Why don't we have credit cards in Africa?

[Etini Willie]

Nigeria actually has a credit card system but the truth of the matter is that it is not really common. It is only around three percent that have access to these credit cards. And there are also some requirements needed before you can own one.

Why is it not mainstream? I believe this one too would only be for the elites. Those ones can always pay back credit card debts easily.

 

[Heatman]

The only cards we have in Africa are debit cards. I don't think there is any sub-saharan African country that uses a debit card for transactions.

Why is it so? What do we do to have credit cards in Africa?

You are generalising because I believe that we have credit card even in Nigeria. It is simply because your bank account cannot be able to carry for your bank to allow you to have credit card.

 

[fcbetting]

In Croatia we have credit cards on most places expect bars and often in hairstyle saloon. They don't want it since they cheat - show less accounts and pay less tax.

 

[Niyi Briggs]

You are generalising because I believe that we have credit card even in Nigeria. It is simply because your bank account cannot be able to carry for your bank to allow you to have credit card.

Please sir, I would love to know the financial institution that offers credit cards in Nigeria. I would apply for one first thing on monday morning.

 

[eldavis]

Why is it not mainstream? I believe this one too would only be for the elites. Those ones can always pay back credit card debts easily.

Yes they do not just give it to anyone. You need to be able to generate a certain amount of income per year before you can quality for this. I guess they do not want a situation where they would give it to persons who cannot pay.

 

[Kennysplash]

I think there are some requirements that are needed to have a credit card which we find it hard to meet here. It can crush the system's economy if it is implemented.

 

[Etini Willie]

Yes they do not just give it to anyone. You need to be able to generate a certain amount of income per year before you can quality for this. I guess they do not want a situation where they would give it to persons who cannot pay.

I understand that the institutions are taking into cognizance the economy and the purchasing power of the citizens before decoding to operate credit cards. It is not easy to pay debts in this economy.

 

[Niyi Briggs]

When I see all these loan apps advertising, I feel pity for them. The majority of the citizens are struggling to even survive and eat. They would take the loans and won't pay back.

 

[Stardom22]

I think I will make more research on this. There must be a reason for this and it's quite a great thing when we know that in the matter of fact.