Connect with us

FINTECH

TOP ONLINE BANKING MYTHS

Published

2 years ago

on

Internet Banking Online Payment Technology Concept

TOP ONLINE BANKING MYTHS

 

What are online banking myths? Online banking myths are people’s false ideas and perceptions about online and digital banking. Not only do they have these thoughts, but they also share them with others, and it becomes widespread.

Have you noticed that primarily the younger generation now patronizes digital banks? Typically, shouldn’t it be the younger ones that should be more skeptical? So, why do the older generation stick to traditional banking while the younger ones are open to digital banking?

These are questions that many people are trying to answer. But, you cannot get these answers from the comfort of your room. So, since you are wondering why the older ones are not open to the idea of online banking, you need to meet them and ask these questions.

Internet Banking Online Payment Technology Concept

Internet Banking Online Payment Technology Concept

We’ve seen that older people have a wrong perception of digital banks. So, we decided to reach out and get some of these myths and give a clearer perspective. The goal is for people, especially the older ones, to see things as they are instead of relying on misinformation.

 

What people think about online banking:

 

  • They are stressful

 

What could be more stressful than going to a physical location before you can carry out transactions? We often hear older people say that digital banking is stressful and leaves us confused. But upon further discussions with them, we realized that their assumptions stem from online banking being technology-based.

Now, allow us to clarify that you do not have to be a tech guru before you would know how to use a digital bank. All you need is an open mindset, and you’ll get the hack of it in no time.

Interestingly, most digital banks have factored that people might find it hard to navigate their applications. So with the user in mind, they present an easy-to-use interface. Even if we cannot vouch for other digital banks, we can assure you that Mintyn Digital Bank has one of the most simplified user interfaces.

So, you can send money, receive money, save, buy airtime, pay bills, and carry out other banking transactions from the comfort of your home.

If you are in doubt, a trial will convince you. Online banking isn’t stressful in any way. Thus, do not let anyone stop you from experiencing this good and easy life.

 

  • They don’t have a physical location, so you can’t resolve complaints.

 

If you have ever interacted with an older person about online banking, you will hear this as their first complaint. Most of them stick to traditional banking because there is an identifiable physical location, and most banks have physical locations nearby. But when it comes to digital banks, they mostly have one physical place that serves as the headquarters.

So, if the office is in Lagos, those in Akwa Ibom can’t easily access it. Therefore, people begin to wonder what happens if and when they have complaints.

However, that shouldn’t be an issue as digital bands have accessible and effective customer complaint channels. For example, if you go on the website of most digital banks, you are sure to see a chat box where you can make inquiries and resolve complaints.

In addition, there are also customer care numbers, and these people are almost always available. Yes, most digital banks have customer care agents handy 24/7. Therefore, you can always speak to someone if you have complaints.

The fact that there is no accessible physical location shouldn’t stop you from migrating to online banking, as that doesn’t hinder efficiency. After all, even your traditional banks have integrated online banking into their system.

 

  • They can run away with your money.

 

It is always laughable when people give this reason for not using digital banks. They say that it is easy for digital banks to run away with your money. It has to be one of the top online banking myths.

We are not saying that this can’t occur. However, the same probability that a digital bank has of running away with your money is the same probability that occurs with a traditional bank also folding up and making you lose money.

We have seen instances of many traditional banks that have shut down operations. Yet, this has not stopped people from transacting with traditional banks. Thus, the same grace one would extend to traditional banks should also be extended to digital banks.

Banking, in general, is a risk, and we are sure everyone is aware of it. However, life is about growth, and we must keep evolving. Therefore, we wouldn’t return to the old ways of saving money at home. But, even if you do that, there is still a risk of the money getting lost.

So, the chances of losing your money to a bank should be a general fear and not peculiar to only digital banks.

 

  • Identity theft

 

Another top online banking myth we hear from people is that transacting with a digital bank leaves you prey to identity theft. They believe that because you put your details online, anyone can access them, making you lose your money.

Again, allow us to repeat that everything in life entails taking risks. The fact that you are putting your details online doesn’t automatically mean that you will be hacked. Yes, digital banks are aware of this risk factor. However, they ensure that systems are in place to protect their customers as they would not want to compromise their systems or want anything to hurt them. You would often find cybersecurity and risk experts working with these digital banks, ensuring to protect the customers.

