Financial insecurity

By Nusaiba Ibrahim Na’abba

While the lack of financial literacy has dominated a greater part of our societies, the challenges of those who are financially literate are also never-ending. By the day, life in this part of the world is continuously being sabotaged by existential financial threats. Recently, government policies have exacerbated these crises further than easing them.

The earlier piece I wrote last year wouldn’t have required a sequel so soon, but the worsening financial situation has compelled me to do so. After the article I wrote about how an average Nigerian man fares to survive worsening financial crises, I experienced a ‘financial attack’ that swallowed my hard-earned money. It was indeed a terrible experience. Like many others who lost their savings due to alleged bank-related thefts, my bank had no cogent explanations to calm me down.

Instead, one of their staff tried to insinuate how one of my family members used my debit card without my knowledge to withdraw such a huge amount, literally proving the height of their incompetence and unkindness. The only statement I heard from another staff whom I presume to be superior was only an exclamation; “Ahhh! This is serious!” And that was it. I had to console myself when I went to enquire because another lady furiously came in to complain about how the bank couldn’t account for her ₦3 million.

Now I know better the fierce heightening kickbacks and the existing polarising debates about the naira redesign and cash mop-up as the country battles to transition into a cashless nation. Nigerian citizens are never at the forefront of making these policies. Until today, there hasn’t been a clear explanation or statement on how the government is implementing this policy amid a rising population of over a whooping two hundred million people, enlisting the country as the most populous black nation in the world.

This single policy fuelling the cashless transition has incredibly negatively disrupted businesses struggling to stay afloat, crashed many on medium-scale levels and destroyed the potential of start-ups. As a result, many shop owners have closed down businesses until the economy becomes more favourable. For instance, several POS points have closed shops, and the few others willing to keep up with the new development are only faring really hard.

On commuting, stories from tricycle owners are piercing as they struggle to support their families through the business. The chain of labour attached to the tricycle business is critical. With the breakdown of larger businesses, many people who have lost their jobs resorted to the tricycle business for some solace. It’s depressing to find out how about 4 to 5 shifts are being done with only one tricycle daily. The least shifts you could find cannot be less than 3 in a day, just to find a source of livelihood for families. Now this source of livelihood has been traumatised.

On health, patients and health workers are continuously pointing fingers at each other courtesy of delayed bank transfers. In addition, some deaths that occurred in Kano hospitals have been linked to the untrustworthy nature of the transfers. On the side of market transactions, the transfers have intensified customer trust issues – even destroying an age-long relationship of trust between shop owners and loyal customers.

The height of the financial insecurity has messed with the citizens’ psychological safety and other primary needs. People are left contemplating whether the policy is for positive development or not. People’s yearnings to meet their daily needs have only soared since the implementation of the new policy began. And the recently concluded elections that stopped some daily activities heavily contributed to the current cash struggle.

Nigerian public officeholders are notable for implementing new policies, particularly towards terminating their constitutionally allotted time in office, to either weaken election processes or transfer the bulk of work to new governments. This is hence, not unexpected. Maybe, the only surprising thing about the whole scenario is how fragmented even the ruling party was on the same issue. I’ve been unable to grasp the larger picture of the policy from the President’s perspective. Perhaps, this is not the right time for a financial rebranding in the country.

Even if the current government intends to rectify issues around election malpractices, particularly vote-buying, it degenerated into something worse. The steps weren’t expected in these desperate moments and didn’t halt rigging and other discrepancies during the general elections. Besides, spaghetti and sachet detergents became alternatives. The agitations raised against implementing the policy outweigh the commendations given to the president. It has only exposed the vulnerable citizenry to more financial battles.

At this point, I wonder whether the President has fulfilled his promise of lifting many Nigerians out of poverty. Maybe, he must’ve even forgotten some of the promises he made, which is why in a recent interview before the elections, he claimed he’d done all he could for the nation. Yes, the president initiated poverty alleviation programs, one of his administration’s priorities. Still, these unforeseen policies must’ve shattered the successes of the other programs in a way.

