In recent times, online money transfer platforms have sprung up worldwide as telecommunications and the internet have revolutionised the banking and financial industries. "Online banking" and "mobile money" are now everyday phrases while Billionaire investors such as Sir Richard Branson are now putting their money in online money transfer businesses.
Against this backdrop, our very own dear CBN has now decided that for us in “naija”, it’s back to the "old school" as far as money transfer is concerned. In saner climes, financial regulation authorities would have started investigating this latest decision to grant only 3 companies the rights to operate in a market with more than 150million customers, but na naija so anything goes I guess.
Abeg no need to stop there. Why don’t we revoke the licences of all new generation banks and let only UBA, UNION and FIRSTBANK operate. Better still, why don’t we revive the defunct NATIONAL BANK since we are so hooked on our Old ways? With the way science has advanced now, I am getting suspicious that we might have a clone at the helms of the CBN. I think a DNA test is in order.
CBN agrees exclusive deal with Western Union, Money Gram and Ria Money Transfer to stop all Nigerian money transfer businesses and ensuring all worldwide transfers go through only these 3 American companies in and out of Nigeria.
This senseless money transfer deal to Nigeria is what has caused the recent spike in FX rates. I hear FX will be £1 to N700 and $1 to N550 in the next couple of days
I wonder which planet CBN is on, when you give a whole country's source for foreign currency to just 3 foreign companies and think it is sensible.
Empower local companies, these companies need us more than we need them... Pls let's not stay mute and watch this happen to us.