Did you know that you are also exposed to identity theft when using traditional banks? Yes, it is another factor that isn’t only peculiar to digital banks. In the case of traditional banks, the bankers have your details, leaving you more exposed.

To ensure that identity theft does not occur, you must use a reliable bank, be it digital or traditional. We recommend Mintyn Digital Bank as one of the best banks to avoid such an issue.

 

  • It’s only for the younger generation.

 

We’ve also seen the older generation shy away from using digital banks because they believe it is only for the younger generation. Of course, this is a myth, as anyone can use online banking. We have seen older people who are ambassadors of online banking. It shows that anyone can use a digital bank.

Yes, we know that the younger generation is the digital generation. But, there is nothing overly complicated about online banking. We had earlier mentioned that most digital banks have accessible interfaces. Therefore, you do not need to be tech-inclined before you can use them.

As long as you have an internet-enabled device, you can carry out digital and online banking. This system’s goal is to remove the stress people often associate with banking. You do not need to feel tired when carrying out any transaction.

Online and digital banking is for everyone, regardless of generation, race, or gender. However, if you are looking for an easy and stress-free banking process, it would be best to opt for online banking.

If you believe online banking is for only the younger generation, wouldn’t you also want to feel amongst them?

 

What are people asking about online and digital banking?

 

Below are some of the commonest questions gotten about online and digital banking:

 

What is the concept of digital banking?

 

The concept of digital banking entails the digitalization of all banking transactions. The idea is that you can now bank from your home or anywhere you find yourself. The goal is to make the banking process easier, fasting, and better.

 

Who invented digital banking?

 

Interestingly, digital banking has been around since 1998. ICCI Bank first introduced it.

 

Why is digital banking better than traditional banking?

 

We are not here to downplay traditional banking. Understandably, people should pick their preferred style of banking. However, one pro digital banking has over traditional banking is its ease. You can now say goodbye to long queues when transacting with digital banks.

 

 

The next time you hear any of these myths about online banking, you should laugh, shake your head, and educate people on what online and digital banking entails.

 

More from my site

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

BANKING

Network International appointed as Payment Processing Partner by MTN Group Fintech

Published

2 weeks ago

on

By

Network International appointed as Payment Processing Partner by MTN Group Fintech

Network International (Network) (www.Network.ae), a leading enabler of digital commerce across the Middle East and Africa (MEA), has been appointed as a Payment Processor – Issuing partner for MTN Group Fintech, Africa’s leading mobile financial services provider. This partnership marks a significant extension of Network’s portfolio of issuer processing collaborations throughout the African continent.

Network International appointed as Payment Processing Partner by MTN Group Fintech

Network International appointed as Payment Processing Partner by MTN Group Fintech

With a footprint spanning over 50 countries and serving over 250 financial institutions, Network International brings its expertise to this partnership which will enhance MTN Fintech’s cutting-edge mobile services and provide even greater value to stakeholders and customers across Africa.

The partnership will focus on rolling out card issuance products across key MTN Fintech markets, starting with Rwanda which is already operational. Soon   Uganda, Ivory Coast, and Nigeria will also be covered under this collaboration.  Network International will provide a comprehensive range of services, including transaction processing, card management and online fraud prevention. MTN Fintech users will benefit from a seamless experience accessing both traditional mobile services and innovative digital payment solutions.

Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing at Network International commented: “Our collaboration with MTN Group Fintech marks a major milestone for our outsourced payments services in Africa. It demonstrates our ability to successfully serve Mobile Network Operators (MNOs) via our fully-fledged processing solutions and our continued dedication and commitment to the African region. We are excited to support MTN Group Fintech’s growth strategy, and its business development plans across the continent.”  

Cedric N’guessan, Executive for Payment and E-commerce at MTN Group Fintech added, “This collaboration with Network International is pivotal in enhancing financial inclusion across Africa and beyond. It enables our customers to actively engage in the global economy, aligning perfectly with our strategic goals alongside Mastercard to broaden access to digital financial services across the continent.” Read More (https://apo-opa.co/43aKuII)

MTN Group provides voice, data, fintech, enterprise wholesale and API services to more than 288 million customers in 14 African markets.

