Virtual Bank Apps In Nigeria: An Experience Of Gamification
Gamification is a process of creating or applying game metrics into a system to establish retention, value for time, and interactibility. The essence of Gamification in fintech is to reward people or create an illusion of reward in exchange for the time that a user is offering, let's say a bank app.
In this video, I talked about the Gamification strategy of virtual banks in Nigeria. How they've designed a sophisticated reward system where they build game systems by using complex finance tools to keep people engaged on their applications.
In this video, I used a popular virtual bank in Nigeria as a case study. I talked in detail about the cash-back policies which they offer to customers as well as rewards for further interactions with the learning and earning tools that have been incorporated into the app.
I went on talk about why Gamification and its reward system is one of the biggest retention strategies in Nigeria. I talked about how it's even become a business model in Fintech and how this is changing the face of the financial industry.
Interested in some more of my works?
Reviewing A $400 Samsung Galaxy A72 (photos Included)
Hive's Scalability & The Compromise Of Commitments
Money: The Consequences Of Making The Right & Wrong Decisions
The Nigerian Economy: Monopolizing Incompetence
The Experiential Process of Understanding Money
A Case Of Theft On Hive: Here's Why Some People Choose Scam.
▶️ 3Speak
You are making point, like me I was using zenith bank and every week the are changing me 100 naira for transfer navy and 50 naira for card maintenance and many other and to tell you the truth i feel so discouraged and now I am making use of opay and all transfer are free and the even give me interest for saving my money with them. So indeed those banks have already loose their customers. I love this video thanks for sharing
It's crazy. I think virtual banks will begin to have more volumes of transactions and this is because it's become increasingly difficult to do transactions on zenith bank. Zenith bank seems to be the worst of them all. However, they're not going to like what will happen to them in the future.
Opay is really the answer to the prayers of a lot of people. The banks show no mercy in this petty, mundane withdrawals. Like it borders on exploitation at this point. Everyone now needs an avenue where they can do their transactions without the threat of exorbitant charges looming on their heads.
The Banks in Nigeria are that way because there was no competition. They were inconsistent and at one point in time, they began to rest on their oars. I think I'll like to see them face massive boycotting, this way they'll know they're not indispensable.
Massive boycotting sounds like something that would be quite befitting for them but you know your country people, some will go behind to still do transactions with them.
Disclaimer: My friends do not trust Virtual banks enough to put a huge sum of money there.
I have been using virtual banks even before they became mainstream. I learned about them in one of the financial books I read in late 2020.
A lot of people use OPay. But I love Palmpay. They have Gamification too and I enjoy using them. Sometimes when I remember i can get credits for a discount, I do not hesitate to go there and buy from them. Earning those rewards are mouthwatering since I can use it.
The best part of these Virtual banks is the ability to get refunds if you mistakenly recharged more than you wanted.
Referrals are cool. And you are right,user retention is possible because it's a win-win situation.
Traditional Banks in their bottleneck system do not have all these flexibility. The only thing that's making traditional system thrive is because of the trust they've been able to garner for a while and the experience they have. If not, their system is totally terrible. Virtual banks will eventually take over. The Gamification experience is overwhelming and one thing is that the prospective competition that will ensue amongst them is the reason why they'll get better.
Lol. If such a thing happened in the past..... Just look for neighbors who would buy from you .... Hehehehe 😆
That's true. When I began using Opay it was like a whole new world. It was like my eyes opened. I have actually upgraded the account and now I have no transaction or savings limit. Zenith bank dealt with me. Infact I have earned over 1200 Cashback in just two months. The Gamification is amazing
I am glad you are enjoying the app.
When my friend convinced me to use the app because of the reward system, it was timely, because I had this job, I was standing in for my friend, I utilized the app, to sell cards, do transfer, and sometimes deposit money for people in my boss's shop.. hehehehe..
It was so cool. I made money that month ehh especially because I had cash backs 😅
If I may ask what the meaning of this feather with our name on peakD
Feather? Which feather is that bro?
For some reason, I was thinking of Yotta bank. They gamified the experience because it doesn't really give you that much interest. In a way, they want people to come back daily to try out the lottery. If you win the lottery, which is kind of likely, I think the interest rate evens out to be around the same as an online bank. I never used it but I do remember seeing some ads for it.
I don't know of Yotta bank, but the best thing that could happen to them was gamifying the experience if you ask me. I think it creates amazing retention. All these things they offer actually helps or gives a different purpose to them
Yea. I know a few friends who got into it. They checked the application every single day and were celebrating their winnings. They even showed it off on social media when they got something good. It's the best marketing.
The experience becomes more rewarding when virtual banks introduce gamification on their platforms. Traditional banks will continue to be left behind since they've grown almost stagnant when it comes to development. I enjoy the flexible of being able to transact both online and offline and get rewarded for it :)
I am a virtual bank lover and they have made life easy for me for a year, I don't even remember the last time I complained because their services are top-notch and have so many benefits also.
Those guys are the best. I use zenith bank and those guy showed me premium pepper before I went to open OPAY. believe I've never had any problem with using OPay ever.
There transactions are mostly seamless and they really helped during the period of Naira scarcity when regular bank cards where declining and transactions where delayed.