Stop Banks and other Financial Institutions Vending Airtime and strangling other players
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Financial institutions must have no business in vending airtime.
With a market estimated to be worth about N1tn as at 2010, GSM recharge cards remains among the fastest selling products in Nigeria today.
To the utter detriment of our micro, small and medium scales enterprises, financial institutions via their various USSD airtime purchase channels (and internet channels) have continued to monopolized the now over N150bn monthly recharge card spending by Nigeria‘s active mobile subscribers, and please note, this is without any corresponding increase in employment opportunities for Nigerians. It is pertinent to bear in mind that consequently, it also leads to further widening of the financial non-inclusion gap we seek to minimize.
In view of the above, many micro and small scale players have been forced to close shop further compounding Nigeria's unemployment crisis and an overall negative impact on our socioeconomic experience.
Please join in reversing this monopoly.
Let us not sacrifice equitable wealth distribution for the myopic convenience of the USSD airtime vending services by the banks.
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