BANKING

7 Reasons To Use Online Bill Payment

Published

1 year ago

reasons-to--online-bill-payment-solution

7 Reasons To Use Online Bill Payment

In the time past, many were reluctant to make online bill payments. Online bill payment was widely perceived as a loss of financial control by those who lacked confidence in the security of online transactions. But, the digital payment adoption level has significantly increased over the years: 7 Reasons To Use Online Bill Payment.

The relative development created by the digital payment framework posits the innovation to amass a total transaction value of $8.49 trillion by the end of 2022, with a projected annual growth rate of 12.31% to reach over $15 trillion by 2027. This, however, corroborates the prospect of a robust digital payment market by extension of the payment solution structure. This begs the question: what would prevent your insurance or utility supplier from overcharging you or possibly even stealing your identity if you gave them the number to your checking account?

Many accepted the custom of stamping envelopes and writing checks because it seemed safer. However, the narrative has changed today. Mortgages, education, electricity, loans, rent, credit cards—people pay every bill imaginable today online.

7 Reasons To Use Online Bill Payment

What motivates online bill payment? To begin with, you’ll save time and money on mailing and late penalties. In addition, paying bills online is safer than mailing them in If your personal information is on paper and physically travelling via the mail system, it is much more likely to be stolen. Additionally, you can use your credit card to pay your bills, making it simpler to manage your finances. Additionally, you can earn airline miles and other cash-based rewards while you’re at it.

You can pay your bills online in one of three ways: through your bank, the biller’s website, or a third-party bill payment provider, albeit the individual approach has its merits and demerits.

To this end, this article will explain the core reasons for using online bill payment.

7 Reasons To Use Online Bill Payment

Easy Organization

Being disorganized and paying your bills the old-fashioned way might make it simple to lose sight of your finances. The cable bill typically gets trashed, filed, or lost in a mountain of paper after the cable company has been paid for the month. You might not notice a sudden change in the amount or any unexpected charges to your account for several months.

However, if you pay online, you may view all of your data and find out right away if something is incorrect. In addition, everything is available for immediate viewing if you utilize a third-party bill-payment provider. It’s like getting a free personal organizer!

Credit Card Payments Allowed

There are several benefits to using a credit card to pay your payments. Consider all the trip miles you could accrue by paying for your tuition and student loans using a credit card with an airline affiliation, for starters. The payment procedure gains an additional degree of protection as a result.

Additionally, utilising your credit card eliminates the issue of overdrafts from your bank account if you find yourself short on cash. If you only review one credit card statement each month, you’ll be better equipped to identify billing mistakes.

Going through your bank’s website is the best way to use your credit card for online bill payment. Substitute your credit card number for your bank account details if you already have regular online payments set. You must change any stored account information with your credit card information if you pay online straight through the biller’s website. But as usual, watch your spending and don’t let the extra fees push you into carrying a balance or unneeded debt.

Fast, Safe, And Easy To Use

You probably picture setting up automatic drafts from a bank account to pay your cable or utility bills when you think of online bill payments. But more and more consumers are using their credit cards to pay their bills online. You can probably use plastic to pay your fees, even rent or a mortgage because more and more shops accept credit cards as online payment.

The check-and-stamp technique is slower and more complex than online bill payment. In essence, it gets rid of the procrastination issue. Until you suddenly realize that it’s been two days since the due date on the bills, and there are no paper bills to leave on the counter.

Never pay a late charge again by setting up monthly payments with your bank or the biller. Even if you pay your bills manually each month rather than automatically, you’ll still save time, hassle, and postage. You will still save time if you wait until the last minute to pay online because email-based transactions frequently take significantly longer to complete.

Although mail theft is a severe concern, hacking, spyware, and viruses are constant threats when you’re online (although automatic payments reduce your chance of these). The less physical mail you allow to carry your paper statements, checks, and personal information, the better. Additionally, since you can check the history of payment dates and amounts, paying bills online gives you more options if there is a dispute.

Green Environment

Getting rid of paper usage is one of the main benefits of paying bills online. If you’d prefer to get statements and reminders by email, your bank or service provider will ask you. Nowadays, almost any account that can be mailed can be sent electronically just as readily (and frequently for less money). You will have less difficulty and less paper waste in landfills if you receive less mail and have fewer envelopes to open (and then refill).

Moreover, if fewer bills need to be produced, less fuel and energy will be used in their processing, printing, mailing, and transportation. Thus, it is safe to say that in terms of environmental advantages, online bill paying comes out on top.

Then there is the aspect of saving money. You are not purchasing stamps if you are not mailing checks. Companies also spend much less on online transactions than regular mail because of the printing above, processing, mailing, and transportation costs. This makes them pleased, which (sometimes) prompts them to want to pass along the savings to you, which (occasionally) results in decreased fees.

Easy Consolidation

Online bill payment enables you to organize your finances at once. Nevertheless, online payment solutions may pose some discouragement if you’re not exceptionally organized or technologically savvy. Receiving the paper bill in the mail, writing a check, and returning it to the sender could seem more straightforward.