Distributed by APO Group on behalf of Network International.
About MTN Group Fintech:
MTN Fintech, the platform business of MTN Group, is dedicated to revolutionising global financial services through innovative digital technology solutions. Leveraging MTN’s extensive reach and expertise in telecommunications, MTN Fintech is committed to advancing financial inclusion for all and empowering communities in Africa. With a primary focus on pioneering mobile financial services, digital payments, e-commerce, short-term insurance, and remittance capabilities, MTN Fintech strives to establish seamless, accessible, and secure financial ecosystems that shape the future of digital finance.

About Network International:
Network International is the Middle East and Africa’s largest and leading digital payments company. Our purpose is to help businesses and economies grow by simplifying payments and commerce. We operate in 50+ countries serving governments, banks, fintechs, merchants and public sector companies. We have 2,000+ employees based in our markets serving over 250 financial institutions and 130,000+ merchants.

More from my site

Continue Reading

BANKING

Prosperavest ESG LTD Launches “eNsc” – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World Asset Investments

Published

2 weeks ago

on

By

Prosperavest ESG LTD Launches eNsc – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World Asset Investments

Prosperavest ESG LTD, is thrilled to announce the launch of eNsc, a Nigerian Naira-referenced stablecoin pegged 1:1 to the Nigerian Naira. Built on the high-speed Lisk 2.0 Blockchain, eNsc combines monetary stability with blockchain innovation, allowing global investors to securely access tokenized high-yield opportunities like Nigerian Treasury Bills  while adhering to regulatory standards.

Prosperavest ESG LTD Launches eNsc – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World Asset Investments

Prosperavest ESG LTD Launches eNsc – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World Asset Investments

Bridging Stability and Innovation

eNsc merges monetary stability with blockchain efficiency, operating within Nigeria’s robust regulatory framework led by the Securities and Exchange Commission (SEC) Nigeria. The SEC has prioritized creating a safe, transparent environment for blockchain innovation, exemplified by its Virtual Assets Regulatory Framework. These guidelines ensure market integrity, investor protection, and alignment with global standards—principles at the core of Prosperavest ESG’s operations.

“Our vision is to bring the Naira on-chain and democratize access to low-risk, high-return opportunities while upholding rigorous regulatory compliance. eNsc is more than a stablecoin—it’s a gateway to financial inclusion, blending the trust of traditional finance with the agility of blockchain.”— RaheemAnikulapo Ibrahim, CEO, Prosperavest ESG LTD

Prosperavest ESG LTD Launches “eNsc” – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World

Prosperavest ESG LTD Launches “eNsc” – A Naira-Pegged Stablecoin on Lisk 2.0 Blockchain, Enabling Tokenized Real-World

Key Features of eNsc

  • 1:1 Naira Peg: Backed by reserves held in regulated institutions, eNsc ensures stability and direct convertibility with the Nigerian Naira.
  • Lisk 2.0 Blockchain: Fast transactions, low fees, and interoperability with decentralized applications (dApps) ensure seamless integration into digital ecosystems.
  • Compliance Assurance: Built with robust AML protocols, transparent reserve audits, and adherence to Nigerian Securities and Exchange Commission’s (SEC) regulations.
  • Exclusive Cashback Rewards: For a limited time, users who convert a minimum of $50 via the eNsc Converter at app.prosperavest.com will receive cashback rewards, rewarding early adopters of this groundbreaking stablecoin.

 

Unlocking Global Investment Opportunities

By tokenizing Nigerian Treasury Bills, eNsc removes geographic and financial barriers, enabling fractional ownership and instant cross-border settlements. This innovation aligns with Nigeria’s growing prominence in Africa’s digital economy, offering investors exposure to stable, yield-generating assets.

A Commitment to Safe, Transparent Finance

SEC Nigeria: Championing Safe Innovation

The SEC has been instrumental in fostering a safe, transparent, and innovation-friendly regulatory environment for blockchain and virtual assets, implementing robust frameworks such as the Virtual Assets Regulatory Framework. Their proactive approach ensures investor protection, market integrity, and alignment with global best practices—a commitment Prosperavest ESG proudly upholds.

