Crisis: The Gains and Pains of Unpleasant Situations

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As in 2020, when Zoom, Microsoft Teams, and other previously unknown Virtual Meeting services became popular when the Covid-19 pandemic struck, immediately the inconvenient effects of this poorly executed monetary policy began to bite, some persons or businesses have begun to benefit from the situation.



Almost every literate person has heard about Mobile Money Services (MMS) offered by Virtual Account products like Opay, Palmpay, et cetera. The ease of opening the account is commendable. Most virtual finance institutions use phone numbers (except the first zero) as account numbers. Also fascinating is the knowledge that you can open the account in the comfort of your home, and it becomes operational within hours, faster than the process commercial banks offer.


When the push for mobile/cashless banking became enforced by CBN, I knew that mobile money services would be the first beneficiaries. The unbanked person prefers to open an account without providing the documents commercial banks require.


A client confirmed my expectation some days ago. He works in one of the MMS. His medical complaint was related to his job. He sits for long hours now. His company has been having an increased workload from more accounts opened by Nigerians. 


The mobile money services gain from this monetary crisis.


At the other end, the pains of many Nigerians are palpable. Many vendors have reduced sales due to inability of their customers to pay for goods and services; some banks have had their machines and buildings damaged by hungry and angry individuals. Many persons and families have had some inconvenient tales since this policy became operational.


There are a few lessons in this situation we have found ourselves.


1. Success happens when opportunity meets preparation. This financial crisis, even if short-lived, has improved the business of the MMS. The virtual account operators were well-prepared; the financial crisis opportune them.


2. To a large extent, nothing lasts forever. One must be flexible to accommodate life changes.


3. And, one man’s meat is another man’s poison.


Image Credit: Shutterstock


Comments

  1. AnonymousFebruary 20, 2023 at 12:25 AM

    Can a registered business concern obtained huge financial credit from Mobile Money Service as start up to establish their business or for the expansion of a business as obtainable with deposits money or commercial banks.

    ReplyDelete
    Replies
    1. Ademola OroluFebruary 20, 2023 at 6:01 AM

      Some of the MMS offer loans. It may not be as much as what the commercial banks offer.

      Delete

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