Traditional banking requirement is impeding rural banking in Bayelsa, Nigeria

in #africa7 years ago

Africa May Leapfrog Traditional Banking.jpgA couple of weeks ago, I was at the Yenagoa Head Office of one of the biggest banks in Nigeria to pick up my debit card which had expired in December. While waiting for the lady that was attending to me, I overheard another another staff of the bank telling a man who had come from Sagbama, (one of the Local Government Headquarters in Bayelsa State, Nigeria;) that they can't go to Sagbama to verify his address as part of the bank's KYC policy before an account can be opened, so an account can't be opened for him, except he uses a Yenagoa address.

If a bank can't open an account for a man living in Sagbama, which is a motorable town of less than an hour drive from Yenagoa, because they feel it will cost them too much to go that distance to verify his address, imagine how difficult it is for our people who live in deep riverine communities, such as: Koluama, Foropa, Twon-Brass, Okodi etc., that are many hours drive through creeks and rivers.

With cryptocurrency, the story is different. Mama who lives in Koluama can create a free digital wallet within minutes, without the demanding conditions of opening a traditional bank account and her son who lives in London can send her some digital coins which she can receive within minutes and spend them anywhere, any day any time to pay for any product or service.

Cryptocurrencies are digital money that enable banking without banks

Digital currencies can be sent from person-to-person without an intermediary such as a bank.

Payments in digital currencies are quick no matter the distance apart.

Digital currency allows 24/7 banking suitable for the 21st century

Transaction fees are very low

Transaction time is very fast

No queuing, no waiting

And more importantly, cryptocurrencies are digital assets 10 times more valuable than gold which makes them a great way to increase wealth.

It is time to shift a small portion of your investment portfolio into cryptocurrency.

See what people who invested in some cryptocurrencies back in January 2017, has already experienced...

Bitcoin
January 2017: $1,032
January 2018: $8,570
830% increase in asset value

Ethereum
January 2017: $10.65
January 2018: $839.05
8,390% increase in asset value

Ripple
January 2017: $0.006803
January 2018: $1.04
15,287% increase in asset value

Monero
January 2017: $16.38
January 2018: $234.63
1,432.% increase in asset value

Compare the above Return on Investment in just 12 short months to investing in any other business.

There is nothing more exciting or lucrative than investing in crypto right now. It will be very difficult to top the returns that this sector brings.

Cryptocurrency is the future of money

Join the financial revolution and become the next success story

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