Golden Grand Prix

    Ogun Govt Renovates MKO Abiola Stadium, Recovers Seats Fully

    Ogun Govt Renovates MKO Abiola Stadium, Recovers Seats Fully

    Cristiano Ronaldo Joins Al-Nassr, To Earn $75m Yearly

    Cristiano Ronaldo Joins Al-Nassr, To Earn $75m Yearly

    Trending Tags

    • Champions League
    • Explore Bali
    • Harbolnas
    • United Stated
    • Market Stories
    • Litecoin
No Result
View All Result
The Daily Crucible
No Result
View All Result
Home Business

Nigerian Banks Not Performing Better Than POS Operators – Business Finance Expert

... Worries Over Increasing Hidden Charges On Customers

The Daily Crucible by The Daily Crucible
May 13, 2023
in Business
0
Nigerian Banks Not Performing Better Than POS Operators – Business Finance Expert
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

You might also like

Probe Missing US$15 Billion, NN200Billion Of Oil Revenues – SERAP Urges Tinubu 

Planned Lagos – Abuja Super Highway To Be Ready In Four Years – Umahi

Exchange Rate: Nigerians In Diaspora At Vantage Position To Invest In Real Estate Now – Realtor Adeyemo

By Ayobami Ife, Abeokuta
A business finance expert says Nigerian banks are not performing better than the operators of the Point of Sale (POS) service system on cash transaction matters, saying the recent Naira redesign and cash – less policy of the Federal Government and the Central Bank of Nigeria (CBN) exposed them.
The expert, Prof. Adebiyi Abosede, said that the banks were not only ill- prepared for the 21st century digital banking challenges, they have also not been doing anything to add values to their customers save to extract costs from them through hidden charges, stressing that it is now difficult to see any difference between them and the POS in terms of performance.
                                       
Abosede noted that when customers go to the POS operators, they pay service charges, in the same vein, when they go to their banks whether for withdrawal or deposits, banks also charged them, wondering why they should be made to pay charges when banks are using their money (deposits) to trade or do business.
He spoke with our reporter on Tuesday shortly after his lecture titled, “Managing Enterprise: Trends, Travails and Takeaways” at the 108th Inaugural lecture of the Olabisi Onabanjo University (OOU), Ago -Iwoye.
“The POS is point of sales. So, when you go to POS and want to take money from them, you are more or less buying money from them, that is why you have to pay charges. If you go to banks these days, and make withdrawal, you will pay charges. If you make deposits, they will still charge you. Isn’t it? And they still use your money to trade.
“So, banks will take your money to trade and make money but charge you for using your own money. That is the area of the hidden charges. In addition, when they give loans, what you will see is interest rates but not the other charges they will put in the package such that at the end of the day, a 30 percent interest rate for example, will now look like 37 percent rate. These are the issues, that is why I said, banks (in Nigeria) are not performing and they are even making money by using your money. They make money by charging you for using your money.”
Earlier in his lecture which was chaired and declared open by the University Vice Chancellor, Professor Deji Agboola,  Abosede identified the great importance of the nation’s Micro, Small and Medium Scale Enterprises (MSMEs) which constitute members of the informal sector.
The Business Finance guru said the MSMEs are critical to employment generation and Gross Domestic Product (GDP) of the country but pointed out that lack of access to loans, unsafe working conditions, mode of ownership, conflicts with local government officials, unfavorable market conditions among others as the challenges hampering their effectiveness in operations.
He, however, suggested that the operators of the informal sector should undertake capacity building programmes, learn how to keep record of their operations and form cooperative societies to access credit while government should develop better intervention schemes for them as panaceas to their problems.
ADVERTISEMENT
Previous Post

Cross River State And 53 Years Of Political Leadership: From B-G Uduokaha Esuene To Senator Bassey Otu 

Next Post

Assault On Police Officer: IGP Oders Arrest Of Afrobeat Singer, Seun Kuti

The Daily Crucible

The Daily Crucible

The Daily Crucible Newspaper is an authoritative and independent online news medium established to deliver professional journalism for the purpose of fostering Nigeria's unity, peace, progress and greatness, given the heterogeneity of her citizens. We shall vigorously pursue this vision and anchor it on tripod of truth, justice and fairness. We shall feed the general public with robust information they need to make informed decision on issues and matters that affect them, promote human - capital development, freedom and free market enterprise. And our loyalty shall be to Nigeria and public interest, and shall respect ethnic, religious and political diversity without being partisan and sectional.

