The majority of Nigerian Expatriates send money to Nigeria every month. In Nigeria, financial inclusion still has a long way to go, but Access Bank’s digital solutions mean that more people than ever before have access to essential banking services.
Before the Nigerian finance system experienced a technological revolution, banks were seen as proprietary spaces for a small segment of the population – places where only the wealthiest individuals had access to world-class banking products and services. Due to this misunderstanding, a significant portion of the population was left unbanked and unable to access essential financial services.
How Digital Finance System Is Efficient As Compared To Traditional Banking System?
Digital technology has proved to be a highly successful weapon in transforming this narrative, causing a shift in operating and business models, enhancing innovation platforms, and generating enormous revenue opportunities. The never-ending deployment of faster, more open networks is changing the technology landscape, affecting every aspect of service delivery, especially in the banking industry. Those were the past days when you have to wait in long queues to deposit an international payment and wait for days to complete the transaction. Now you can online money transfer to Nigeria from any part of the world within a couple of hours.
What Are The Challenges In the Initiative Of Digital Nigeria?
Despite expatriates sending money to Nigeria online and the various business-wide advantages of digital strategy in finance, transformation is not without difficulties. The road to digital transformation can seem long and difficult when dealing with numerous departmental and functional silos. Finance departments, for example, would not have a consistent real-time view of how spreadsheets are used or how much money is expended if they only exist at a departmental level. This form of data management is often prone to mistakes. Spending is usually made across various sources and processes, making it difficult to account for and manage.
How is International Money Transfer Different From Traditional Bank Transfers?
Even if they don’t accept conventional checks, many companies will accept an electronic check conversion as payment. Customers who do not have a credit or debit card can transfer money to Nigeria and worldwide by using an online money transfer service. Since the money is taken directly from the linked bank account, there is no risk of debt in this method.
Since advanced security mechanisms such as authentication and tokenization are used for e-money, you can rest assured that your details will not be shared with anyone. Furthermore, once e-money has been invested, it cannot be copied or reused, and the chance of losing cash is wholly removed.