Mobile Banking refers to the stipulation of banking and economic solutions with the aid of mobile telecommunication devices. make use of pre-programmed configurations settings. