Nine years after the Central Bank of Nigeria (CBN) rolled out the cashless banking scheme, many people have come to realise its gains, writes COLLINS NWEZE .
As the coronavirus (COVID-19) pandemic rages, bank customers are also thinking of their health safety while carrying out their transactions. That is where cashless banking comes to mind.
Cashless banking has faced several criticisms since it made its debut nine years ago. From poor quality of service, double debits, excess cashiers to loss of funds to fraudsters, e-payment users have negative stories to tell.
With COVID-19 on the loose in Nigeria, bank customers were advised to reduce human contacts during their transactions.
As at January 15, 2021, the Nigeria Centre for Disease Control (NCDC) said there were 107,345 confirmed cases in the country, 84,535 discharged and 1, 413 dead.This scenario provided an opportunity for those that abandoned cashless banking to return.
Hence, the industry has witnessed the widespread use of the e-payment channels – Automated Teller Machines (ATMs), Point of Sale (PoS) terminals, web payment, online transfers and even mobile phones for transactions. These channels are the easiest ways to transact without physical contact, which is the fastest route to spread the coronavirus. Deposit Money Banks (DMBs) are now advising their customers to use alternative digital channels for their transactions.
Ecobank Nigeria, First Bank, Unity Bank, Wema Bank and Access Bank, among others, have reiterated the gains of cash-less banking.
For instance, customers of Ecobank have been encouraged by the bank to utilise its digital self-service solutions, including Ecobank Mobile App, Ecobank Online, EcobankPay, Ecobank OmniPlus, OmniLite and the RapidTransfer App without having to visit branches. This is part of efforts to ensure social distancing which will help curtail the spread of COVID-19.
According to the bank, customers can “Bank from anywhere” by utilising digital solutions to easily access their bank accounts, make payments, transfer funds, process salaries, and carry out other ancillary banking transactions from the comfort of their homes and offices without visiting branches. The bank advised that its branches remain open and available to customers who choose to visit to carry out their transactions. The bank emphasised that its branches are equipped with all prescribed preventive measures.
Also, the bank noted that as part of its self-service options, customers could create virtual cards for eCommerce and other online transactions on the Ecobank Mobile when required. It noted that Ecobank also provides online and digital product assistance […]
