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The last payments race in Nigeria, Africa and the banks Leading it.


Ever come across the commercials for one of these services:

Gtb *737#
Wema *945#
Fidelity *770#
Diamond *710#
Zenith *966#
First Bank *894#

They are enabling anyone, with any bank account and a any phone:

  • Nokia 3310 phone
  • Any feature phone
  • Any Smart Phone

To make payments to anyone: (via USSD technology)

  • individuals
  • physical businesses
  • websites businesses (manual transfers and will soon be automated)

These transactions can happen on the channels below:

  • Phone booking
  • Website shopping
  • Physical market or road-side shopping.

Without credit/debit cards, just about two options left, and we are fully in that future. I do think this is huge. And GTBanks last report reflects that.

  • 5B full year 2014,
  • 17B full year 2015 and
  • 17B half year 2016.

14th most visited website in Nigeria.

And then Zenith bank, Diamond Bank and First Bank all rank behind at 104, 166 and 169 respectively. Obviously, they have done alot of things right. and they are leading the race.

What do you think?

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The last payments race in Nigeria, Africa and the banks Leading it.


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