@WilsonAkintade If this is within the Nigerian context and instant payments, then banks do exactly the same thing. This isnβt even about committing liquidity, itβs more of a trust/security system among entities that are licensed to hold customer funds.
@wandeoki@xylemic You're right on the money. I was looking through comments to see if anyone with more knowledge mentioned this. Skill scarcity on the older system may even be the core reason for migration.
There is absolutely no performance gain in the model that has been proposed here, @NIBSS_NG NIP adds on the average <100ms (milliseconds) to the transaction from e2e about the same you will get in this model or maybe worse even.
I was typing a long response to this and gave up half way, the lack of knowledge of how fintech systems work in our space is quite alarming considering the $$ investments that have been made @paymentlougue you guys need to get more customers π.
Turns out that
Under the hood what Opay does is bank to bank transfer, so a GTB user sends money to an Opay account they forward the funds to their own GTB Opay account.
And here I was thinking these guys built some weird crazy stuff lmao
Deeply grateful for the humbling acknowledgment from His Excellency, Alhaji Kashim Shettima (GCON), Vice President of Nigeria, at the World Economic Forum! It's an honor to represent our dynamic team and contribute to the growth of Nigeriaβs Outsourcing Industry.
Together, we're shaping a powerful narrative for Nigeria's role in the global BPO space. Let's continue to drive innovation and excellence.
Watch the inspiring session on 'An African Economy of Scale' here:
[https://t.co/TGZmogM8RP] π
#OutsourceGlobal #BPO #WEF2024 #Nigeria
It's always surprising to me when I see the level of ignorance surrounding fintech and its operations. I wonder if our industry is shrouded in so much secrecy or if the fundamentals are too complex for the average person to grasp
Moniepoint main infrastructure is 95% layered on GTBank. While GTBank maybe down, Moniepoint will always be stable. The problem is actually not the legacy infrastructure nor the bank, rather the engineers building on the middleware for the bank. Banks needs to invest heavily very top quality engineers. So if you hate GTBank and still uses Moniepoint, just know that you are still using GTBank on another name.