Like all past administrations, President Muhammadu Buhari-led APC government would be weighed appropriately in all aspects when he departs later in the year. Also, because of the lack of a clear-cut pattern of party manifestos, the country isn’t sure how the President-elect from the same political party may wish to tackle the financial challenges in the country. Whether or not he’s adopting the cashless system when he assumes duty is still unknown.

Minds presently should be geared towards financial literacy and intelligence. Understanding the critical roles of these in our lives as Nigerians will undoubtedly support us in curbing our financial difficulties. Meticulous calculations and short-term and long-term plans must be implemented daily. Economic hardships have badly hit a massive population in Nigeria after being forced to fight excruciating spikes in the prices of goods and services. These aren’t good times to be hopeful of delusional government promises.

The consequence of the financial breakdown in Nigeria is enormous, and we may not be able to quantify the level of degeneration it has caused in the coming years.

Nusaiba Ibrahim Na’abba is a master’s student from the Department of Mass Communication, BUK. She is a freelance writer and researcher. She can be reached via nusaibaibrahim66@gmail.com.

By Uzair Adam Imam

The Economic and Financial Crimes Commission (EFCC) advised the general public to be more security conscious in protecting their personal and financial information. 

EFCC said fraudsters use peoples’ personal and financial information like ATM cards, PINs, BVN, NIN and mobile phones to steal money. 

Aliyu Yunusa, the Sokoto zonal head of the agency, made this disclosure while speaking with newsmen on Wednesday.

Yunusa spoke about the increase in ATM-related fraud in Sokoto and identified two major methods for perpetrating such fraud.

The first method, he said, was “ATM Swap which usually occurs when unsuspecting victims visit the ATM machine or POS terminals where the scammers lurk around looking for prospective victims that may require their help in using the ATM.

“The suspects usually offer to help the victims in operating the ATM and, in the process, swap the card with a dormant ATM card from the same bank.

“After swapping the victim’s card and memorizing his/her pin, the fraudster will simply shrug it off as a temporary network issue and return the already swapped card to the victim while he walks away with the victim’s ATM card.

“The same fraudster will visit another ATM stand at a later time to comfortably withdraw all the money in the victim’s account or transfer all the savings of the victim to another account,” he said

The second method, according to him, was “Mobile Phone Theft”.

“In this instance, the stolen mobile phone is usually sold to fraudsters who will, in turn, use Unstructured Supplementary Service Data, popularly known as USSD, to get your bank details from a simple code.

“It helps them know where your bank account is domiciled, but to the novice fraudster, he may try every bank’s USSD code until he becomes successful.

“Then use your banks USSID code. They will transfer the content of your account to another bank account, usually of a victim whose card and pin are in their possession,” he said.

Yunusa then advised individuals whose phones were stolen to rush to the nearest branch of their banks to block their accounts.

By Nusaiba Ibrahim Na’abba

It is indeed sickening and quite unfortunate to have been part of the Nigerians alive to witness the gruesome killing of Harira and her children and two others in Anambra State. We haven’t even been relieved of tensions that arose from the derogatory remarks on our beloved Rasul SAW. And amid these tensions, another heartless fellow has murdered his niece in Kano – a similar event as Hanifa’s.

Undoubtedly, these seven years since the administration of President Muhammadu Buhari kicked off have been the most unprecedented for many Nigerians. Stressful periods have made killings assume a state of normalcy, especially in the Northern part of the country, and many horrendous activities now don’t even get into the spotlight.

While we continue to deal with post traumas after witnessing more than enough horrifying stories of senseless murders and killings of innocent lives, we continue to fiercely battle financial uncertainties from different angles, coming in distinct shapes and sizes. There has never been a time when we have found ourselves at risk of losing our earnings. From a series of unfounded mobile messages to mysterious calls and emails from strangers, we have been bombarded with multiple ‘Yahoo! or 419’ daily. We think one step to securing our earnings while these ‘intellectuals’ are already a hundred miles ahead. Such is the cruel world we live in a while our leaders wander in a desultory fashion.

