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On single account policy and N25bn

with Rev Canon Echi Nwogu

How come Nigerian elites have suddenly become illiterate? You all receive alert from your banks at the end of each month advising you on the commission debited your account as COMMISSION ON TURNOVER. They will again send another SMS alert advising you on charge debited to your account for SMS alerts they sent you during the month. So what is this primitive outcry for bank transfer charges for moving funds from bank to bank at an agreed fee of 1% for all funds moved under the application being used on the electronic platform provided by a genuine Nigerian firm? You mean their should be no fee like the COT charged the government in the consolidation of bank accounts by government agencies to one single account? The application don do him work, take him fee leave the balance for your account as under the contract. All those making a mountain out of this mole hill are just being mischievous, envious and bad bad bad belle. Look, the money bags of tomorrow are not going to be the trades and industrialist but idea merchants who create new ways of doing your sales and payments for services and goods, entertainment and information. The e-commerce, the digital platforms that give you all the instant money transfer do not work as Red Cross. You pay for the services like you used to pay banks to purchase bank drafts for guaranteed payments when checks started bouncing and were no longer trusted as sure instruments for funds transfer. THE N25B OR N60B BEING BANDIED ABOUT IS JUST NORMAL FUNDS TRANSFER CHARGES UNDER THE E PLATFORM OF INSTANT TRANSFER WITHOUT THE OLD DELAYS OF BANK DRAFTS AND BANK CLEARING AND RECONCILIATIONS THAT USED TO TAKE 3 – 5 OR MORE WORKING DAYS BEFORE YOU GET VALUE. This is paying for technology services. This is a small sacrifice for achieving the single account policy which was introduced by the GEJ administration and the PMB administration saw the utility value and in implementing it like many others they are implementing now pending when the new PMB policies start flooding our lives. Every policy will have pros and cons. You get to live with that.

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