However, nothing could be more straightforward than paying bills online. Although there is some setup time, once it is complete, you won’t have to worry about late fines or mail loss again (or in the gigantic pile of junk mail on your counter).

Meanwhile, a platform like Mintyn Bank offers online bill payment options and budgeting tools to allow you to view all of your accounts. Therefore, a third-party online billing service can be precisely what you need if you’re tired of hopping from website to website or bringing out the chequebook at different times when payments are due.

Better Customer Experience

This online payment solution offers a superior user experience, which is why so many people want it because of what younger generations value in a company; traditional tactics don’t function as well anymore.

Let’s face it, not many individuals will call your office and pay over the phone. You don’t need to schedule time for all of these calls. And even fewer of your clients travel with a chequebook and buy postage to send money.

Some of the most crucial elements of a pleasant client experience will be saving time and money and being more convenient. You can’t always control visits, so things don’t always go as planned.

Metric Viewing Capabilities

Customers who use an electronic portal gain access to more benefits than only the ability to store their financial information. They can also view other data that has been saved.

They may check their balances, monitor their payment history, and keep track of upcoming statements with an account. As a result, businesses can keep track of their invoices and make timely payments. If customers can track what they have previously paid and what they still owe, it eliminates confusion and pointless phone calls.

Best Platform For Online Bill Payment – Mintyn Bank App

The Mintyn app is the payment, saving, and investment gateway of Mintyn Bank, which provides its customers with a wide range of payment solutions that is fast and seamless to perform. The platform has an excellent customer-centric interface that enables its users to navigate through its features, one of which is the “bill manager”, which allows you to save on every bill you pay while also creating recurring bill payments for each of your accounts. Bill payment solutions provided by Mintyn include airtime top-up, cable tv subscription, data bundle, betting & gaming, utilities, and remittance.

How To Make Online Bill Payments On Mintyn Bank App

Create a Mintyn account to get started or log in to your account if you are an existing customer.
Click on “Pay Bills”.
Select the category of the bill you want to pay.
Click on the biller.
Search for the product.
Enter the bill amount.
Submit the process to initiate payment.

Conclusion

Customers like online bill payment since it offers so many advantages to them. Additionally, it does a lot of the daily duties you handle simpler. By using these financial and technological tools, other responsibilities can be eliminated, which heralds a sustainable way of living.

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BANKING

Afreximbank Acts as Joint Lead Manager on Ecobank Transnational Incorporated’s USD 400mn Senior Unsecured Note Issuance

Published

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Christopher

The proceeds of the note will fund general corporate purposes of the issuer, including refinancing of a USD350 million senior bridge-to-bond loan facility that was jointly coordinated by Afreximbank in March 2024.

African Export-Import Bank (“Afreximbank”) (www.Afreximbank.com) is pleased to announce that it has successfully acted as Joint Lead Manager and Bookrunner on a USD 400 million 10.125% Rule 144a/RegS senior unsecured note issuance by Ecobank Transnational Incorporated (“ETI”) due in October 2029.

The note issuance achieved peak orderbook oversubscription of 2.1x, backed by more than 70 high-quality and diverse investors comprising development finance institutions, asset managers, commercial banks and insurance companies from Africa, the UK, USA, Europe and the Middle East.

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commenting on the transaction, said: “We are pleased to have supported Ecobank Transnational Incorporated (“ETI”) in placing the first public Eurobond issuance by any Sub-Saharan African financial institution since 2021, following our bridge financing support earlier in the year. This transaction underscores Afreximbank’s capacity and readiness to structure innovative market access solutions for our pan-African banking partners.”

Afreximbank’s Advisory and Capital Markets (ACMA) department acted as Joint Lead Manager and Bookrunner on the issuance, working alongside international and African partners.

Distributed by APO Group on behalf of Afreximbank.

BANKING

International Islamic Trade Finance Corporation (ITFC) and the Central Bank of Nigeria Successfully

Published

2 months ago

Christopher

International Islamic Trade Finance Corporation (ITFC) and the Central Bank of Nigeria Successfully

These workshops form part of ITFC’s Integrated Trade Solutions (ITS) framework, aligning with the organization’s goal of providing holistic trade financing interventions in OIC member countries.

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, in partnership with the Central Bank of Nigeria (CBN), successfully concluded a workshop on Non-Interest Banking and Trade Finance in Nigeria. Held from 17th to 19th September 2024 in Abuja, the sessions aimed to enhance capacity and knowledge in Islamic banking principles, trade finance products and services, and how different financial toolkits are applied in Islamic finance from operational and business perspectives.

International Islamic Trade Finance Corporation (ITFC) and the Central Bank of Nigeria Successfully

Nigeria’s Islamic finance industry, valued at US$3.8 billion, is one of the major Shariah compliant industries in Africa. Despite some challenges such as low public awareness and a smaller capital base compared to conventional banks, Islamic finance has been substantially contributing to reduce financial exclusion and improve access to affordable finance in the country. The three-day workshop was designed to bridge prevailing knowledge gaps focusing on key areas such as Sukuk issuance and main non-interest banking products basics.

Delivered under ITFC’s Integrated Trade Solutions framework, the workshop equipped professionals with the skills to promote Islamic finance in Nigeria while also highlighting ITFC’s wide range of trade financing services.

