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FG should stop banks from selling airtime

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A former aide to President Goodluck Jonathan, Doyin Okupe wants Federal Government to ban banks from selling telecommunication airtime, which according to him creates jobs for Nigerians.

Doyin in a tweet said that the sector is a N10billion/day in terms of volume. He stated that banks involvement in the retails segment is strangulating small individual traders.

Through the use of mobile banking app and shortcodes, people can purchase airtime through their mobile phones.

Okupe argued that the government has a responsibility to protect the weak in the society.

“Government must stop Banks from selling of RECHARGE cards. This business is worth about N10B/day& can provide jobs for 5m youths nationwide and reduce unemployment. Banks should not be in the retail business where they strangulate small individual traders. The government must protect MSMEs.

Even under “Capitalism”

The government still has the responsibility to protect the weak in the society against the strong and mighty. Secondly, the banking license does not cover Retail business. Any society that is not regulated is close to a jungle where might us right which is undesirable.”

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