BANKING

What is digital Banking Benefits and types

Published

2 years ago

What is digital Banking: Benefits and types

Digital banking, also known as internet banking and online banking, is the electronic provision of financial services by banks and building societies to customers through different means such as desktop computer, mobile phone or other digital device.

What is digital banking?

Digital banking is a term that refers to the use of electronic devices to conduct financial transactions. Digital banking includes online banking, mobile banking, and ATM (Automated Teller Machine) Banking.

Digital Banking is not the same as online shopping or social media platforms such as Facebook and Twitter. In fact, it can be argued that digital banking provides more benefits than simply being able to buy things online:

How does it work?

With digital banking, you can access your bank account from anywhere. You can pay bills and make transfers via your mobile device. You can also use your mobile device to access your bank account.

Digital banking isn’t just for the convenience of being able to see what’s in your bank account while you’re away from home; it has other benefits as well. For example, if you have a cash flow problem and need some extra money right now but don’t want to dig into savings or use credit cards (which might hurt your credit score), then finding another way may not be possible without taking out a loan at a higher interest rate than what digital banking offers.

Why are banks switching to digital?

Well, there are many advantages of digital banking over traditional ones. Some of these include:

Speed and efficiency — thanks to networked devices and real-time transactions, one has access to their money anytime from anywhere in the world instantly.

Mobility — you can access your accounts on your phone or laptop from any location whether you’re at home, at work or on vacation; this is a huge advantage over terrestrial banks which require physical presence and subject one to long tedious queues before being served.

Convenience and flexibility—you get a wide variety of services 24 hours a day all through the week; no more opening or closing hours that frustrate customers who need urgent assistance or have pressing matters they need addressed by the bank.

Enhanced security — using sturdy encryption algorithms and state-of-the-art control systems, most digital platforms provide much higher levels of security than normal brick-and-mortar banks do; hence instances of hacking attacks are extremely low if not non-existent altogether!

Benefits of digital banking

Digital banking offers many benefits over traditional brick and mortar banks. In addition to the convenience of being able to access your funds from anywhere, digital banking also has security advantages. Here are some of the advantages of digital banking:

Access your money anytime and anywhere. You can access your funds at any time, 24/7, from anywhere in the world, provided you have internet connection. No need to visit a bank branch or wait in line!

No need to carry cash or pay for banking fees. With digital accounts like PayPal or Venmo, you don’t have to worry about carrying cash with you when shopping at brick and mortar businesses who accept these payment methods—just use their app on your smartphone! If you’re traveling abroad without an ATM card (or don’t want to use one), simply use the mobile app instead!

Types of digital banking

Digital banking is a wide umbrella that covers all forms of digital financial services. There are several types of digital banking:

Mobile banking
Online banking
Remote deposit capture (RDC)
Cloud-based services, such as Xero and Quicken or Quickbooks.This type of service allows you to access your money from any device with Internet connectivity by logging in to your account online.

You can also use mobile apps, which allow you to do everything from paying bills to making deposits and withdrawals at ATMs without ever having to leave home!

The most convenient way for consumers is through mobile devices; however, some people prefer using desktop computers so they can have more screen space available for viewing transactions or managing budgets.

Digital banking provides customers with convenience and access to your money at any time. This article details the benefits of digital banking and the different types available to you.

With digital banking, you can:

Keep track of your spending and receive alerts when you spend more than usual.

Make deposits 24/7 with mobile check deposit, which allows you to snap a photo of a check using your phone as proof of payment.

Send money instantly to friends and family members through Zelle® or Venmo® (if they have an account).

Use ATM locations when traveling abroad without incurring foreign transaction fees on debit card purchases.

Conclusion

Now that you have a better understanding of digital banking, you can explore the different options available and consider which one would work best for your financial life. If you’re ready to start making changes in your bank account today, check out our list of the best online checking accounts and savings accounts. Or if you want to learn more about how apps like Digit can help with saving money, read our review here!

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FINTECH

Fincra Granted Payment System License in Tanzania

Published

2 weeks ago

Christopher

Fincra Granted Payment System License in Tanzania

Fincra Receives Payment System Provider License from the Bank of Tanzania, Expands Regulatory Footprint in East Africa

Fincra, a leading pan-African payment infrastructure company, has received regulatory approval from the Bank of Tanzania through its 100% controlled local entity to operate as a licensed Payment System Provider, enabling it to deliver secure, scalable, and compliant payment services across Tanzania.

Fincra Granted Payment System License in Tanzania

This approval, granted under the Payment Systems Licensing and Approval Regulations, 2015, authorises Fincra to provide payment services in Tanzania. The license represents a significant milestone in Fincra’s East African expansion strategy and underscores its commitment to working closely with regulators to build trusted financial infrastructure across the continent.

“We are thrilled to receive this license from the Bank of Tanzania. It reflects our long-standing commitment to regulatory integrity and positions us to deliver even more value to businesses in East Africa,” said Wole Ayodele, CEO at Fincra. “This is a key part of our mission to build the rails for an integrated Africa”

The license allows Fincra to offer its suite of payment products and services to businesses operating in Tanzania, including local collections, business payouts, and API-based infrastructure for real-time payments, all while maintaining full compliance with the regulatory framework set by the Bank.

Fincra’s entry into Tanzania is strategically aligned with the country’s growing digital economy and its push for financial inclusion. Businesses in sectors such as fintech, logistics, travel, retail, and remittance will now be able to leverage Fincra’s infrastructure to scale faster, move money more efficiently, and expand across borders.

