Here is a rant against the Banks and stressful online transactions in general.
We keep talking about the cashless economy here in Nigeria but it is clear that we are not quite ready. too many militating factors.
Check this out ..you go to your favourite supermarket, pick items you need, bring out your debit card, insert it in the point-of-sale (POS) machine and the sales attendant discovers the “network is not on”..
You don’t have cash on you, so you leave in disappointment – without those items you need. You go and try your luck at another supermarket That supermarket just got robbed of income.
Or, like I experienced recently you go to a phone shop, pick up a new phone, transfer the value of the phone to the vendor account. Your Wallet application indicates that the transfer is successful .. but the vendor bank account doesn’t reflect the payment for hours.
Obviously the shop attendant will not risk allowing you walk out of the phone shop with the phone -without: ensuring that the money has hit the company account. Yes, jobs are hard to come by now !
You spend valuable time waiting for the credit to reflect on the vendor’s account and you eventually have to leave after 2 hours – in frustration.
Meanwhile your plan was to ship that phone to another state after you pick it up from the phone shop. The inability of the transfer to be completed scuttles your plans and you are forced to postpone everything till the second day. Time being money, you have just be robbed of cool cash.
Back to the supermarket, you purchase some provisions, pop your card into their POS machine provided, got debited, pick up your goods and walk out, whistling..
Few minutes later the funds that were deducted from your account gets reversed and the money gets back into your account. The supermarket has been short-changed, unless you use your “church mind” to go back..
This happened to me just two weeks ago.
Yet another scenario. it is weekend and you need to lodge in some cash in time for business the next Monday as a Money Transfer Agent.
You place a stack of notes in one of those ATM machines that accept cash and suddenly some of the notes get stuck after numerous notes had been accepted. Your plans have just been scattered because there’s nothing else you can do but wait until the bank opens the next Monday to lodge your complaint.. You then go through a lot of question-and-answer season before things can be resolved… spending time resolving an operational issue that was not your doing.
The other day too, I was strolling along when I spotted an attractive pair of shoes in a shoe shop. I tested the shoes, decided I want to take the shoes, brought out my smartphone and attempted to transfer money to the shoe-vendor’s bank account .
the bank app kept complaining about some transaction PIN being wrong. This is an application that i use numerous times every day so i knew my PIN was quite correct.I was compelled to physically go to an ATM machine, slot in my card and withdraw cash to come and pay for the shoes .
There’s no doubt that all these online transactions are very convenient and many business transactions will simply be impossible, without them. I can’t quite remember when last I queued in a banking hall. really you only have to go to the bank to solve a problem that only a human being can solve.
But when you have doubts about reliability, that makes the whole process tiring.
Situations when you urgently need cash, get to an ATM machine and realise that there is no money lodged in the machine or the ATM cannot dispense cash for some arcane reason… those situations are simplynot encouraging.
A digital bank that calls itself an “online-only” bank has had its banking application not working for at least 5 days. No email or any other form of communication with the customers to alert them of the bank’s progress in resolving the issue… just a terse message from the app saying it cannot communicate with the server. The alternative way to access one’s account is to use a web browser.
How would one be able to trust a bank that may make your money unavailable to you when you may need it urgently – like during an emergency? Or trap your funds in the electronic la-la-land when you need your money to pay for goods /services?
I can now see why a mathematics lecturer has resolved never to attach an ATM card to her account, and shuns online transactions as much as possible -and is unapologetic about it
Yes, you can truly be left cashless when your ATM refuses to dispense cash due to numerous inclement factors.