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.