Fintechs Mount Strong Case As Banks Falter Amid Cash Crisis In Nigeria

It’s now almost two weeks since Christabel Onu, a 25-year-old freelance graphics designer living in Port Harcourt in Southern Nigeria, filed a complaint with FirstBank; one of Nigeria’s oldest and biggest lenders, seeking a resolution in a matter of a failed transaction for which she got debited.

“I have given up on the matter because it’s only NGN 1.5 K which is just small money, but it’s annoying,” she told WT while emphasising that it was the last straw having suffered other similar issues over recent weeks during which Nigeria’s legacy banks seem to be buckling under the weight of a surge in usage of e-payment channels amid the cash crisis in the country.

“I switched to this app my neighbour talked about last week and I haven’t had any issues. I’m tired of holding my breath or saying a prayer every time I try to make a transfer or pay with my card,” Onu added, making sure to express relative satisfaction in her new-found experience with the Chinese-backed Nigerian fintech un...