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 are just a few transactions which can be done by e-
Transfer of money from one bank account to another.
This can be done for accounts in the same bank or
accounts in different banks using your phone, tablet or
Withdrawal of money from your bank account through
an ATM. This can be done with your bank card such as
your Visa, MasterCard or Verve card.
Paying for goods or services on a POS Machine. These
machines can be found at supermarkets, fast food or
other restaurants, hotels, salons and many other places.
Once you have your bank card with you and there is also
a POS machine available, 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 bills through the ATM.
Printing your bank statements, checking your account
balances and many other transactions through internet
banking, on your computer, laptop or tablet.
Interestingly, there are very many banking services
which are now offered electronically and many people
use them comfortably. However, there are a number of
bank customers who are reluctant to use e-banking
services due to security concerns. It is imperative to
note that banks invest huge resources on their e-banking
channels to ensure that their customers are safe.
As a customer, there are also a few things which you
need to do to protect yourself when using e-banking
services. Firstly, your most important protection is your
PIN or password. Do not use a PIN or password which
fraudsters can easily guess. Don’t use your date of birth
or those of your family members as a PIN or password.
Don’t use one PIN or password for many accounts.
Don’t not use your banking password for your social
media accounts, for example for Facebook or Twitter.
Lastly, change your PIN or password once you suspect
that someone else knows it.
E-banking makes 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 comes courtesy CITI Bank as part of The
Bankers Committee Financial Literacy Public
Enlightenment 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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