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Is this Banking System Really Helpful?

Have you ever wondered if there is a better way to go about banking in Nigeria? Nathaniel Luz writes to explore the problems in the Banking Sector.

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Do our banks really help us, or do they, in fact, defraud us? This article does not attempt to foster an opinion on the subject; rather, it aims to give substantial evidence on the “what” and “why” of the inadequacies in the banking sector we have today.

This is perhaps one of the most important questions to be answered today. Do our banks really help us, or do they, in fact, defraud us? This article does not attempt to foster an opinion on the subject; rather, it aims to give substantial evidence on the “what” and “why” of the inadequacies in the banking sector we have today.
People are so uncomfortable with the current banking system seek an alternative.
Here are some of the reasons:
Lack of Transparency to Customers
One fact about banking is that you don’t own your money. The bank does! When you save money in the bank, they use it to trade and make more money on successful trades. Unfortunately, they give very little amounts as interest to the real owners of the money who should actually earn a worthy amount as interest.
So, the point is that the bank actually capitalizes on its customers’ wealth to build its own wealth. The reason why many seem to care less is that the banking system is backed by the law and the government. Therefore, we have a legal organization, backed by the government, defrauding us to our faces and claiming to serve us.
Transaction Limits
Have you ever been to the bank to withdraw a large sum of money, only for you to be excessively screened? What about this common policy in Nigeria that disallows people from withdrawing more than N100,000 using the ATM?
Imagine you needed a million naira for something really important, and banking services have closed for the day so that you can’t withdraw over the counter! How would you feel to learn that some banks limit the amount of money you can transfer to others under the guise of CBN policy?
 
International restrictions
Sending and receiving money internationally comes with high fees, slow delivery, and several restrictions. Current payment methods are yet to find a way for an efficient, cheap, fast way of international money remittance.
 
The Paradigm Shift
So many things are wrong with the banking system and people are not getting any more comfortable with being cheated by the banking system. Perhaps, they have come to see it as a
necessary evil which has come to stay. However, there’s good news! The majority are already seeking for a more reliable and transparent system.
Another good news is this: there is already a system which aims to transform financial transactions all over the world; it is the blockchain technology. More precisely, Dash — a blockchain network that redefines banking and offers a decentralized banking system that is transparent, reliable and secure.
The Twitter Palaver
In February 2019, there was a trend on Twitter: #EndBankingFraud, where many Nigerians expressed their displeasure about the current banking system. Some of their tweets are written below:
I opted for email alert but GTB keeps charging me for SMS alert. I called their attention to it and they said it was an order from CBN. I wonder why there are options for one to choose from? @segalink #GrossNegligence #EndBankingFraud
Nigerian banks could do better, but then the board of these banks is a bunch of greedy investors and the management can be very unrealistic #EndBankingFraud
Distinguished @GTbank just to let you know you are nest after the “Wild Elephant” falls. Sebi you people charged me N7,198.00 to maintain DollarVISACard that is useless to me in Nigeria abi? Correct. I shall laugh last. #EndBankingFraud #WinterIsComing
 
These and more are many of the problems that the current banking system poses to us. Clearly, we need a more transparent, decentralized and secure financial system. Dash as a form of money eradicates the possibility of experiencing the problems caused by the current banking system.
Through the #EndBankingFraud trend on Twitter, the awareness of Dash was able to reach over 10,000 people with about 820 persons actively engaged in the trend. It was a big shift towards the use of Dash cryptocurrency. Several people created new wallets and were sent some Dash by ​Dash Nigeria.
It is only a matter of time before Dash becomes a primary means of exchange in Nigeria. How is this possible, you ask? The way a soldier is made ready for war is the way Dash is made ready to become the new money for Nigerians, Africans, and the whole world. Dash promises to offer a better, scalable, secure, fast, and more private banking system.
 
Nathaniel Luz tweets @nathaniel_luz