Why We Need To Buy Airtime From Vendors And Not Directly From Our Phone..

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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.

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