Five (5) Top Reasons Why People Should Use E-Banking In Nigeria.

Whether 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 arejust a few transactions which can be done by e-banking:

·       Transfer of money from one bank account to another. This can be done foraccounts in the same bank or accounts in different banks using your phone,tablet or computer.

·       Withdrawal of money from your bank account through an ATM. This can be donewith your bank card such as your Visa, MasterCard or Verve card.

·       Paying for goods or services on a POS Machine. These machines can be foundat supermarkets, fast food or other restaurants, hotels, salons and many otherplaces. Once you have your bank card with you and there is also a POS machineavailable, you can pay for the items you have bought or services you have used.You do not need cash.

·       Transfer of money, checking of your account balance, and payment of billsthrough the ATM.

·       Printing your bank statements, checking your account balances and manyother transactions through internet banking, on your computer, laptop ortablet.

Interestingly,there are very many banking services which are now offered electronically andmany people use them comfortably. However, there are a number of bank customerswho are reluctant to use e-banking services due to security concerns. It isimperative to note that banks invest huge resources on their e-banking channelsto ensure that their customers are safe.

As acustomer, there are also a few things which you need to do to protect yourselfwhen using e-banking services. Firstly, your most important protection is yourPIN or password. Do not use a PIN or password which fraudsters can easilyguess. Don’t use your date of birth or those of your family members as a PIN orpassword. Don’t use one PIN or password for many accounts. Don’t not use yourbanking password for your social media accounts, for example for Facebook orTwitter. Lastly, change your PIN or password once you suspect that someone elseknows it.

E-bankingmakes 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 comescourtesy CITI Bank as part of The Bankers Committee Financial Literacy PublicEnlightenment 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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