Online banking in Nigeria: what is it and how does it work?
It is a secure system, which gives you the peace of mind of the information of your accounts, payments, expenses or any banking movement.
Do the queues bother you? Do you want to avoid traffic? Do your schedules not coincide with those of the branches? Insurance online banking is what you need.
Commonly, if you have a savings, payroll or checking account in a bank, through it, you can access its electronic banking service. In general, this type of service is free or low cost, so it is very accessible.
What is online banking?
In layman terms, we define online banking as the technology advancement that allows you carry out banking activities through the internet, using the institution’s service and framework.
Talking about banking online, then you can easily refer to the capacity of been able to conveniently do whatever you want from the comfort of anywhere, anytime. This time, your financial institution doesn’t have a specified closing time, which means that you can complete any transaction you want, 24/7. Therefore, if you have not yet used this service, we will tell you more about how electronic banking works, as well as its characteristics.
Advantages of online banking
The greatest advantage is the possibility of carrying out your banking transactions, from the tranquility of your home, office or anywhere. Avoid going to branches, therefore moving and everything that this entails: traffic, schedules, among others.
Its cost is also an advantage, because for many of the users it does not imply any charge, in the cases in which it does have a cost, perhaps the possibility of not going to the bank and the ease of the schedule, compensates for it.
You can have continuous monitoring of your accounts, since you have the possibility of receiving instant notifications of your movements.
What operations can I do in online banking?
Now the important thing! What can I do in my electronic banking? Let’s see some of the most common options of operations that you can carry out electronically:
- Balance inquiry.
- Query movements.
- Transfers to third parties within the same bank
- Payments to credit cards.
- Transfers between your accounts.
- Transfer to third parties from other institutions.
- Payment of services and utilities which include electricity, water, telephone, insurance, among others.
- Make investments.
- Tax payments.
- Payment direct debit.
Information such as balances or transactions are available to you as many times as you decide. This type of option allows you to have up-to-date information on your accounts and therefore keep track of them.
It is a secure system, so you can have the peace of mind of the information of your accounts, payments, expenses or any movement.
Among the options that you can make in online banking are deposits or payments between accounts of different banking institutions.
Tips for using online banking
The way to make the most of the features of electronic banking is to do it in the safest way, so that your experience is good. So here are some tips when using it:
- Once you generate your access codes for electronic banking, do not share them.
- Always check the information of the transaction you are making: name, account number, name of the bank, among others.
- Certain online banking services provide you with a mobile device called Token, which generates single-use dynamic access codes, which makes your movements safer, prevents identity theft and therefore reduces the risk of fraud. .
- When you use your online banking do not do it on a public network. Use devices and networks that are secure.
- Always update your antivirus.
- Change your passwords frequently.
Finally, what do you need to activate online banking? Have an account in a banking institution that provides this service, if you do not have one, open one. Depending on the bank, the procedure will be, for more information you can go to their official sites, their application or directly at the branch.