Tuesday 3 April 2012

Electronic Money

Sometimes we don't know how good we have it. When the Nuban number  system was being introduced, InsideLagos like the rest of us obviously didn't read the small print. We thought that this was just another harebrained scheme to fritter away public funds and line private pockets. How wrong we were. Instant interbank transfer! I have it on good authority that there are some 1st world countries today who have still not managed this feat. We thought that two day clearing was neat (though a bit annoying as you have less time to confirm a cheque before it is returned), and same day international transfers were even better. Even the NEFT/NIBSS same day transfer was a real treat. But instant transfers? Out of this world! Inside Lagos is pleased.

One area that has been very aggressive in their marketing of new products to customers have been the banking industry, and we have seen some astonishing features in the offerings of our financial institutions. Sleek web pages, funky tokens, services such as visa or bill payments, all delivered with the style and panache that only Nigerians can deliver.

So well done CBN; well done banks. This is one area where Nigerians can boast of good service and ample choice so please keep up the good work.

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