To begin with, are the ‘Yahoo intellectuals’. In this context, they have proven beyond any iota of doubt that they are efficient to prosper and have almost always never missed their targets by successfully outsmarting technologies our private financial institutions, alias banks, breaching secured accounts of innocent people in order thieve their hard-earned money – only God knows the kind of cumbersome efforts put in to get them. They are perfectly immune to any countermeasure provided by these banks. Only a few of them are being traced.

The height of this situation will not puzzle you until you hear a bank staff declaring that it is not the bank’s fault but ‘yours’ – the customers’ fault – who exposed your bank details to a ‘Yahoo Pro’ unknowingly. Ideally, banks are supposed to be substitutes for traditional means of saving assets, but the current situation shows that they’re becoming dangerous institutions. Filing a complaint is intensely laborious as your insignificant earnings do not matter so much to the banks. You’d spend hours in a queue to face your worst fear – they can do nothing to help you.

In a recent report published by FJI Nigeria, a student’s $2000 was stuck and only released after their report. Similarly, just on May 8, 2022, the same FJI Nigeria published how a nurse based in Ogun State lost her N95,000 after her ATM card got stuck in the ATM and after her communication with one of the GT bank’s staff. Millions of peoples’ earnings have continued to slip away through untraceable means as banks claim or through multiple deductions from the banks. In some southern states, you could be robbed with a gun when withdrawing cash from an ATM and others adopt POS machines for these fraudulent activities.

There is also another set of dubious humans that use religious covers to decorate their Yahoo strategies. For example, you’d receive calls from unknown fellows claiming to be in good spirits, giving references from the Holy Qur’an and directing you to a strange place where they want you to keep the money for them, and they help you in return. Sounds hilarious, though, but it still happens. Another way they opt for is by sending random text messages about a critical condition of their family member, and they’d threaten you to send a stipulated amount to them or fear the unthinkable happening to you.

Let me highlight that the current wave of rancorous political exchanges in the primary elections is also enshrouded by financial insecurity. We have all vividly seen the disparity in the offers presented to ‘delegates’; it all boils down to ‘money’. Of course, it unveils how deep-seated corruption is in our country, but it also paves the way for us to see that not only the ruled are financially unstable. As the delegates go for the highest bidder, so do the aspirants try to bid the highest amount or withdraw from the race and embrace the likely winner for basically financial and political advantages. For the aspirants, some are very calculative to either invest where they’ll win or save what they’ve pocketed.

I wouldn’t do justice to this discourse without reiterating the kidnap for ransom mishap that continues to flourish without any sign of slowing down. The ‘business’ has now reached a stage of maturity such that Nigerians are challenged to save for unwary expectations indirectly. You may not be directly involved, but your support would be needed when an outrageous amount of money is demanded from a person you know.

The dangerous convergence of economic hardship, lack of political will, and financial insecurity has placed Nigerians grievously. The damage done to widows, orphans, families, workers and students is unimaginable. Assets aren’t safe at home and are neither safe at the banks. And with the continuous devaluation of the Nigerian currency, the means of our sustenance has become an uneasy endeavour.

For now, the government is overwhelmed with so much politicking – divergences, convergences and calculations are taking a toll on virtually everything. So, since the major financial institutions that deal with the exchange of money are private, and the government has proven its incompetency to bring solace to our impediments being at the receiving end, we can offer solid suggestions on how best we can be treated with dignity by these banks.

Securing our dignity and finance at this point means banks must make a move to create codes that we can use to halt the operation of our accounts when necessary. It’s distressing how they have created codes for transfers and recharge card purchases without prioritising securing our accounts. This can be a gigantic step to counter our susceptibility to fraudsters as they are fully aware that their malicious intentions can only be crushed when the damage is done.

Then, it would be worthwhile for the government to equip its legal system to challenge these private financial institutions to ensure sanity in their operations. I firmly believe they aren’t above the law, and nobody is.

Nusaiba Ibrahim Na’abba is a master’s student from the Department of Mass Communication, BUK. She is a freelance writer and researcher. She can be reached via nusaibaibrahim66@gmail.com.