It does not necessarily matter Whether it is for convenience or control, e-banking is an aspect of banking that nobody can resist. E-banking is simply another name for electronic banking. Simply put, it is the use of electronic devices and gadgets to perform banking transactions.
Today, there are many different electronic devices which can be used for financial transactions. These devices include smart phones, tablets, phablets, computers, Automated Teller Machines (ATMs), Point of Sale (PoS) machines and many others.
E-banking has made banking more convenient for bank customers as they can now perform banking transactions without actually visiting a bank branch.
Here are just a few transactions which can be done by e-banking:
5 Most Important Reasons to Use e-Banking in Nigeria
1. Transfer of money from one bank
account to another: This can be done for accounts in the same bank or accounts in different banks using your phone, tablet or computer.
2. Withdrawal of money from your bank account through an ATM: This can be done with your bank card such as your Visa, MasterCard or Verve card.
3. Paying for goods or services on a POS Machine: These machines can be found at supermarkets, fast food or other restaurants, hotels, salons and many other places. Once you have your bank card with you and there is also a POS machine available, you can pay for the items you have bought or services you have used. You do not need cash.
4. Transfer of money and checking of your account balance: Payment of bills through the ATM.
5. Printing your bank statements, checking your account balances and many other transactions: through internet banking, on your computer, laptop or tablet.
Interestingly, there are very many banking services which are now offered electronically and many people use them comfortably. However, there are a number of bank customers who are reluctant to use e-banking services due to security concerns. It is imperative to note that banks invest huge resources on their e-banking channels to ensure that their customers are safe.
As a customer, there are also a few things which you need to do to protect yourself when using e-banking services. Firstly, your most important protection is your PIN or password. Do not use a PIN or password which fraudsters can easily guess. Don’t use your date of birth or those of your family members as a PIN or password. Don’t use one PIN or password for many accounts. Don’t not use your banking password for your social media accounts, for example for Facebook or Twitter. Lastly, change your PIN or password once you suspect that someone else knows it.
E-banking makes life easier. If you do not know how to start using e-banking services, talk to your relationship manager at your bank – they will be glad to help. Remember, never share your PIN or password with anyone – even your bank.
This article comes courtesy CITI Bank as part of The Bankers Committee Financial Literacy Public Enlightenment Programme.
It is also brought to you by The Bankers Committee, comprising all the commercial Banks in Nigeria and the Central Bank of Nigeria (CBN).
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