Why FG Must Stop Banks From Selling Airtime — Okupe

A former presidential aide, Doyin Okupe, has urged the Federal Government to stop banks from selling airtime to mobile phone users in the country.

He stated this in a social media post yesterday.

Through their mobile apps and shortcodes, banks offer customers the opportunity to buy airtime directly to their phones.

But Okupe said that selling of recharge cards/airtime vending is a N10 billion/day business that could employ five million youths, thereby reducing unemployment in the nation.

He wrote, “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.”

He noted that a “simple pronouncement” from the Central Bank of Nigeria (CBN) would address the situation.

Okupe further explained that while recharge card selling/airtime vending might not be desirable to many educated youths, a vast majority of illiterate ones could easily tap into the opportunity to sustain themselves instead of resorting to crime.

He added, “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.”