Financial Literacy Series: Alternative Banking Channels

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Continued from here

Due to advances in technology, banks are now able to offer their customers convenient, alternative means of banking such that these customers no longer need to go to the banking hall to do all of their banking transactions.

Let’s look at some of these alternative channels

  • ATMs – ATM stands for Automated Teller Machine. ATMs are the most popular and familiar of the alternative banking channels available in Nigeria. They are easy to use and usually operate 24 hours a day, seven days a week. You can withdraw cash from your account through an ATM. But you can do more than that you can also transfer money from one bank to another, transfer money from one of your accounts to another one, pay your bills or even buy air-time for your phone through an ATM.
  • Point of Sales Machines – Also called POS Machines, these are small payment gadgets given to sellers of goods and services by banks to help those sellers collect payment for their goods and services. Using POS machines, customers can make payments to those sellers without cash.
  • Internet Banking – This is another alternative banking channel. Bank customers can go to their bank’s internet banking site through the banks’ main website. Internet banking can be used to perform many basic banking transactions such as funds transfer, bill payments, account balance checking, and printing of account statements and such.
  • Mobile Banking – This is another alternative banking channel. To start using mobile banking, you will need to download your bank’s mobile banking application first. This is quick and easy to do.

Alternative banking channels make banking easier and faster for customers. By using these channels also, customers no longer need to carry large amounts of money on them. If you are not sure how to use any of these alternative banking channels, call your bank; they will be glad to help you.

This has been courtesy Enterprise Bank as part of The Bankers Committee Financial Literacy Public Enlightenment Programme brought to you by The Bankers Committee, comprising all the commercial Banks in Nigeria and the Central Bank of Nigeria, CBN.

Read “Acquiring A Home” Here

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