Many Nigerians now use smartphones. These smartphones give users unlimited access to the World Wide Web as data cost is now affordable due to the competition among telecommunication companies.
Smartphones perform different functions including banking. It has been made easy without any doubt. Today, queues in banking halls are getting fewer as more and more people are performing their transactions via their phones. There are 20 banks in Nigeria and in the near future, perhaps there will be less offering skeletal services. Surprisingly, it is the same banks that are championing this cause. Innovation Village identifies 3 reasons why banks will become irrelevant in the near future.
Transfer and receive money via mobile phones
The most important function of a bank is to transfer and receive deposits. This you can now do with your smartphone. These banks have shortcodes that you can use to send money to different accounts. The receiver simply goes to the ATM to collect the cash. In fact, you do not need a mobile app nor a token to perform this function. The only flaw here is that it increases the chances of users spending indiscriminately.
Pay utility bills
Utility bills such as electricity, Lawma, and others can be paid using mobile apps as long as you have the bank’s app.
Mobile Wallet
Many users are buying goods and services online but are paying for the items through bank transfers. A simpler way to pay for these transactions is with a mobile wallet. This wallet saves your money and settles the bills whenever you make a purchase.
