Topic: Is online bank good? - page 2. (Read 343 times)

When you talk about the online banking I believe you're referring to fin-tech companies, which I believe are duly licensed by NDIC to operate some financial transactions, remember they are not allowed to run all financial transactions, like operating a pension scheme, and some large corporate accounts. Also, all accounts can be hacked, if the owners of those accounts misplace some vital details of those accounts to scammers or fraudsters wether is an online account or a regular commercial bank account it doesn't matter.

How you go talk like that, I just do some rough browsing and Access bank get around 50 million plus customers while Opay wey be the highest fintech bank get around 40 million plus customer. Judging by their years of existence, Opay dun do well pass Access bank but other fintech aren't doing close to those numbers so although online banks dey do very well dem never take over the physical banks completely but they're on the path of doing just that. For this topic, yes online banks are good but just as I talk for a similar thread, make we no just close eye dey use this banks or apps them. You know that talk wey dem dey say when eating with the devil use a long spoon, na wetin we suppose dey do here.

Everything wey you fit do for offline banks you can do with online banks and even more so your argument no stand here. Online banks are good and they're doing Nigerian a big favour especially cryptocurrency traders because without them eh the kind lack of trust wey for full P2P exchange and spoil the whole thing for us due to poor network for be problem. All banks can be hacked so this one no be points but if you put in some external security measures you fit avoid all those worries wey you dey get. Fintech Banks are just better than our traditional banks that's the fact.

Online bank is all about convenience and additional features it provides which an traditionally banks don't offer. This exists in India as well and they not only help you with your transactions but also helps with expense trackers and keep you updated on your spending trend and provides more insight which traditionally banks don't offer.

They have customer care helpline where you can reachout in case of losing mobile & even if you lose mobile the person who finds it cannot access your account without the passcode which would be similar to ATM withdrawal or net banking.

Security risks or risks of getting hacked will always be there as it's upto us how we maintain and safeguard our sensitive information. 

Op I think all banks operate online and if you are referring to microfinance ban then I will they very good to use. These online banks more faster than their counterparts. When you have problem with these online banks and you contact the customer care service their response is is much more faster than the offline customer care service in the banking hall. In the banking hall, they will waste your time for unnecessary things. But for online banks they will go straight to the main point and solve your problem.

They are agents for the online microfinance banks which they use to attend customers in their various offices across the country. No bank is from hacking. But the firewall of the site will determine the security of the site. They can't be hacked. Their security is tight.

For me, I see nothing wrong with online banking as it has made my daily transactions stress free and easy to use. We all were  withness during the cashless era this online banks were the mostly used as most busines men did their huge daily transaction with this online banks like the OPay and PalmPay.
This online banks are licensed by the Central Bank of Nigeria (CBN) and all trustworthy to use. Being licensed by CBN means the government has done close research and have their eyes on them incase they try to fraud.

I also believe with time this online banks will soon develop into having their own office, I heard something about Opay already working on that, so have no fears doing transactions with them.

Yes, there is every tendency of them getting hacked but it is as low as that of any other Banks getting hacked.

For now online banking is actually the best and besides with the rapid growth of technology it has greatly reduced the ways at which most of the things are being done especially the banking system because unlike those days were all transactions and savings are mostly done on the bank and in those days even if you have some money it takes you time for you to open an account do to some certain requirements and if you are unable to provide those documents you automatically not going to be allowed on opening an account, and also with the current development on the banking system this days were as you will need to queue up until it gets to your turn before you can either withdraw or meet the customer service. But with the help of online banking people were able to navigate to other easier ways of banking so online banking has really improve a lot of things.

Yes it can be hacked. talking about hacking I think it's applicable to both normal banking system and online banking too. Because there has been several occasions of hacks from bank over the years and most of it is as a result of carelessness of the owner of the account. For example leaving your account information on your phone without locking your phone can be implicating. Sometimes we should completely remove things that will implicate us by deleting bank security detail on phone. rather write it on paper and keep in a safe place, in other not to get hacked when your phone get missing or when we release our phones to people.


I think you can call there customer support center. Even if they don't have branches does not mean that dey can not attend to there costumers when it comes to security. I think when dealing with online banking we should deal with those that has license or CBN approval just like opay.

One important thing you should know is that online banking system should not be a place to put all your funds, it is just like an alternative to banking system incase there is a network issue in normal bank you can run mini transaction on it like pay bills, recharge cards, buy data and some other things but no to put all your funds in. But I don't think hacking online account is possible just as i said earlier. It depends on how secured you are on releasing your privacy.

Op from my own view online banking are good but let me say not all but when an online bank has N.D.I.C License i think it okay because this people will not remove a penny of your savings unless you borrowed from them e.g Opay, Moniepoint and kuda they are very fast in transferring of funds. In the aspect of people getting access to your device when lost, by even entering your banking app, unless that persons knows your password or pin. No how they can have the access unless you give them.

Many Nigerians are used to online banks and funny to say online banks gets more customers than banks like Firstbank, Access bank e.t.c. So my question is that is online bank good? Is it safe? These are the questions I ask and some people normally ask. Many people don’t like online because it doesn’t have any office you can run to in case of any issues.

Can it get hacked?
I would actually say yes it can get hacked. It’s very easy to hack online banks.

If the phone gets missing, can you block the account?
No, if your phone gets missing and you’re using an online bank it will be easily hacked or they can easily take all your money while other banks, if you’re phone or ATM card gets missing you can go to their office and lay a complain and they will close down the account or card.