Money Market Problems.
So today I’m in the market and it being a weekend meant banks were closed, meaning the only interaction you get with a bank is with their ATMs. Guess what, only two were working; you can imagine the queue. it practically took me 30 mins to get money to pay a merchant for a particular deal.
As I stood there waiting and listening to others complain a certain lady’s complaint struck me. She said,
“why don’t these merchants use POS self, because i’m tired of all these wahala”.
My brain activates! and it occurs to me that this is a major problem. Apparently, the vendors complain about a lack of service/network in the market although I personally think they just don’t like technology, cash in! cash out! is all they know.
But this makes me ask the question, is there not something someone somewhere can do to fix this?
Will mobile money work or some sort of ussd code that makes transacting with local merchants better? let’s say the ussd code is attached to their account number as well as their Bvn, all a customer needs to do is send money via text to that code.
I’m really curious as to what can be done to solve this.
Every day I walk through the market and see the interaction between buyers and sellers. it gives me joy because I see a lot of potentials we haven’t really tapped into and I think this is one.
I’m just really curious as to what can be done and who is doing or going to do it. Would love to hear more ideas and thoughts on this.