Mobile Commerce

Mobile Banking

Mobile payment app. showing service menu list.

Mobile Banking enables one perform the basic banking needs, without stepping the four walls of a bank. From a simple feature mobile phone to the smart mobile devices, one can accomplish most of his or her banking transactions safely from anywhere, and away from the prying eyes of unauthorized third-party. All that is required is, subscription for the mobile money (M-Money) service with a participating bank.

For the apps installation on mobile phone, the software is either SMS to customers phone line, or downloaded at the banks website,  installed and activated in the customers mobile device. The banking industry and payment service providers partnered, to establish mobile payment platform for banking sundry services, and e-payment solutions via mobile devices. With an enabled mobile device, you are able to initiate:

  • Account Balance Inquiry
  • Transactions History
  • Transfer Money
  • Settle Utility Bills
  • Payment Authorization
  • Cheque and Bank Draft request
  • Mobile Phone Top-up

These transactions and more, are made possible on availability of mobile network and internet connectivity. Meaning that, the system utilize both SMS and the Internet; a service provided by, Internet Service Providers (ISP).

Barring any operational variations by banks and e-payment providers, in the application format of their m-money service, and permission to use my banks procedure, the following highlight some of the underlying benefits derivable in mobile banking service:

Money Transfer: An enabled mobile phone is capable of initiating money transfer between accounts within a bank, and into accounts in different banks. Money can also be transfer to phone lines via SMS where, the beneficiaries do not operate any bank accounts. In this case, the beneficiaries simply approach a Mobile Money Agent in the locality to cash his or her money.

Account Balance: You have the opportunity to constantly check your account balance, to be abreast of your account position at any point in time.

Transaction History: In addition to checking account balance, m-banking also afford you the opportunity to view and save, most recent transactions log or history of your account. Regular checks on account transactions history, help forestall possible cases of fraudulent activities on bank accounts. Use SMS for retrieval of your accounts transaction record, where disputable transactions on an account is noticed for prompt alert to your banker.

Payment Authorization: Payment authorization can be initiated on your phone, for issued cheques above a specified amount limit. The same channel can equally be use to stop payment on an issued cheque.

Make Requests: You can request for, or top cheque booklet or Bank Draft issuance via your m-banking enable set. Such request serve as prior notice to ones banker to initiate issuance process of the bank cheque, pending the time the requested item will be ready for collection at the customers convenience.

Top-Up: An enabled m-payment phone comes with Top-up facility for airtime recharge on the phone line, and third-party mobile phones at anytime of the day.

Finally, mobile banking service is simple, interactive, and easy to operate right from the service set up. Either current or saving accounts or both may be register for mobile money service. At registration, each bank account is allocated a  unique Virtual Account Number link, for the mobile payment activation. And as obtain in ATM card issuance for secured transactions, Personal Identification Number (PIN), is always required at every transactions or inquiry in all m-banking transactions. In all, mobile payment service is undoubtedly secure to use from anywhere, and saves time. The argument remains, whether the m-payment solution will not surpass other e-payment platform in the near future.


2 thoughts on “Mobile Banking

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