We know the problems of traditional banking:
lots of bureaucratic processes, high transaction fees, and long wait times. And
when you are in a country like Nigeria, going to the bank could become a
nightmare. In fact, when you tell someone you are going to the bank over here,
it is like saying 'I have no choice, I have to go.'

I, for one, have always detested going to the
bank. If you are not a big man, you would have to wait in a seemingly stale
queue for hours. The attitude of the bankers doesn't offer much help: they are
usually cold and nonchalant like they are volunteering to come to work 5 days a
week.

But decentralized finance eliminates all these inconveniences. With DeFi, I can:

● receive my money in minutes,
compared to tradFi where I would have to wait for hours, or in some cases of
international payments, days.

● carry out transactions with speed:
No more waiting in long queues or yelling at bankers. Just tap, tap, tap and my
transaction is complete.

● Have fewer charges: The money my
bank takes from my account in a month all in the name of charges can sure get
me two or three good meals.

Is a virtual bank like Kuda part of DeFi?

I'm sure you don't want me going to the bank too. Many young Nigerians are in fact exploring other non-physical banking options. That is why a virtual bank like Kuda has won the hearts of about 

. Kuda calls itself the bank of the free, which is true because its charges are far less than what you would get in older banks. But, is it truly free?

Kuda is still a Nigerian bank at its core, meaning it is still subject to the regulations of the apex banking authority, the Central Bank of Nigeria (CBN). Last month, Kuda 

 that it would start charging 50 NGN (0.1 USD) on deposits above 10,000 NGN (15 USD). So, if you set me more than 10,000 NGN, I would be charged 50 NGN.

Of course, this didn't go down well with a lot of Kuda users, who flocked to the bank because of its low-charge promise and youthful vibe. But what choice does a bank like Kuda have? No matter how you want to be different, centralization can always nip your plans right in the bud.

Also, since Kuda is still under the CBN, they technically take orders from the government. If I protested against the government and it feels kike I should suffer for it, my account would be blocked. Just like it happened with the frontliners of the 2020 

. We still need DeFi; an unhindered system of banking independent of the clutches of the government and the existing greedy financial systems.

Again, I do not want to go to the bank. But, what of those people who do not have a smartphone? Or access to the internet? How do they access DeFi? How do they find a better way of doing their daily and escape the clutches of the present banking system?

 It is scary to think that just 40% of the Nigerian population is 

. That means almost 2 in 5 bankable Nigerians do not even own a bank account. What do they use? Kolos (wooden boxes) and other local ways of storing money.

 How do these people even get to understand the process of using an ATM, and talk less of DeFi? In developed countries, it is easy to see how the transition from tradFi to DeFi will take place. But in developing countries, it is more than a complex path.

Is traditional banking dead with DeFi? I don't think so, not in a long time to come.

Is Traditional Banking Dead With
DeFi?

Few things are better than seeing a long-time friend in person after so many years
or finally reuniting with your family after months apart. Humans are social beings; we crave interaction with other humans. Even if you are an introvert, you still want to talk to other humans, even if it's less regular than others.

 We love the interaction. Just take a look at the success of social media. This report shows

 will use social media in 2021. That's like 1 in every 2 people. The world has become smaller and closer with technology, from telephones to the internet to the Metaverse.

The Metaverse is a reasonably new concept, so we are still trying to understand how
it will work and affect our lives in the future. If you don't know what the Metaverse is, it is a series of interconnected virtual worlds where you can interact with other people and the world around you. I know there is a lot of hype about the Metaverse. You have probably heard some of the hype too.

, a humongous Metaverse store, to Fortnight's fantastic Metaverse concert that features A-list artists like 

 and Travis Scott, it looks like this new tech has come to stay. Is that a bad thing? No. I am always excited about new technology. Take a look at the fascinating way a blockchain works. Who would have thought of a digital ledger that lets everyone connected view everything in real time and at once? 20 years ago, it would have been a far-fetched fantasy.

However, my concern with the Metaverse is its impact on human interaction. It is already
apparent how the internet affects us today. Few people live in the moment: everything is recorded instead of enjoyed. So, what guarantees that the Metaverse will not be the primary way we do everything? From how we work, relax and even learn new things? Nothing actually can. And this thought is worrisome. The effects of sedentary living are already being felt in our world. For example, remote workers are prone to

 which could negatively impact their health. I use remote
work as a point of reference because, as a freelancer, I know how remote work has changed my life. Sitting in front of a screen leaves little time for anything outside my workstation or my house. To increase physical activity, I have to consciously take long walks or meet up with friends, even if I do not feel like it.

 Now, think of if children did not have to go to school. They would sit in their homes and learn virtually in a metaverse school. No chance for real-life interaction with their peers. No opportunity to experience what it is to fall and get a cut on their knees or have to dance in the rain with their best friends. Do you see what I am driving at? How about relaxation for everyone? Grabbing a drink in a Metaverse bar differs from walking around the block to
get a drink.

 And then, of course, is the health implications it will have on everyone. During my childhood, I watched a lot of cartoons; I mean, I still do. But I remember 

 and how
everyone turned out fat because they were on a lifetime vacation. Now, cartoons might be a little exaggerated, but the point is, if there is little physical activity, if everyone is plugged into their headsets and living life from screens, then we will not be very healthy. According to WHO, 

 will live with obesity in 2022. These numbers could really go up if we did everything virtually.

 And as we look at the possibility of transitioning into the Metaverse, we must also remember that not everyone will get the opportunity to get into this virtual universe. Places with intermittent electricity and low literacy levels may be cut off entirely from the Metaverse since they do not have access to what we deem basic, like internet access and an opportunity to own high-end gadgets. A 1gb ram low-end android phone does not do much for one trying to enter the Metaverse.

 While the Metaverse is an exciting new technology that many look up to, we should
consider the negative implications of centering our whole world on a virtual universe. The right balance would be participating in some metaverse activities and carrying some in the real world. We must continue to enjoy the earth, smell roses, taste the snow, feel the wind in our hair and experience the warmth of hugging a loved one. Will the Metaverse erase human physical interaction? Yes, if we let it.