Is e-banking a Challenge for Remittance Providers?

Traditional money transfer service has a 94% share in overall payment flows. There is no doubt, in the fact that online money transfer is progressing by leaps and bounds. Still, it is to assure that technology’s evolution will benefit both the online platforms and the traditional money transfer platforms. For Instance, if someone has to send money to Nigeria, without the local facility, he/she will visit the website or use the app of a money transfer company.

According to the research, a record rate of money transfers was reported in 2018, i.e., 689$ billion. If we carefully think about the reason behind the rapid elevation of money transfer rate, then technology and evolution will be the most prominent underlying causes behind this. People have eased transferring payments overseas, which is serving significantly for reducing the money transfer system barriers.

Is It Reliable And Convenient To Send Money Online?

Many people consider that e-banking has taken the place of traditional banks and IMTO’s. But this assumption is not correct at all. Due to the ease of sending money online, people can use multiple channels to do money transfers. It will be a win-win situation for all people working in the remittance flow industry.

If that person is living in a rural area if his work routine is very challenging, then there will be several problems in transferring payments. The wastage of money (used for transportation) and time and today’s era cannot afford to waste the most valuable things of their lives.

But if there is the facility of online banking, the person will send money to Nigeria online. There will be no more need of going physically to any bank branch or IMTO’s payout location. All you need to make an online transfer is the internet and a portal. Few clicks and your payments will be sent!

How Are Banks And IMT Providers Using Online Platforms For Their Benefit?

Going with the flow, banks have introduced their e-banking systems. Companies offering money transfer to Nigeria have made their online platforms reliable for their customers’ ease. People are also using different money transfer apps to send money from one state to another.

What Are The Common Steps To Send Money Through ACE?

One of the notable examples is ACE Money Transfer. They have a reliable online system and a physical presence worldwide. Customers are not restricted to use a single channel, as they can opt for the option that seems the most feasible to them. Their system is very user-friendly, allowing the customers to send money online within three simple steps. For the online money transfer to Nigeria, follow these steps.

  • Enter the Country and Amount
  • Enter the recipient’s details
  • Payments will be sent! You can track your shipments by going on the company’s website.

Final Thoughts: 

If taken the right way, the current evolution can create beneficial conditions for everyone in the money transfer industry. The providers and the customers have more favourable conditions at their side due to e-banking.