Sponsored Posts

    ×
    • Tech - News - Tech Companies
    • Updated: January 19, 2023

    Netflix Loses 39,451 Users As Banks Halt Activities On Naira Cards

    Netflix Loses 39,451 Users As Banks Halt Activities On Naira

    Online streaming service Netflix has reported losing 39,451 members in 40 days as a result of Nigerian commercial banks' suspension of international naira card transactions.

    In a statement to customers, Zenith Bank, for example, stated: "Dear Valued Customer, Please be informed that effective January 9, 2023, you will not be able to use your Zenith Bank Naira cards for International Automated Teller Machine (ATM) cash withdrawals, PoS transactions, or web transactions.

    “If you have International spending requirements, simply visit any of our branches and request a foreign currency debit or prepaid card, which are available in US Dollars, Pounds and Euro variants. Thank you for banking with us.”

    The declaration, which went into effect on January 1, comes just one week after the identical one from Guaranty Trust Bank.

    Flutterwave, Eversend, and other Fintech companies had also stopped providing virtual card services for cross-border transactions, along with e-commerce platforms.

    The fact that many Nigerians who shop online from foreign retailers like Amazon and Apple Music would no longer be able to use their Naira cards to make purchases just makes their problems worse.

    According to Netflix Nigeria subscription data provided in response to a Freedom of Information (FoI) request made by online news outlet News Point Nigeria on Tuesday, over 39,000 subscribers did not renew their subscriptions over the course of the previous 40 days, from December 5, 2022, to January 15, 2023. Although the information did not break down the subscribers' subscription plans, the figure nonetheless indicates an estimated loss of over N250 million in revenue.

    The data showed that Netflix had produced or co-produced over 25 of the over 500 Nollywood films available on its platform.

    The online streaming service provider has a presence in almost every nation on earth, and most internet-connected devices can access its website or app.

    Additionally, those apps are among the easiest to use of any provider.

    However, as a result of this recent development, Nigerians will now need to purchase Dollar/Pound Cards in order to renew their subscriptions.

    Related Topics

    Join our Telegram platform to get news update Join Now

    0 Comment(s)

    See this post in...

    Notice

    We have selected third parties to use cookies for technical purposes as specified in the Cookie Policy. Use the “Accept All” button to consent or “Customize” button to set your cookie tracking settings