Andrew's Blog - Inspiration, Technology, Business: The Innovations of Internet Banking In Nigeria

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September 03, 2011

The Innovations of Internet Banking In Nigeria

 Online Banking Solutions:

In this 21st Century, Internet banking has truly come to stay in Nigeria where anyone with a duly opened bank account with any of the top performing banks in Nigeria can securely do the regular financial transactions of checking account balance, paying of bills, making fund transfer between your accounts from anywhere.

This Internet banking platform also known as online banking made available by major financial institutions in Nigeria can be accessed and operated from anywhere in the world where
there is an Internet connection, also possible with a connected cell phone.

Today, anyone with a cell phone connected to the Internet can also check his or her bank account balance, pay utility bills online, monitor account activities which have also helped to reduce associated online bank fraud, transfer of funds between accounts and to meaningful other beneficiaries in real time unlike what it used to be years back. A welcomed development and we are truly embracing these innovations here in Nigeria. How true and safe? You may ask. Read on...

Internet Banking YouTube Video

The importance of Internet banking in Nigeria:
  • Online real-time bank account monitoring
  • It gives you a 24/7 access to your account.
  • Request, confirm and stop cheques.
  • Monitor transactions, Check your balance, and print account statement.
  • Paying of utility bills
  • Transfer funds between your accounts and to other beneficiaries you have dealings with.
  • You can change password and update personal details from anywhere.
  • You can have access to your account from anywhere in the world.
Top Nigerian Banks on Internet Banking:
Online banking is presently operative with most Nigerian banks, quite a few are truly performing well with stable swift services rendered to account holders. The online payment systems on ground offered by top financial institutions ensure a smooth and safe online transactions. A few e-payment processors like InterSwitch and eTranzact do offer specific online payment services in partnership with the Nigerian banks:
  • Zenith Bank
  • Guaranty Trust Bank - GTB
  • First Bank Nigeria
  • United Bank for Africa - UBA
  • Diamond Bank
  • Access Bank
  • EcoBank
  • Standard Chatered Bank
  • Fidelity Bank
Online Payment and Processing Security Issues:
All the Internet banking providers providing online payment systems are duly checked and monitored by the Apex bank of the federation [Central Bank of Nigeria] to ensure proper safety and security of account holders using the systems provided by these financial institutions; implementing the following online security measures: Debit cards issued by these financial institutions can be used for online shopping of goods and services:
    • 128 bit data encryption between the users computer and the Internet banking system
  • A User ID and Password
  • Keypad PIN entry which definitely prevents PIN cloning.
  • Secret Questions and Answers and many more.
  • financial institutions will never ask for your PIN, ID, Password by email or phone, so guard and protect them. Don't give them out!

1 comment:

  1. The innovations of varoius secured mobile or online banking in Nigeria have truly revolutionized the way business are recently done with application of most reliable Internet banking offered by top financial institutions especially GTBank, Zenith, amongst others. The ease of making instant and direct "secured payments online" to your staff, customers, and business partners with other Nigerian bank account from anywhere in the world.