@M.O.O wrote:
I've come to the conclusion that Nigerian banks should be banned from any business that does not involve keeping or investing our money
I believe banks play a very critical economic role in the society. Banks safeguard the populace's money and help grow the economy by empowering businesses financially. But our banks aren't doing that. Infact they are doing the exact opposite.
Say I have 5 friends and we have a total of N4m in a bank. My friends and I walk up to a bank to secure a loan of N15m for our business, but unfortunately we are given horrendous conditions with alarming interest rates and we have no other option but to look elsewhere. But being the resilient set of people we are, we gather up funds from family, friends, godfathers etc. We gather just enough money and kickoff our idea which amazingly turns out to be very profitable. Now the banks get a whim of this "new thing" and they want a piece of the pie, so the banks set out to compete with the startup entrepreneur.
Now this is my issue.
Not only do I believe they shouldn't be allowed to do this, I also believe this act to be fraud.Think of it this way: We Nigerians put our own money into these banks for safe keeping right? But what we're are essentially doing is giving them seed capital to set up businesses that would compete with us(I'm not paranoid) They set up all these side businesses like SMEmarkethub, accesstv, ndanitv. using our own money- that is, the money in your current account or my savings account, the same money they have refused to give to us as loan. This is the same money they're using to create all these tech startups to compete with the smaller guy, when what they really should be doing is giving the smaller guy access to this money. And the crazy part is we're helping them. We keep helping them. We keep helping them compete with us. Its like we're saying "take my hard earned money and use this hard earned money of mine to f*ck me up in the future." Its so crazy when you think about it.
I can't even fathom how an issue like this can be solved. You know the initial problem of any startup after all plans have been made is "how am I going to get the funds I need?" But obviously these doesn't apply to the banks, We've already given them all the funds they need. All that's remaining is a killer idea to f*ck us all up and we can't do shit about it.
infact #offtostartupmyownbank #nawetinsurepass
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