Lack of knowledge is the bane of consumer banking — Oyelaja

By Elizabeth Adegbesan 

A BANKING expert and Chief Executive Officer, Motion Yield Limited, Mr Abiodun Oyelaja   has identified lack of knowledge as the greatest impediment to the practice of consumer banking in Nigeria

Speaking at a media parley held in Lagos,  Oyelaja stated:  “The business of  consumer  banking is like the pure water business that people rush into without understanding the rudiments. A lot of people will just say ‘oh they are charging this interest rate; I can charge them this interest rate’. They have the money but they refuse to understand the rudiments of the business.  That is why you are seeing a lot of them closing up. An expert is different from somebody that is trying to be an expert. “ Oyelaja explained that Motion Yield, as a consumer finance company, is focused on giving credits to groups of individuals especially employees that receive salaries as most banks are reluctant to lend to them saying they do not meet up with the requirements. He added:  “Motion yield is focusing on the employees that have salary. We know that the banks do not really give them loans because they will say they don’t have the requirements. But here we are saying this set of people should be entitled to loans too.  We can give them loans and even give them loans without collaterals.” Oyelaja noted that  retail banking has made great contributions to bringing financial inclusion to the doorsteps of the unbanked.



Read more at: https://www.vanguardngr.com/2017/10/lack-knowledge-bane-consumer-banking-oyelaja/