Ease of Transaction Settlement

Imagine a Nigeria where you could settle bills as easy as moving money from your wallet to mine.
Now imagine a world where I can use my phone QR code to scan yours and funds are moved for bill settlement without the internet - just scan and go.

A few days ago, my wife and I decided to take a stroll to the bakery. Alas, their POS was non functional due to network.
So I had to walk a distance to get cash from the ATM to settle my bill.

On our way back, we saw a brightly litt bookshop and we both decided to get the children some books to read up for the holidays. It was a very good idea. However, the young fellow did not have a POS but was smart enough to request for a bank transfer.

I did not have my security device with me and the USSD was not my thing.
Then it dropped on me - OPay.

I recall a travel visa transaction I had to personally handle and I had to move with an OPay motocycle for speed.
My staff had ordered a ride and I watched as the bike rider requested for part cash payment from my staff as he needed to settle a bill. Since she ordered the ride, she had to pay from her opay app.

What amazed me in all of this was that the bike rider moved money from his wallet to hers and she gave him the cash equivalent.

This was amazing. An E-WALLET.

Now, back to the book shop.
I advised the book seller to download the opay app so he could consummate business with this same ease.
He loved it.

As business people, we must develop ways of not missing out on transactions.
The ease of doing business must be paramount. Why do I say so?

I did not buy those books that evening, and it is two days now and I still have not bought those books. Reason is because I have been terribly busy at work.

If transaction had been smooth, the book seller would have been richer two days ago and my children would have been busier reading new books for the holidays.

This is the effect when we loose out on business deals - a lot happens outside of our control.

I do hope this write up brings ideas to some Banks, Fintech companies or code writers.
This loop hole needs to be fixed. And like Interswitch, whoever fills this gap and dominates the market with an interbank settlement e-wallet or QR code platform (devoid of the internet) will change the financial narrative and be the dominant force in Nigeria.

Till we meet again, keep winning.

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