This development follows Fincra’s earlier regulatory approval in South Africa as a Third Party Payments Provider (TPPP) and cements the company’s position as one of the few African fintechs actively building a multi-market regulatory foundation to support a truly pan-African financial ecosystem.

About Fincra
Fincra is building the trusted financial infrastructure for businesses in Africa to move money locally and globally. Through a suite of APIs and no-code solutions, Fincra enables secure collections, payouts, and settlements across borders, with full regulatory backing in every market it operates.

Create a Fincra account in 3 minutes here.

FINTECH

Fincra Secures South African TPPP License

Published

2 weeks ago

Christopher

Fincra Secures South African TPPP License

Fincra, a leading provider of payment infrastructure for local and cross-border payments in Africa, is proud to announce receipt of another Third Party Payments Provider (TPPP) in South Africa.

Under this license, Fincra is now authorised to process the following types of payments:

Credit Card
Debit Card
EFT (Electronic Funds Transfer) Credit
Real-Time Clearing (RTC)
Rapid Payments

The license reinforces Fincra’s ability to facilitate seamless, secure, and compliant financial transactions for businesses operating within and across South Africa.

Fincra Secures South African TPPP License

This development marks a pivotal advancement in Fincra’s mission to build the rails for an integrated Africa by creating the infrastructure to simplify how African businesses pay and get paid globally.

“Securing the TPPP license in South Africa is a significant step toward realising our mission to build the rails for an integrated Africa. It reinforces our commitment to building compliant, reliable infrastructure that powers cross-border trade at scale. We’re excited about the opportunities this opens for businesses across the continent.”

— Ayowole Ayodele, CEO and Co-founder, Fincra.

Fincra’s new capabilities enable businesses across Africa and beyond to integrate directly with South Africa’s core payment systems and banks, offering faster settlement, greater reliability, and compliance with the country’s stringent financial regulations.

IFincra is now better positioned to support a broader range of merchants in industries such as e-commerce, logistics, B2B marketplaces, travel, and more.

“This license strengthens our ability to serve our merchants with faster, more secure, and locally compliant payment options in South Africa. It’s a game-changer for businesses looking to expand or operate in the region, and a strong signal of Fincra’s continued focus on enabling growth for our customers.”

— Emmanuel Babalola, CCGO, Fincra.

For Fincra, this is not just a regulatory achievement, it’s a signal of what’s next for the African payments space.

As Fincra expands across the continent, its growing regulatory footprint and partnerships with Tier-1 banks provide the foundation for scale and innovation.

About Fincra
Fincra is a leading payment infrastructure provider enabling seamless cross-border transactions across Africa.

Fincra empowers businesses, fintechs, and financial institutions to collect payments globally and make payouts locally, all through one powerful API or platform. With Fincra, launching remittance products, automating payroll, and expanding into new African markets becomes effortless. Fincra is building the financial rails that power trade, innovation, and scale across the continent.

Create a free account in 3 minutes at fincra.com

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BANKING

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

Published

4 months ago

Christopher

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The African Development Bank Group (www.AfDB.org) and Standard Bank Group (SBG) on Monday signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa.

The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation Agreement (RPA) for Standard Bank of South Africa Limited (SBSA). This initiative strengthens Standard Bank’s lending capacity, ensuring greater access to finance for SMMEs, a critical driver of economic growth and job creation in South Africa.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The social bond investment promotes inclusive economic development, particularly for SMMEs with a turnover below R300 million and loan sizes under R40 million. This financing will support up to 4,000 businesses, helping them scale operations, create jobs, and contribute to economic resilience.

Kenny Fihla, Deputy Chief Executive Officer of Standard Bank Group and Chief Executive Officer of SBSA, welcomed the investment, stating: “This landmark partnership strengthens our ability to support SMMEs, the backbone of South Africa’s economy. With approximately 3.2 million SMMEs accounting for 60% of jobs, ensuring access to finance is crucial. This initiative aligns with our Sustainable Finance Framework and our commitment to financial inclusion.”

In addition to the social bond, the $200 million RPA enhances trade finance across Africa, focusing on Low-Income Countries and Transition States. This agreement enables local banks to increase lending by sharing risk, bridging the trade finance gap, and promoting intra-African trade.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

Leila Mokaddem, Director General for Southern Africa at the African Development Bank, highlighted the broader impact: “This collaboration marks a significant milestone in our long-standing partnership and is a testament to our shared commitment to supporting SMMEs’ growth and enhancing trade finance across Africa. Expanding financial inclusion and trade opportunities empowers businesses to drive economic transformation and regional integration. The Standard Bank Group remains a strategic partner in our shared vision for economic development on the continent.”

This initiative aligns with the African Development Bank’s Ten-Year Strategy (2024–2033), which prioritises industrialisation, regional integration, and improving the quality of life in Africa. It also supports Standard Bank’s Sustainable Finance Framework, reinforcing both institutions’ commitment to fostering green and inclusive growth.

“We are proud of this transaction, demonstrating our shared commitment to sustainable financing. By supporting businesses, we create long-term economic opportunities and financial resilience,” stated Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank.

Kenny Fihla reaffirmed the significance of the collaboration:

“By providing much-needed capital, we are helping enterprises overcome challenges and thrive. This partnership illustrates the power of collaboration in driving meaningful economic and social change in Africa.”