Will Nigerian Banks Ever Start Issuing Credit Cards?

The efforts of the last CBN governor in his bid to make the Nigerian economy cash-less is credible.

So far, we have seen positive results with more businesses adopting the P.O.S electronic payments system.

There were hiccups initially with bad networks and lack of electricity to keep them charged but somehow they meandered through it all and more people are now opened to swiping their cards in restaurants and supermarkets.

I for one don't usually carry cash. I usually make my withdrawals and shop for my immediate needs for at least a couple of days. Then I'm left with a little money which is somehow sensible and safe in the sense that I stand to loose a lot less just in case of a robbery or mere carelessness.

Such instances have happened to me in the past and In some cases I was a bit lucky while sometimes I lost a lot.

The crux of the matter now and the reason for this write up is the issue of access to credit.
I for one love credit, not just because I could get something I couldn't afford at any point in time but for the convenience attached to it.

Nigerian mobile networks have been able to adopt this credit facility as a strategy to sell even more with MTN's extra credit and other products by Aitel, Etisalat and Glo.

I think it's about time Nigerian banks start issuing Credit cards to their loyal customers and not just salary accounts as being practised by some banks.

With the new BVN policy which is being put into effect by the CBN, I believe a more accessible credit line being offered by Nigerian banks would expand the economy. This is speaking from a layman's point of view.

There should also be credit assessments and credit scores awarded to customers who transact more with such cards. I am not an economist but common sense only tells me that would be a better way to put the several billions of dollars lying fallow in a few people's accounts.

Great economies around the world are build by ordinary people with small businesses and the Nigerian economy cannot be build on a few people's business empires I.e Dangote and the likes.

Please let the appropriate authorities know so at least the economic hardship the common man is feeling can be eased up a little bit.

Easy access to credit is convenient, easy access to credit means growth.