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Nigerian Banks As Cash Collection Centres - The Standard Chartered Bank Difference


Sometime around March 2010 I went in search of mortgage loan to buy a house in Lagos Nigeria.

I approached three different banks without success. My concern wasn't the fact that I couldn't get a housing loan from these banks. I was afraid for the banking community, the business people in the society, and the economy of this country.


It's because of the reaction I got from the customer service personnel of these banks. When I stated that I wanted a mortgage loan, these bank officials stared at me with blank eyes as though I was speaking Greek . . . a language they did not understand.

The customer service team of one of the banks said, "Sorry, we are not giving loans at this time". And the responses of the other two left much to be desired.

Then I went to Standard Chartered bank at Aromire street Ikeja. The environment was inviting and the personnel I met was very professional.

I told her where I worked and she went ahead to show me what my options were. I looked at the mortgage and personal loan options. And by the time I left, I went with a copy of the account opening form convinced that this is the bank I wanted to transact business with.

Nevertheless, I am particularly saddened by the fact that many banks have become nothing more than cash collection centres. They collect cash in droves everyday but decline to release the same to businessmen and investors who need it to grow their businesses and personal worth.

A friend went to a bank with the hope of opening a fixed deposit account. The bank told him the interest rate was 4 percent. He couldn't believe his ears.

Four percent!

Guess what.

Those same banks give out loans at 17 - 22 percent interest rate to customers . . . when they decide to give out loans.

Think about it.

These guys collect money from fellow Nigerians at 4 percent interest rate and then loan it to the rest of us at 22 percent.

This is madness!

Who will fix this?

These guys are ripping us off in the name of modern banking.

Who will stop this insanity?

Somebody help!

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