Every Nigerian who has active crypto wallets with currencies of various values (in dollars) has one thing in common: We don't hold naira that isn't for immediate use.
However, there are some others, like a blogger friend of mine, who doesn't have crypto but holds the majority of his funds in the USD. The Naira is near useless asides from immediate payments. This is more like a cliche now.
Although the Nigerian Naira is near useless, there have been some improvements over the years on different payment methods. Although they're still all connected to major banks which have their individual issues (no bank in Nigeria is sane), they have been able to make it easy for us to hold other currencies asides from our useless fiat.
Naira Digital Payment Methods
Right now, I use only one major payment method for fiat. That's the USSD transfer method. This is mainly because I've been lazy to sort out other payment methods.
USSD Payment
USSD means Unstructured Supplementary Service Data. This has nothing to do with this post, however, I just had to google the meaning to increase my random knowledge file.
This basically is a money transfer method that involves the use of a transfer code from my bank and a private pin. I think it's easier than other methods because it doesn't require so much. It's like sending a text.
The downside of this payment is that many stores don't permit it. For some reason, they prefer clients use mobile applications because they're more accurate.
Mobile Applications
Quickteller, Bank Apps and Other Mobile transfer applications. I think they're stressful. Most times I can't trust my network service provider so what makes me so sure these can save my ass when I'm in a tight corner.
However, the majority of people who make transfers often prefer this method. I don't make transfers often. These days, I sort of prefer making cash payments. It's like once money moves from my wallet to my bank account, I have to feel it in my palm coz I fear my bank's prepping to make a silly deduction.
Mobile applications were my first introduction to digital payments back in 2014. I eventually stopped using this payment when I felt it made me spend too much. Now, I just think it's stressful. Can't get some airtime for data. I have to beg for a mobile hotspot connection before purchasing some airtime.
That's too much dependency for me.
Mobile Transfers Accepted Here
At first, not many stores accepted mobile transfers. I mean some still don't accept USSD transfers. But there's a huge improvement compared to how things were a couple of years ago.
Last week, I found myself at the market getting some shoes and I ran out of cash. Normally, there's a Point Of Sale service at every corner of the market but I'm a lazy person.
I felt pleased with the sales lady when she told me she preferred transfers. The same goes for some perishable product sellers.
It's completely different from how things were some years ago. This sort of gives me hope that although development is slow, it is existent and there's much to be grateful for.
Getting the Nigerian public somewhat digitally inclined to accept and make mobile payments might seem ordinary to many until they get to know how rigid the mind of the average Nigerian is.
Right now, my mother makes transfers with her phone. She's 62 years old. However, she can't seem to work her way around an ATM.
My father, turning 70 soon, has refused to figure out how to make mobile transfers, however, he can work an ATM. They balance out.
This is basically the society we live in. And now we have a lot of individuals, young and old, able to move money with their mobile phones. That is huge.
I guess society just needs a little push (terrible banking service) to realize they need to take matters into their own hands.
Who knows, we might come across a BITCOIN ACCEPTED HERE sign in the near future.
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