5 Importance of E-Banking in Nigeria

Importance of E-Banking in Nigeria will be discussed in this article. This is to bring to light the…

Importance of E-Banking in Nigeria will be discussed in this article. This is to bring to light the many benefits of e-banking in Nigeria.

Impact of Electronic Banking in Nigeria

5 Importance of E-Banking in Nigeria
Importance of E-Banking in Nigeria – Photo Source: https://depositphotos.com

Read Also: 7 Importance of E-commerce in Nigeria

Electronic banking also known as E-banking is rendering bank cheques and withdrawal books archaic and obsolete. It involves the use of mobile phones, computers, and other devices to make financial transactions.

When you pay your shopping bills through your ATM (Automated Teller Machine) card via the POS (Point of Sales) available at the supermarket or shopping mall, the transaction that occurred is a good example of e-banking.

Aside from the common forms of e-banking such as mobile banking, the use of ATMs, and POS, there is also electronic cheque (e-cheque) and electronic bill payment.

Importance of E-Banking in Nigeria

Read Also: Laws Regulating E-Commerce in Nigeria

This article will highlight the Importance of E-Banking in Nigeria with the following points:

1. The speed and ease with which bank transactions can be made

In a matter of seconds or at most minutes, transactions to the tune of hundreds of thousands can be done from the convenience of a person’s bedroom or sitting room.

With e-banking, the long-time spent moving from home to the bank to make withdrawals from one account and then staying in another queue to pay into another account is saved. With mobile banking, queues have become avoidable and bank transactions are a lot less stressful.

Read Also: Top E-commerce Companies in Nigeria

2. E-banking facilitates e-commerce

Online shops and schools use e-banking platforms to get payments for goods and services from their customers and clients. Without e-banking, e-commerce in Nigeria will be stagnant and unable to grow as it has in the last few years.

Online businesses are thriving and spending less money on financial records because e-banking payment formats automatically register sales and the corresponding payments made by the buyers.

Read Also: History of E-Commerce in Nigeria

3. Cashless transactions reduce the risk of raw cash to robbers

With e-banking, one can afford to have the minimum raw cash in hand and not get stranded. Businessmen and women, especially those in the wholesale category can now make transactions involving large amounts without necessarily traveling with the amount and losing it to robbers.

4. Bank transactions can be done 24/7 from anywhere

Provided there is an internet connection in place, bank transactions can proceed smoothly regardless of the day of the week.

Be it weekends or public holidays or past working hours, e-banking allows transactions with bank mobile applications that require a PIN (Personal Identification Number) or a password, as the case may be.

Read Also: How to Start E-Commerce Business in Nigeria

5. Bills can be paid online

Subscriptions for internet bundles on various mobile networks and TV subscriptions together with other utility bills can be paid online without having to leave work to go to the offices of those who render these services to effect payment. This makes life a lot easier for people.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like