With all the inconveniences Nigerians deal with daily, digital banking makes life less stressful for people. There is no longer a need to go to the bank and wait in line for every single transaction one needs to make. Time, they say, is money, and the time saved on each transaction could be spent earning more money.
2. Easy transactions
One of the attractive features of digital banking is how easy it is to send money to others. This includes personal and business transactions. Now, Nigerians don’t have to wait long for a check to clear before receiving money from friends, family, or customers.
3. Ability to manage bill payments
It has made it much easier for people to manage their bills. Just from your phone app, you can make payments before or when they are due. This saves you the stress of going to the offices of the businesses to make payments.
Another attractive benefit of digital banking is its security, which is a big concern for Nigerians. Carrying around large amounts of cash can be very dangerous. You can easily be targeted or waylaid by miscreants on your way back to your home or office, resulting in an avoidable loss.
5. Control of your finances
With digital banking, people can closely monitor their funds and control what happens with their finances. In addition, there is up-to-date information at their disposal that enables them to make better-informed decisions on how to spend their money.
6. Investment opportunities
Digital banking has opened the investment space to many who previously had no access to investment opportunities. Now, they have investment opportunities at their fingertips and take advantage of them to grow their wealth.
7. Financial literacy
Digital banking offers so many tools that Nigerians can take advantage of and become financially literate. They get more tips and resources that were not available to the masses in the past.
8. Saving opportunities
For many people, banking with a digital bank has encouraged them to save. This is because there are many kinds of saving options, including fixed and target savings, which give people a chance to save and a reward for saving.
9. Access to loans
Aside from investment and saving opportunities, digital banking also makes it easier for people to access loans.