XclusivePlus Proposition is a loyalty service from Access Bank, one of Nigeria’s commercial banks. The proposition is designed to help consumers save money in their pursuit of a grander, luxurious lifestyle. It is also targeted at providing convenience and accessibility for everyday transactions, such as the purchase of recharge cards, and appliances at discounts from major merchants already in partnership with the bank. But critically looking at the offering and the terms and conditions, as desirable as the offering sounds, the conditions already apparently disqualify many average Nigerians.
At contact, the possibility of living a celebrity lifestyle at N5, 999 is attractive. The lure of access to networking events, exclusive lounges at places such as airports, discounts at merchant stores, loyal points, and more is a strong pull. However, the realization that the proposition is targeted at those who earn around $1, 000 to $2, 000 monthly, or maintain around N5m savings at the bank, is a strong string that hold back those already awed by the terms.
The question is, though Nigerians are in search of opportunities to maximize their experiences and make savings on purchases, how many of them can meet the conditions as high as those attached to the Access Bank XclusivePlus?
According to UNICEF, Nigeria is wealthy but 92% of the population lives on less than $2 per day. If 7% are assumed to live above the said budget per day, it is likely that a mere 2-3% of the middle to upper segment of the economic spectrum have the means to meet the conditions set by Access Bank.
Access Bank cannot be faulted, though; the bank is simply trying to retain its high net-worth consumers by proposing a superior motivation. But, unfortunately, as affordable and appealing as the N5, 999 monthly maintenance savings is, the thousands of dollars required to start the relationship is out of reach for the majority.
The question is: what is the hope of the teeming Nigerian bank users who like to maximize their experiences and make savings from discounted purchases but can hardly afford the elevated terms and conditions of its bankers? Considering that most people in that segment also hardly get access to loans from the commercial banks which interests and requests for collateral are cut-throat, is it right to say the common man is priced out of the good life?
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