Participants reported a significant boost in understanding Islamic banking and trade finance, and the workshop showcased ITFC’s contributions to economic development through sustainable financial solutions.

Eng. Nasser Al Thakair, ITFC, remarked: “ITFC is committed to supporting Nigeria’s efforts in Islamic finance, tailoring this workshop to address the unique challenges faced. We will continue to provide the expertise and financial backing needed to grow Islamic finance in Nigeria and beyond.”

Over 30 professionals from the Central Bank of Nigeria, non-interest banks, and other financial institutions attended, further advancing Islamic finance in the country.

As Nigeria positions itself as a leading market for Islamic finance in Africa, ITFC remains dedicated to advancing trade finance and supporting the growth of the sector for long-term economic impact.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

About the International Islamic Trade and Finance Corporation (ITFC):

The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided over US$75 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.

FINTECH

Kazang Pay launches card acquiring service in Zambia

Published

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Christopher

Kazang (www.Kazang.com), the prepaid value-added services (VAS) and card acquiring business within JSE-listed fintech Lesaka Technologies, has launched its Kazang Pay card acceptance solution for merchants in Zambia. Kazang Pay makes it affordable for merchants to accept card payments on the same Kazang terminal they use to sell prepaid products and services.

Kazang Pay launches card acquiring service in Zambia

The Kazang Pay enabled terminal in Zambia accepts VISA debit and credit cards as well as mobile wallet payments. Payments are settled to the merchant’s Kazang wallet on the same day. It’s as easy as letting the customer tap or insert their bank card and enter their PIN on the secure scramble PIN pad.

Kazang operates around 12,000 VAS terminals in Zambia. The goal is to enable the majority to accept card payments over the next six months. Benefits to merchants include low transaction fees and no monthly terminal rental fee for those that meet a modest monthly transaction threshold as well as the opportunity to grow their business through card acceptance.

Kazang is Zambia’s largest VAS point-of-sale terminal provider, enabling mobile money payments, bank and mobile money cash in and out, bill payments, airtime, Zesco, and many other prepaid services on one platform. The addition of card acceptance makes the platform even more comprehensive for merchants and consumers alike.

The launch of Kazang Pay in Zambia follows the introduction of the solution in South Africa, where around 60,000 small and micro merchants use Kazang Pay to accept card payments. In Zambia, there are around 3.8 million debit, credit and ATM cards in issue and 41,000 point of sale (POS) terminals in place. The value of POS transactions has grown to K 111.4 billion by 2022 from less than K 20 billion in 2018, according to the Bank of Zambia.

Says Leon de Wit, managing director at Kazang Zambia: “Zambia has made enormous strides in terms of financial inclusion, with card usage and penetration growing at a rapid pace. With Kazang Pay, merchants can now easily accept card payments on the same all-in-one terminal they already use for vending of VAS products.

“Card transactions help merchants to grow basket sizes and potentially attract more customers, and at the same time, reduce the risks and costs of handling cash. Moving towards digitalised payments will also enable merchants to track sales, manage cash flow, and create a footprint that could make it easier for them to access loans.”

Ashley Naidoo, director of Kazang Pay in South Africa says: “Our Zambian merchants have eagerly embraced our card acquiring service as a valuable part of our one-stop solution. Following the launch of Kazang Pay in Zambia, we have seen higher VAS sales across our merchant base and much-improved merchant retention and with our card acquiring solution we now appeal to a broader merchant base.”

Distributed by APO Group on behalf of Kazang.

ABOUT KAZANG:
Kazang (www.Kazang.com) is a leading provider of cash and digital solutions to merchants in Southern Africa’s informal economies. Our fintech solutions include a diverse range of value-added services (VAS), card acquiring, secure cash vaults and supplier payments platforms. Operating with a network of approximately 90,000 active devices, we process approximately 2.2 million transactions daily in markets such as South Africa, Namibia, Botswana, and Zambia.

We are dedicated to helping small and medium merchants grow and succeed, through increasing their sales, making their businesses more efficient and reducing their risks with its holistic portfolio of products and services. Kazang is a member of Lesaka Technologies (https://LesakaTech.com).

ABOUT LESAKA TECHNOLOGIES, INC:
The Connect Group and Kazang was acquired by Lesaka Technologies, Inc. in April 2022. Lesaka Technologies, (Lesaka™) is a South African Fintech company that utilizes its proprietary banking and payment technologies to deliver superior financial services solutions to merchants (B2B) and consumers (B2C) in Southern Africa. Lesaka’s mission is to drive true financial inclusion for both merchant and consumer markets through offering affordable financial services to previously underserved sectors of the economy. Lesaka offers cash management solutions, growth capital, card acquiring, bill payment technologies and value-added services to retail merchants as well as banking, lending, and insurance solutions to consumers across Southern Africa.

Lesaka has a primary listing on NASDAQ (NasdaqGS: LSAK) and a secondary listing on the Johannesburg Stock Exchange (JSE: LSK). Visit www.LesakaTech.com for additional information about Lesaka Technologies (Lesaka ™). $LSK / $LSAK