As human lives improved and advanced, banking technology had also had to improve to keep up with customers whose lives are continually on the go. Online banking refers to any banking transaction conducted over the internet. It is normally done through a bank’s website under a private profile and with a desktop or laptop computer. These transactions include services that are traditionally offered at local branches without having to go to a bank. Customers can perform financial transactions while banking online such as paying bills, transferring money from one account to another and so many others.
Mobile banking on the other hand allows you to perform many of these same services using a smartphone or tablet rather than a computer. Mobile banking allows you to log into a bank’s website, use a bank’s mobile banking application or even SMS banking. Banks mobile apps offers a wide range of services such as account access, making mobile deposits, money transfer and so on.
Available Services Via Online And Mobile Banking Include
- Account information and monitoring of deposits
- Insurance policy management
- Funds transfer and bill payment
- Loan and credit cards access and requests
- Portfolio management services
- Cheque book and ATM card requests
- Nearby ATM location
Benefits Of Online/Mobile banking
- Provides a convenient means for customers to perform financial transactions
- Allows customers perform financial business outside a banking facility.
- Saves customers the trouble of visiting and queuing in the banking hall.
- Mobile and online banking is more secure compared to keeping money at home especially in a country like Nigeria where armed robbery and burglary are continually on the rise.
- Encourages Electronic bill payment. Online banking will also lead to easy monitoring and tracking of criminal activities
Challenging Of Online/Mobile Banking
- Handset accessibility: Mobile phones differs and some banking apps do not work well on some phone models
- Personalization: Banking apps should be able to support personalization features such as preferred language, date and time format, default transactions and alerts
- Application distribution: Banking apps often need to be downloaded online and so only people with WiFi or data connection have access to it
- Security: Since these apps are often downloaded online they may come loaded with viruses or spams which may damage the customer’s device
- Scalability and Reliability
Daily Fund Transfer Limit And USSD Code For Mobile Banking
Bank name. Maximum fund limit. USSD Code
GTbank. #500,000. *737#
Access bank. #500,000. *910#
Fidelity bank. #500,000. *770#
First bank. #1,000,000. *899#
Ecobank. #500,000. *326#
Diamond bank. #500,000. *710#
UBA. #500,000. *919#
Zenith bank. #100,000. *966#
Skye bank. #100,000. *833#
Wema bank. #100,000. *945#
Daily Withdrawal Limit
The Central Bank of Nigeria stated that the maximum amount for fund withdrawal is #150,000 for individual accounts and #1,000,000 for corporate or business accounts across all Nigerian banks and mobile banking platforms.
Online Bill Payment
CBN also stated that third party transfer must not exceed $300 which is #60,000 when converted to Naira.