I was going through a magazine about fintech and startups and also about the opportunity in the financial sector when I stumbled upon a report by one of the new generational banks on some weekly statistics and activities of Nigerians and their bank.

One report among all caught my eyes, and that is the report on purchase of airtime directly from the bank. The report was on weekly and this is the breakdown.

Purchase by USSD - N420 million
Purchase by internet banking - N120 million
Purchase by ATM - N32 million.

This is the approximate value of airtime purchased by Nigerians directly from the bank on a weekly basis. Now total of this figure per week amount to N572 million naira just from one single bank, not that the bank is even among the top banks in Nigeria. Now let's assume we have 10 banks in Nigeria. This gives us a whopping sum of about 5.7b value of airtime bought directly from banks. Multiply this figure by 4 weeks in a month, we have about N21b value of airtime.
We all know that the profit on each airtime is 4percent of the amount.

Calculating 4% of 21b is almost 840m.

This is the profit we could have distributed among the vendors if we decide to buy directly from them.

I endorse this... We don't have a government in this country...

In as much as I support the development and convenience the banking sector brought to us, we need to also bear in mind that the high rate of unemployment in this country is high. So we need to support our brothers and sisters who are hustling and trying to earn a living through the sale of airtime. Let's support them and make this profit to reach them.

To me it is a welcomed development, it will help me stop touching my savings.
I wish this would continue.

Does anyone know why phone companies dont provide unlimited talk, text and data like in other countries?

Most times when buying airtime i buy directly from vendors as a means of supporting their business

Blue3k:
Does anyone know why phone companies dont provide unlimited talk, text and data like in other countries?

In most other countries people use contract packages

SavageResponse:
Most times when buying airtime i buy directly from vendors as a means of supporting their business

Ye... I try as much as possible to do that too.

These days, there are lots of graduate that sells airtime and data on Thier phone. So if it's a matter of convenience that is making you to buy from the bank, you can actually place a call to them and they will transfer the airtime/data to you. Later you can how to settled them.