As part of measures by the Central Bank of Nigeria (CBN) to create a cashless society, mostly in major cities around the country, banks’ advancement in terms of online transactions and electronics banking has recorded a massive transformation as commercial banks in Nigeria have adopted the policy by the apex bank.
Cashless society refers to an economy where financial transactions are driven by electronic cards across various payment channels, rather than the traditional physical office or “brick and mortar” office. These alternative channels include ATM, PoS terminals, mobile phones and other mobile devices, web, and various e-corporate solutions often provided by regulated financial institutions.
With this effort taking effect early in the year, Keystone Bank has significantly upgraded its electronics and cashless banking transactions to a world-class standard to service its customers outside the banking hall, and ensuring they enjoy seamless transaction processing across the country.
Various e-banking products by the bank are designed to meet the needs of its customers, which include internet banking, ATM cards, online payment solutions like Active Pay, PayDIRECT, EasyREMIT and an array of e-cards – Naira Credit Card (NCC), MasterCard, VISA, and other partner services for merchants.
Today in Nigeria, there are an estimated 10,000 ATMs, 15,000 Point of Sales (PoS) terminals and over 75 million mobile phone subscribers, serving as a veritable foundation to build the framework for cash-less economy.
The most amazing fact about Keystone Bank MasterCard is that it is accepted in over 210 countries. Cardholders of the bank can withdraw cash (in the local currencies of their host country) from over 500,000 ATMs and pay for goods and services at over 40 million locations worldwide. Further, it can also be used for web purchases and hotel reservation.
MasterCard by Keystone Bank recently won the most innovative and most improved bank of the year, with as little as N2000, reputable customers of the bank stands to enjoy convenience, safe, and prestige that comes with owning one of the world’s leading brands at their disposal. The bank’s Naira Debit MasterCard is a naira denominated card acceptable worldwide and directly linked to customer’s current or savings account.
Keystone Bank MasterCard and all MasterCards issued by other banks (both locally and internationally) are accepted at all Keystone bank ATMs nation-wide.
The bank’s internet services have been remodelled to facilitate easy access to online transactions, turning the bank into a leading electronics and cashless commercial banking in the country. Customers of the bank have began to enjoy the benefits of saving money from not having to visit the bank; managing of funds more actively and profitably; issuing online instructions from anywhere applicable to online network connection; export account details to their accounting packages and ability to access information on interest rates, foreign exchange trends and new products offerings.
Without any doubt, the measures put together by the management of the bank is for all its dealing customers to get familiarised with online transactions, with the aim to reducing banking hall population by creating an online platform that is well secured and authenticated by account holders of the bank.
Detailed information on how users can easily access the bank’s internet services is provided and strict warning on how customers can protect their access codes and passwords are also noted.
On the mobile money scheme alone, the bank has introduced platform that enables customers conduct transactions electronically via their mobile phones, which is another form of anywhere banking. This product is tied to customers’ Verve cards, thereby providing enhanced security based on card number, personal identification number (PIN) and customer’s phone number.
Through KeystoneMobile, users stand the chance of accessing their balance enquiry; mini statements request; full statement request; funds transfer (own accounts and intra-bank transfers); bills payments (DStv, PHCN and Zain) and funds transfer to other banks.
As the need for a comprehensive web-based e-payment application that provides an efficient and secure platform for an organisation to effectively initiate and conclude payment (direct credit) instructions, irrespective of the beneficiaries’ bank account domiciliation, Keystone Bank has introduced ActivPay that is a self service web solution that allows authorised personnel within an organisation process bulk or single transactions, irrespective of time zones and currency, and credit beneficiaries’ account, irrespective of the bank account domiciliation in Nigeria.
Transactions that are carried out on this solution include but not limited to the following: salary payments, vendor’s payments, taxes, and dividends payment.
Corporate organisations, government establishments at all levels, foreign embassies and all organisations with at least 5 employees are already benefiting from these initiative by Keystone Bank
To curtail company’s salary administration, the bank introduced a payroll and biometrics incentive that offers organisations the capability to administer world-class human resources and payroll functions. The application can be deployed with ActivPay or as a standalone application. These solutions resolve human resource challenges with large workforce and ghost workers management.
