Is Payment Vendors Rise A Testament To Tech Growth Or Banking Failure?
Payment vendors operating in kiosks are springing up everywhere in Nigeria like stubborn grasses in the rainy season. With the steady rise of these little businesses should technology be praised or is it a slap on the face of the banking industry?
A research paper in 2015 had looked into what hampered the growth of electronic payments in Nigeria. However, five years from then now, it seems laughable that there was a time payments kiosks were scarce.
These days, there are more people approaching these roadside vendors than bank customers. Some citizens now only go to banks to resolve financial issues, making the customer care the busiest bank sector these days.
The sudden bloom of these payment methods can be partly tied to the fact that banks are not doing enough. No one wants to be stuck for more than an hour in a bank because of a simple payment or withdrawal. And this was the case a few years ago.
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Even Automated Teller Machines (ATM) that were built to reduce the number of customers entering banks can no longer satisfy these needs.
Queues in front of bank ATM galleries got longer and longer until roadside payment vendors stepped in. Since cash payments are rarely allowed via machines people had more reason to turn to the many vendors readily available.
The fact that customers are ready to pay more than a visit to the bank would cost is also proof that payment vendors are winning. But it is not all about laying the blame at the feet of banks.
There is also a technology angle to the issue. With more people gaining tech literacy, operators are becoming more easy to find than in the past. Also, citizens trust technology more than before, making it easier to get customers.
Even banks have set up many vendors to combat the other major movers in the e-payments industry. Devices used to operate these businesses are portable, require less money to maintain and operation is easy as well.
Taking a stroll around your neighborhood proves the point that e-payment vendors are here to stay. Technology has met up with banks and overtaken them. It has made life easier, which is the point of tech innovations.
Banks have also incorporated easier transaction means into their system. There are mobile banking and banking apps to prove this.
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