Related Posts

Probe Missing US$15 Billion, NN200Billion Of Oil Revenues – SERAP Urges Tinubu 
Business

Probe Missing US$15 Billion, NN200Billion Of Oil Revenues – SERAP Urges Tinubu 

by The Daily Crucible
September 24, 2023
Planned Lagos – Abuja Super Highway To Be Ready In Four Years – Umahi
Business

Planned Lagos – Abuja Super Highway To Be Ready In Four Years – Umahi

by The Daily Crucible
September 23, 2023
Exchange Rate: Nigerians In Diaspora At Vantage Position To Invest In Real Estate Now – Realtor Adeyemo
Business

Exchange Rate: Nigerians In Diaspora At Vantage Position To Invest In Real Estate Now – Realtor Adeyemo

by The Daily Crucible
September 19, 2023
Acting CBN Governor, Deputies Storm Offices On Monday Despite Tinubu’s Appointments Of Cardoso, Others
Business

Acting CBN Governor, Deputies Storm Offices On Monday Despite Tinubu’s Appointments Of Cardoso, Others

by The Daily Crucible
September 18, 2023
Exchange Rate: Nigerians In Diaspora At Vantage Position To Invest In Real Estate Now – Realtor Adeyemo
Business

Exchange Rate: Nigerians In Diaspora At Vantage Position To Invest In Real Estate Now – Realtor Adeyemo

by The Daily Crucible
September 21, 2023
Next Post
Assault On Police Officer: IGP Oders Arrest Of Afrobeat Singer, Seun Kuti

Assault On Police Officer: IGP Oders Arrest Of Afrobeat Singer, Seun Kuti

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

John Browny Could Have Been The Super Bowl MVP If The Gagak Hadn’t Blown It

September 30, 2022
My Husband’s ‘Side Chick’ Used Juju On Him; Wife Of Nigerian Billionaire, Bola Ayeni Cries Out

My Husband’s ‘Side Chick’ Used Juju On Him; Wife Of Nigerian Billionaire, Bola Ayeni Cries Out

July 30, 2023

Categories

  • Business
  • Education
  • Entertainment
  • Health
  • Lifestyle
  • Metro
  • News
  • Opinion
  • Politics
  • Property
  • Sports
  • World

Don't miss it

Sagamu Killings: Ogun PDP Nest Of Cultists – APC Alleges
Politics

Sagamu Killings: Ogun PDP Nest Of Cultists – APC Alleges

September 24, 2023
CBN: Senators Spoil For War With Tinubu Over ‘Hasty’ Resumption Of Cardoso, Deputies Without Confirmation
News

CBN: Senators Spoil For War With Tinubu Over ‘Hasty’ Resumption Of Cardoso, Deputies Without Confirmation

September 25, 2023
Probe Missing US$15 Billion, NN200Billion Of Oil Revenues – SERAP Urges Tinubu 
Business

Probe Missing US$15 Billion, NN200Billion Of Oil Revenues – SERAP Urges Tinubu 

September 24, 2023
Beyond Appearances: Embracing Diversity In Faith
Opinion

Beyond Appearances: Embracing Diversity In Faith

September 24, 2023
Why Tinubu Must Sack His US Lawyer 
Opinion

Why Tinubu Must Sack His US Lawyer 

September 24, 2023
Oba Matemilola Salutes Media Professional, Ayo Arowojolu, On Doctoral Honour
News

Oba Matemilola Salutes Media Professional, Ayo Arowojolu, On Doctoral Honour

September 24, 2023
The Daily Crucible

The Daily Crucible Newspaper is an authoritative and independent online news medium established to deliver professional journalism for the purpose of fostering Nigeria's unity, peace, progress, and greatness, given the heterogeneity of its citizens.

© 2022 The Daily Crucible - Designed by CYBERWARRIOR.

No Result
View All Result
  • Home
  • News
  • Politics
  • Property
  • Business
  • Education
  • Health
  • Entertainment
  • About Us
  • Contact Us

© 2022 The Daily Crucible - Designed by CYBERWARRIOR.