The Nigerian economy is presently comatose.
When you go to online fora like NairaLand, one of the questions you find so many people asking is,
If I have X Naira what business can I do?.
In a depressed economy,we are many people are just managing to stay financially afloat a bad decision regarding where to invest your money may have you biting your finger.
It is therefore an irony when you find a situation where a business constantly daily spins money, but that business practically makes you a slave with no respite?.
When you are not there, you earn nothing. You must be present 24/7.
Many online financial books tell you that you should ensure that your money works harder than you do. What do you then do in a situation where you need to continue to work hard for that money, and the money stops rolling in the moment you stop working hard?.
If you don’t find a way to make money while you sleep, you will work until you die.
I talked about Passive Income here.
Nigeria is underbanked. There are many places you would go to where you don’t have banks in the vicinity.. this makes it necessary for people to travel long distances to be able to withdraw cash or pay money to a bank account. This is true even in a cosmopolitan area like Lagos.
This need has given birth to many outfits that allow you to deposit / withdraw your money without having to go all the way to a bank or queue inside the sun.. trying to withdraw your money from an ATM.
Basically, this is Agency Banking .
These are Money Transfer Agents. They are as ubiquitous as you have a fake politicians .
If you can do bigger sums you distinguish yourself from the motley crowd of small timers… you are able to handle transactions that others are unable to. Associated with that is the increased risk of robbery, of course.
Supposing I need to deposit ₦500K in a bank account on a Sunday without fail? These money transfer folks come to the rescue.
So there’s this guy that has been into this money transfer business for a while. In the past he employed two girls to handle the business, but after he discovered massive fraud, he decided that we be doing the business himself.
If you want something done, well do it yourself, not so?
After all, human resources is the greatest headache for Nigerian businesses.
Business is booming but he has the problem of being tied down in one place from Monday to Sunday with no respite.
The moment he opens his door for business, money immediately starts pouring in.
He says, in a recent conversation,
The competition is now fierce over here. I now have more than 10 competitors within a 500 meters radius. The edge I have over them (for now) is my ability to do high-volume transactions. Most of them lack that capacity.
Someone came to deposit ₦320k last Saturday. She was directed to me and came from far away That is ₦3.2k transfer fee for me. She needed to pay back a loan, unfailingly, to XYZ Micro Finance and they have closed.
I do such transactions at least twice a week. I also have big withdrawals like ₦100k to ₦200k very often I make ₦1k on each 100k withdrawal instantly.
A baba Ijebu man transfers ₦350k like thrice a week. I charge him ₦3k because he is sure to come at least 3 times every week.
Someone transferred ₦1.3 million some time ago. I earned ₦7k. instantly .
A politician transferred ₦600k last Sunday..₦6k earned
Yes the money is rolling in but the question is if it is not a very high price to pay to be stuck in a room 6 days a week, from morning to night with scarcely any time to even go to the toilet?.
This guy wants an out but how realistic is it for anyone abandon a winning horse .. especially in this unpredictable moribund economy?
A slave…. but simply minting money daily….
Wouldn’t mind that kind of slavery, though..
I love money like the next guy, but I value freedom too. While having money gives you freedom and choices in life, must it take so much out of you to acquire, to start with.?
the solution will be to do this for a very specific period. gather enough money, then move into something else that is less mentally and physically demanding of my total time and attention.
What about you? Would you mortgage your freedom like some of those bankers working without a break from Monday to Saturday and basically emanated because of the money?
Or, would you tell yourself that we are not supposed to live to earn a living and that we should be living while earning money.
Are we living to work or working to live?