The Central Bank of Nigeria (CBN) has implemented a cashless policy to promote the use of electronic payment systems in the country. As a result, more people are now opting for digital banking services, such as Kuda Bank and Opay.
Here are ten reasons why having accounts with these digital banks is a wise decision.
1. Convenience:
With Kuda Bank and Opay, you can carry out transactions anytime, anywhere, without visiting a physical bank. This means you can pay bills, transfer money, and buy airtime from the comfort of your home or office.
2. Security:
Unlike physical cash, electronic transactions are more secure as they leave a digital trail. Both Kuda Bank and Opay offer multiple security measures to protect your account, including two-factor authentication and biometric login.
3. Ease of use:
Digital banking is designed to be user-friendly, with simple and intuitive interfaces. Anyone with a smartphone can easily navigate their way around these apps and carry out transactions with ease.
4. Cost-effective:
By using digital banking services, you can save on transaction costs. For instance, Kuda Bank offers free transfers to other Kuda Bank accounts and low fees for transfers to other banks. Similarly, Opay charges low transaction fees for its services.
5. Speed:
Electronic transactions are faster than physical cash transactions. With Kuda Bank and Opay, you can instantly send and receive money, pay bills, and top up your mobile airtime.
6. Round-the-clock access:
With digital banking, you have 24/7 access to your account. This means you can carry out transactions even during public holidays and weekends.
7. Rewards:
Both Kuda Bank and Opay offer rewards to their customers. For instance, Kuda Bank rewards users who refer new customers with cash bonuses. Opay, on the other hand, offers discounts on its services and cashback on transactions.
8. Financial management:
Digital banking allows you to track your spending and manage your finances effectively. With Kuda Bank, you can set savings goals and monitor your progress towards achieving them. Similarly, Opay allows you to view your transaction history and manage your expenses.
9. Accessibility:
Digital banking services are accessible to anyone with a smartphone, irrespective of their location. This means you can access your account from anywhere in the world and carry out transactions.
10. Innovative features:
Both Kuda Bank and Opay are constantly innovating to improve their services. For instance, Kuda Bank offers virtual debit cards that can be used for online transactions. Opay, on the other hand, offers a variety of services, including ride-hailing, food delivery, and mobile money.
In conclusion, having a Kuda Bank account and an Opay account is a smart move, especially in light of the Central Bank of Nigeria's cashless policy. These digital banking services offer convenience, security, cost-effectiveness, speed, and round-the-clock access. Additionally, they provide rewards, financial management tools, accessibility, and innovative features. With these benefits, it's no wonder that more people are turning to digital banking services.