Tiny Card Makes Banking in Nigeria, Quick and Painless Process
A Tiny Card Is Making Banking in Nigeria a Quick and Painless Process and Banks are Taking Notice
Having lots of cold, hard cash has for centuries been a dream chased by many. As the stunning advances in electronics changes our world however, it is becoming increasingly clear that cash may soon be yesterday's hero. More and more countries are changing into cashless societies and a tiny card recently launched in Nigeria looks set to speed up this process and commercial banks want in on the action.
The tiny card, the brainchild of VTNetwork Limited, is integrated into the Nigeria interbank settlement system and is known by Nigerians as the Cashless Card. It is rapidly gaining ground in Nigeria by making life easier for everyone wishing to change paper cash into digital form.
A business owner going to the bank to deposit cash is at risk of becoming a target for robbers. And if they make it there safely, the chances are that there will be a long queue and a wait of hours that could have been spent productively. Using the card is a simple way to get the money safely into the bank in minutes. Safety is 100% guaranteed.
The Central Bank of Nigeria (CBN) wants to reduce the amount of cash in circulation, get Nigerian citizens to go cashless, and strengthen and modernize the country's economy. CBN has a policy of imposing cash handling fees on large deposits and withdraws. It's no surprise that leading businesses are beginning to embrace the Cashless Card in large numbers because it's cheaper and more convenient.
An NSE-listed insurance company is using the cards to simplify premium collection in remote places. A large international card issuer is relying on the Cashless cards' accuracy and reach for loading digital value onto their prepaid cards. Other institutions that are coming forward are government agencies, bureau de change, commercial banks, and micro-finance banks.
The card can be purchased from many participating agents across the country. Financial institutions can have the card branded for them to give them exposure, increase account openings, deposits and patronage.
The process is safe, convenient and quick. Once someone has obtained the cashless card they visit the web portal and fill in the name and bank account to transfer the money to on the card to any bank of choice. That is it. The bank account will be credited immediately and sender and recipient will be notified by the bank and processor in real-time.
Someone using the cashless card can also transfer the money into the bank account of someone else, such as a family member. Digital funds off the Cashless card are accepted by all commercial banks in the country.
What is really cool about this innovation is that users are in total control of their money and can do the transaction anytime and anywhere and to any bank.
Many countries across the world including U.K, Sweden, Norway and Israel have already expressed the intention of becoming cashless societies. The Cashless Card is a big step in Nigeria's quest to do the same.