The Rise of the Banks - Sat 28th June

The banks are rising. There is a movement from the public sector to the private sector. As people come to realize what a bad job the government has done managing our economy, there is asset relocation to the private sector. Guess who are the gate keepers to the private sector, the banks. All 24 of them. They are the new power brokers, the new inner caucus. They whisper in the ears of the politicians, the politicians that want to make sure they are still popularists. The politicians that must ensure they win the votes to stay alive. The banks tell them how to invest their money, how to build roads, schools, bridges. How to pander to the masses so that they can stay in power. They whisper “Public Private Partnerships”. “Let us manage the economy for you”,”We can deliver, you cannot”. The politicians nod their heads. “What do we want with the troubles of delivering electricity, roads, water, schools and retail parks”.Just give us a cut of the revenues, and all these things are yours”. The banks nod their heads wisely and rub their hands as they consider the 140 million Nigerians who will beg to pay for regular water for regular power for anything that is regular and efficient.

I was at a presentation on Friday. I was shown a new payment system that can be embedded in any environment that is payment based – taxes, custom revenues, retail collections, car tax discs, water rates etc etc etc. It was fantastic. I am told that Lagos State Government tax collections have quadrupled in a little over a year because of this new payment system. Instantaneous global rollout. Very low cost. But the impact is enormous. Payment is via the banks with an instantaneous check at any site to confirm that payment has been made. You pay your money, you collect your service. The powers that be will not allow their livelihood disappear without a fight. Nigeria is not known as one of the most corrupt countries in the world for nothing. The sums involved are huge and are not to be relinquished lightly. Think about it, no physical cash payment means no graft, no grey areas to hide, no cash exchanging hands for favors that circumvent the system. Nigeria is being dragged kicking and screaming into the harsh glare of the modern world of technology. Binary code knows no grey area. Either it is yes or no, and not “if you deliver this we can do that, God no go vex”. We pray that these new forces of change win and sweep away our corrupt ways of old.