Mobile banks are everywhere now, making life easier and more convenient. While this is amazing, as mobile banking grows, so do scams. Fraudsters now pose as legitimate mobile banks, hoping to lure in numerous users looking for ease. Unfortunately, many people fall for these schemes simply because they didn’t do their homework before choosing a bank.
But you don’t have to learn the hard way. It’s essential to choose a mobile bank that ticks the right boxes before you start banking with them. Here are a few things to look out for when choosing a mobile bank:
- Compliance:
Before choosing a mobile bank, the first thing to verify is that they are recognized and licensed by the Central Bank of Nigeria (CBN). Financial institutions in Nigeria are legally mandated to be licensed by CBN. CBN has a list of regulations for all banks to comply with to ensure the security of Nigerians.
Verifying that your bank follows all required CBN banking regulations is important. Banks that adhere to these standards are held accountable for the safety and integrity of their services. Compliance ensures that the bank operates legally within the framework of the Nigerian financial sector, offering you added protection as a customer.
On the other hand, mobile banks that CBN does not license should be avoided like plagues. These banks tend to go against the laid-down regulations that protect you as a customer.
- NDIC Insurance:
We all trust our banks with our money, but what do we do when the bank suffers a crisis and folds up? Do we lose all our money in this case? Well, not if you use an NDIC-insured mobile bank like Tampay.
The Nigeria Deposit Insurance Corporation (NDIC) provides deposit insurance to protect depositors’ funds in case of bank failure. This corporation exists so your funds won’t go down with the bank when it crashes. To prevent this, look for an NDIC-insured bank when choosing a mobile bank.
NDIC also has a compliance aspect since it works alongside the Central Bank of Nigeria (CBN) to monitor and ensure that banks operate within regulatory frameworks to maintain financial system stability.
- Security:
One vital thing to look out for when choosing a mobile bank is security. Mobile banking involves handling users’ sensitive information online. That is why you should ensure you bank with one that uses advanced security measures.
Look for banks with robust encryption standards, two-factor authentication, and real-time fraud detection systems. Banks that invest in robust security protocols are more likely to protect your funds and personal information from potential cyber threats.
Tampay uses advanced encryption and triple-layered security to protect its users’ personal information. It guarantees strong protection for your personal information and solid account encryption.
- Low Fees:
Most Nigerians, myself included, are looking to migrate —or have migrated— to mobile banks because we are tired of the traditional bank’s exorbitant charges. Low fees are essential when choosing a mobile bank as it helps you avoid unnecessary costs.
Carefully review the bank’s fee structure for essential services, including transfers, withdrawals, account maintenance, and other services, before using it. Some mobile banks may advertise “zero charges” only for you to find out that they deduct charges when you make transactions.
Use transparent banks like Tampay that offer low fees and zero hidden charges.
- User Interface and Experience:
The main goal of every business is to provide a satisfying experience for the users, and for mobile banks, it starts with their app. A good mobile bank should be one that users can easily navigate. The app should have a user-friendly interface that makes it easy to perform essential functions, like checking balances, transferring money, and viewing transaction history.
Mobile apps, like the Tampay app, also provide an interface that’s comfortable to view in different modes. This helps to give the users the option of choosing the most comfortable banking ambiance for them.
Choosing a mobile app with a user-friendly interface helps to enhance your banking experience and overall satisfaction.
- Features and Products:
When choosing a mobile banking app, an important thing to consider is its features and products. Ask yourself: what does this app have to offer me? How do these features solve my problem?
Mobile banks vary in the products and services they offer. Some mobile apps offer basic features like transfers and bill payments, while others offer a wide range of products. For example, in addition to transferring and bill payments, Tampay offers users foreign account creation, virtual NGN and USD cards, and a one-tap payment feature, while Cryptpay offers seamless crypto trading features.
To choose a mobile app, you must identify your financial needs and choose one that offers the products and services that align with them.
- Customer Support:
Another important feature to consider when choosing a mobile bank is how accessible their support team is. You don’t want to be left waiting for hours when facing an issue only to find that customer service is unavailable.
That’s why using a mobile bank like Tampay, which offers 24/7 customer support, is essential. With a user-friendly app and diverse support channels, Tampay lets you quickly address any concerns and get back to managing your finances with ease.
Conclusion
Mobile banking apps can either provide convenience or stress you out if care is not taken. You just have to pick the one you want. Following the above steps carefully can help you choose the perfect mobile bank that fits your needs. If you’re unsure of the perfect mobile app, use Tampay, and you’ll enjoy unbeatable financial convenience and ease.
