We might not have deeply felt the significance of ‘change is constant’ until now that a pandemic is instigating hurried alterations to our work and life styles. We all prayed for an enhanced version of a 2019 that passed relatively peacefully, but got something else. These changes, already taking effect, might eventually become constant. But some things cannot be constant; like the stay of a pandemic that’s taking lives. A pandemic that’s causing cities and countries to lockdown cannot be watched from afar. This is why there are intentional efforts to stop the spread of the disease – COVID-19, especially as we realise that the coronavirus has continued to spread in such a way that our predictions about how 2020 will run has completely changed.
In this war, we have seen the efforts of the Nigerian government to stop the coronavirus. We have seen reports of release of funds from public coffers, so the nation does not collapse. We have also seen the efforts of individuals and private firms coming up with initiatives to stop the coronavirus from further spreading.
While some of the funds go into equipment for testing/isolation centres, part of it goes into easing the pain Nigerians might be suffering due to a lockdown. Basically, this fight will be won when we do it together.
Apart from the fact that we can stay home, wash our hands always, clean surfaces, maintain at least one metre from anyone to stop the spread of the virus, we would realise that our ‘money habits’ is already changing.
Digital financial services have become the leading driver of financial inclusion for the unbanked in the region. And, the fintech community, like it does – providing workable solutions to problems in 21st Century ways – has also taken active part in making sure Nigerians continue whatever transactions they might want to do this period. And, continue to upgrade their platforms in different ways, so these transactions are seamless. Talk about fee adjustments too.
A global pandemic might not speedily scale up the dispositions and popularity of fintech in Nigeria, especially in rural areas, but we have realised that things like cash handling will not stop the spread of the virus. We have realised how the fintech community has stayed true to helping individuals, SMEs and MSMEs manage funds, run transactions quickly, and invest in as many ways as possible. We have also observed how the fintech community across Nigeria has stepped up to stem the spread of the coronavirus.
Lagos based venture Paga made fee adjustments, allowing merchants to accept payments from Paga customers for free — a measure “aimed to help slow the spread of the coronavirus by reducing cash handling in Nigeria,” according to a company release.
Nigeria’s leading digital investment and savings platform, PiggyVest, reduced its early withdrawal fee from 5% to 2.5%, in response to the realisation of a necessary lockdown, and the need to be able to use as much funds as you need this period. The platform added a link on the app to the World Health Organization (WHO), where you get all the information you might need to know about the coronavirus, and because of increased activity on the app, users get a daily reminder on the app to wash their hands frequently.
Indigenous fintech and human capital Management Company, SystemSpecs, announced the donation of ₦100 million towards efforts by government and other stakeholders to manage the COVID-19 pandemic in Nigeria.
Kuda Bank created a Kuda COVID-19 fund and contributed ₦500,000 to it. A partnership with Lagos Food Bank, a non-governmental charity currently distributing free food and other essentials across Lagos.
We also know that the fintech community has asked employees to adjust to the ‘work from home’ necessity – physical distancing, and digital banking and financial inclusion still running.
While we look forward to the end of the pandemic, we appreciate the fintech community’s efforts as they remain together with us at home.
