Picking The Best Bank For Online Transactions In Nigeria

Discover useful tips to know the best bank for online transactions in Nigeria so you don't pay higher fees on internet banking activities or feel restricted when the network is unavailable in certain areas.

best bank for online transactions in nigeria

The Internet has evolved in Nigeria, it is no longer limited to launching a website, and sending emails to other people, now, you can now make and receive payment online from the comfort of your home or office. Many thanks to our banks as they continue to upgrade their infrastructures to accommodate real time banking transaction 24-7.

I remember how banking transactions were carried out in the 90s, very strenuous and time-consuming, sometimes you need to set aside a day for your deposit or withdrawal due to the long queues. In a situation where the network is slow or cannot connect your bank's branch to the head office server, that means you need to start a "one-man prayer" for revival or go home. This is an experience many of us went through; "I remember when I was in school and operated an account with one of the old generation banks (name withheld), whenever I go to the banking hall for withdrawal using my last transport fare, I accompany my journey with a prayer for the network to be stable. Now, imagine if these were to be an online transaction where I had to launch the bank's application and try to make payment, what do you think will happen? "

So, it's important that when opening an account with a bank, online banking is an important factor to consider, whether it's for personal or SME business account, you need to be sure that your selected bank offers quality internet and mobile banking services.
For a business traveller that solely depends on his credit or debit bank when settling obligations like airline fares, hotel book and reservations, etc, you just can't do without this guide or else you will be stranded or might feel embarrassed.

Best bank for online transactions in Nigeria - 5 tips to choose an internet banking provider;

Here, I have shared key areas to look at when selecting a Nigerian bank for your online transactions.

Forex rate

Aside from the official exchange rate or parallel market offer, there is an exchange rate the bank applies when you make credit card payment to a foreign merchant - either for shopping at a mall abroad or ticket booking - you need to compare bank's exchange rate as it's important in helping you to save foreign transaction cost.

Internet banking channels, mobile, USSD, call, online banking

The number of channels available for you to carry out online banking transactions also matters, a bank that offers multiple options makes it flexible for its customers to do business anytime, anywhere. You can't carry your laptop to the mall because you want to make payment online after shopping, does your bank allow mobile transfer via banking application? can you log on to your account from your home to view real-time transactions on your account? at the dial of a code, can you top your mobile network account? these are some of the core questions to answer when comparing various banking channels across selected banks.

Bank service charges

Some banks solely rely on interest income to boost their overall gross earnings and as such try to suck their customers with multiple charges that don't add value to the customer, though, we know some charges that are justifiable but at times the figure begs for explanation; for instance, a bank deducts N100 from your account but sends you an SMS three times a month, can you explain that? When you make payment online, how much does your bank deduct as internet banking transaction charges? Always check your banking charges and compare the trend for multiple months, you might be paying more than others.

Account security/scam alert

This is one of the most important parts of internet banking, as banks encourage their customers to explore their various internet banking channels, the activities of fraudster have also increased with many resorting to sending scam emails on fake transactions activities to random customers. You need to compare the security levels each bank adopt to protect customers and how often they alert you on latest strategies hackers are exploring.

Credit or Debit card acceptance worldwide

This factor can make you stranded when you ignore it, how? you may ask, Now, imagine you operate an account with a bank with a debit card attached to it but can't use the card to make payment abroad, despite the sufficient cash balance in your account, that's frustrating! You need to be sure that your payment cards is acceptable worldwide before carrying them alongside with you. Most banks now issue a Visa or MasterCard powering payment card so that customers make payment anywhere.

While these are factors to consider when choosing the best bank for online transactions in Nigeria, you can ask questions and learn from other people's opinion and experience so far.