The introduction of electronic banking system in Nigeria has really made
banking transactions easier, faster and devoid of stress. Now, withdrawals
and transfers of cash can be done faster with the aid of the ATM machine. Being
able to withdraw and transfer cash even at weekends made the whole idea of e-banking
a better option for many. With internet banking, cash can be transfer both
locally and internationally from the comfort of our homes. Nigerians have
embraced the whole idea e-banking even though when it first started, despite
its perfect replacement for the conventional banking system and ease of
banking, majority of the populace were skeptical about it because of the
widespread rumors about electronic card transaction fraud. Many did not buy the
idea but as time progressed, the tremendous benefit of this technology dawned
on many.. It has proved to be faster, reliable and a stress free means of cash
withdrawal and transfer, given card holders the privilege to withdraw money at
any time, 24/7, 365 days.
Statistics has shown that the population of people using ATM has grown from
10% in 2008 to 65% in 2016. Now that telecommunications operators can
participate in mobile money service which was a very weak aspect of e-banking
system earlier on because it was spear headed solely by the banks.
Even though most Nigerians do not know what mobile money service is all
about because adequate awareness campaign has never been set aside for it, the
Central Bank of Nigeria(CBN) has agreed to review its policy on mobile money to
include the telecoms industry full participation.
Telecommunications companies have the required infrastructure to strengthen and
drive the mobile money service effectively than the banks because of their wide
spread presence and facilities.
What do you think? Please leave a comment below
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