Thread by @ugodre

So, last December I was at a bar having drinks with the CEO of a Microfinance bank. Of course he was paying for the drinks 🙈🙈

And then he asked if I had seen their new mobile app. I’m like no I haven’t.

He asked me to download...and errmm I sha downloaded.

He urges me to go ahead and register that I’ll have my account setup in 5 minutes. I’m like hell no.

No bank in Nigeria can open an account for you in 5 minutes on mobile.

Or so I thought...

I log in with my BVN and details pop up. Registration completed no hassles.

Next thing I know, he gets my account nos and transfers N100 to me.

Right there, I get an alert. I’m dumbfounded.

I thought did is this a trick or what? So I log into my Access Bank app and transfer N10k to myself using the account nos I saw in the app.

Voila..!! Alert. I then transfer back to my Access account and yikes, alert.

I literally opened an account and transferred money to myself in 10 minutes in a club/bar.

Maybe I’m late to the game but this here is what I call disruption.

The challenger banks are here and it’s getting real.

Of course I tried downloading some banking apps and the experience is ...well....dated.

One actually tells you to go to the branch to fill forms. Like really??

Are there any Nigerian bank apps that can open an account and make you transfer in 10 mins? I doubt it...pls share

Closest I’ve seen thus far is StanChart. They actually tell you it takes 5 minutes to open the account once app is downloaded

True, but you still need to wait another 12 hours to get verified & get your account nos.

But still impressive that you don’t need to visit any branch.

In this digital age, any bank that’s not nimble and innovative on mobile will die.

In fact, I daresay any financial services company, utility or retail based businesses.

Sometimes I wonder, why can’t I just download a banking app, login with my twitter or Facebook account and then at least get a feel of what the bank can do.

I feel like it takes a lot to get someone to download an app then the person can’t explore without an account nos...

In fact, let me share a video of how a Challenger Bank is portraying its value proposition.

Keep an eye on their target audience. It’s not oldies like us 🤦🏽‍♂️!

Here is what Nigerian banks are up against...how do you compete with this...??

For banks to stay relevant in this digital age they have to be more aggressive with innovation, make better use of their data and also make user experience their priority.

Gen X & Z want to experience first and share the fun with others. They don’t want plenty legwork.

Oh and btw...that Microfinance bank is VFD.

If you know any banking app or FinTech App that can allow you open an account and make bank transfers within 10 minutes pls share on this thread.

I’ll like to try them out myself.

Mehn so far I’ve tried @kudabank @eyowo @walletsafrica @PiggyBankNG @rubies_ng

All easy to open and in 5 freaking minutes. 🙆🏽‍♂️🙆🏽‍♂️🙆🏽‍♂️

Ahhh Nigerian banks need to wake upppppp!!!!

Now it’s to settle on which one to use to pay my bills and transfer money.

Interesting to see which one beats my banking app. I still use Diamond Bank app till date 🙈🙈

Meanwhile, which of these Nigerian Challenger FinTecb bank apps will you recommend for a 13 year old??