“Our compliance and cooperation with regulators is non-negotiable,” added RaheemAnikulapo Ibrahim. “Trust is the cornerstone of financial innovation every aspect of eNsc—from its technical infrastructure to reserve management—is designed to exceed SEC standards, fostering trust in Nigeria’s digital future

 

Join the Future of Asset Tokenization

eNsc is now live on the Lisk 2.0 Blockchain. Institutions, developers, and investors are invited to:

Explore eNsc at https://prosperavest.com .

Participate in the cashback reward program by converting a minimum of $50 on the eNsc Converter: app.prosperavest.com.

Disclaimer

This announcement is for informational purposes only and not financial or legal advice. Digital asset investments carry risks, including volatility and potential loss. Investors are responsible for their decisions. ProsperaVest ESG Ltd remains committed to SEC compliance and will provide updates on approval status.

More from my site

Continue Reading

Bitcoin

IUX Wins Best Trading Technology Provider 2025 Award at BrokersView, Setting New Standards with Next-Gen Trade

Published

3 weeks ago

on

By

IUX Wins Best Trading Technology Provider 2025 Award at BrokersView, Setting New Standards with Next-Gen Trade

IUX, a globally recognized online CFD trading service provider, has been honored with the prestigious “Best Trading Technology Provider” award at the 2025 BrokersView Award for Brokers with Outstanding Assessment. This recognition solidifies IUX’s standing as a leader in the online CFD trading industry, highlighting its dedication to innovation, user-centric design, and cutting-edge technology—exemplified through its groundbreaking Next-Gen Trade initiative.

IUX Wins Best Trading Technology Provider 2025 Award at BrokersView, Setting New Standards with Next-Gen Trade

IUX Wins Best Trading Technology Provider 2025 Award at BrokersView, Setting New Standards with Next-Gen Trade

About the BrokersView Awards

The BrokersView Awards are among the most respected in the trading industry, recognizing brokers that demonstrate outstanding performance, transparency, and technological innovation. The Best Trading Technology Provider award is presented to brokers that go beyond industry standards to offer exceptional trading platforms with advanced features, robust execution speeds, and user-friendly interfaces.

 

IUX’s win reflects its relentless commitment to providing traders with superior trading tools and an optimized platform, setting a benchmark for excellence in the CFD trading sector.

 

“We are deeply honored to receive this recognition from BrokersView,” said an IUX spokesperson. “This award highlights the hard work and dedication of our team in creating a platform that empowers traders globally. We will continue to drive innovation and deliver exceptional value to our users.”

 

Next-Gen Trade: Powering IUX’s Award-Winning Technology

A significant factor in IUX’s recent success has been the launch of Next-Gen Trade, a comprehensive initiative aimed at redefining the trading experience. This customer-focused project delivers cutting-edge technology and empowers traders with tools designed for speed, stability, and precision.

 

Core Features of Next-Gen Trade:

  • Ultra-Fast Execution: Trades executed in as fast as 30 milliseconds, giving traders an edge in volatile markets.
  • Consistent Spreads: Advanced spread management technology ensures stable spreads, even during major market events.
  • Customer-Oriented Features: Tools and resources tailored to help traders navigate complex markets with ease.

Next-Gen Trade exemplifies IUX’s commitment to enhancing the trading experience, directly contributing to the platform’s recognition as Best Trading Technology Provider.

 

Looking Ahead

The Best Trading Technology Provider 2025 award represents a significant milestone for IUX but is just one step in the company’s journey. IUX remains committed to continuous innovation, focusing on enhancing the trading experience for its global user base through further advancements in initiatives like Next-Gen Trade.

 

Discover More

  • Learn about IUX’s advanced trading solutions: Visit IUX

 

About IUX

IUX, operated by IUX Markets Limited, is a leading online CFD trading broker —IUX is committed to providing a secure, transparent, and user-focused trading experience to traders worldwide.

 

Disclaimer

Trading CFDs involves significant risk of loss and is not suitable for all investors. Ensure you fully understand the risks involved before trading.

More from my site

Continue Reading

Trending