More Industry InsightsHow To Pay Freely In Nigeria

June 16, 2022by myles0
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Getting paid for work is not an easy task in Nigeria. There’s always some sort of issue with the structures of the banks; it can be transferring money from one account to another or even withdrawing a relatively small amount. Sometimes, obtaining a bank account is impossible due to regulations that are difficult to understand and follow. Luckily there are alternative methods for getting and paying for things, like mobile banking!

Mobile Banking has been around a while and is becoming more popular. People love it because they can make everyday transactions without stepping foot out of the apartment. Keep reading to learn how to pay freely in Nigeria.

Is Mobile Banking Good For Everyday Payments?

Mobile banking is exactly what it sounds like; it’s taking your bank account onto your mobile phone. With Joinfibo in Nigeria, you can take money from one account and transfer it to another. You can also withdraw money at any time, even on the weekends! The best part is that the fees are usually very small or non-existent.

There are many benefits that come with mobile banking, such as 24/7 access to your funds and making transfers easily, providing safety and security when it may be hard or not possible at all in person.

Main Advantages While Using Mobile Banking In Nigeria

The benefits of mobile banking can not be understated. The main ones are listed below.

Accessing Your Funds 24/7

The most important benefit is the accessibility of your funds at all times of the day. With your mobile phone, you can access and transfer any money during the day, regardless of whether you’re at work or on vacation. This means you never need to wait until payday to cash out your paycheck! This also comes in handy if you are traveling to other countries where they don’t have 24-hour bank hours.

Safety And Secure

Because your money is stored in your mobile phone, it’s completely secure. All of your banking information is encrypted into a unique password that only you know. Once the funds are transferred from one account to another, they can never be returned to you by someone else. They’re even protected from cyber-criminals and fraudsters who won’t risk stealing money from a bank account because they’ll be locked up in jail!

Low Fees

Mobile banking fees are usually very low or non-existent compared to traditional bank systems. This means that you don’t have to pay huge fees every month or year just for using the service!

Perfect Customer Service

With mobile banking app, you have 24-hour customer service available. You can call and text them whenever you need assistance with something, whether it be transferring funds or asking a question. They will always respond in a timely manner, so you don’t have to wait too long.

Great Exchange Rates

Mobile banking allows you to make international payments in Nigeria for free (or for very low fees). You don’t even need the expensive prepaid SIM cards to do this! Instead, all the money is transferred directly from your mobile phone to another country’s account at a great exchange rate. This means that if you’re traveling abroad and need to send money, it will cost next to nothing!

Additional Services Available

You can use your mobile banking to do much more than just transfer money occasionally. You can also use it to pay your bills, access your credit card account, and even start a business account! This means that you won’t have to pay monthly bank fees when you don’t need them, and you’ll be able to access all of your financial accounts at one location.

Disadvantages Of Mobile Banking In Nigeria

Although mobile banking is the most convenient way to get and pay for things, there are still some disadvantages that come along with it. It’s important to note that not all banks have mobile banking. In Africa, they only started to offer this service a few years ago, so it’s still in the process of being implemented everywhere.

There are some banks that don’t even have an online website or a physical location; these banks obviously won’t offer you any options for mobile banking. Today, many companies are in the process of implementing mobile banking. This means that you might need to wait a while until it becomes available everywhere. Don’t worry, though, because once this project is finished, you’ll be able to use your phone to the bank no matter where you go.

The Bottom Line

Mobile banking is a great way to transfer money for free in Nigeria. It’s completely safe and can be used for everyday transactions! As more companies adopt this technology, it’ll become available. In the future, you won’t need to go to the bank to do anything because everything you need will be on your phone.

All in all, mobile banking is a perfect way to pay for things. You’ll never have to go to the bank or wait until payday with this service. You can access your money 24/7 and pay for things whenever you want. It will feel weird and inconvenient once you get used to it when you need to wait until the weekend just to cash out your paycheck!

Mobile banking has become extremely popular, and even the older generations are slowly adopting it. I hope that this article helped you understand how to pay freely in Nigeria.

Source: IT News Africa

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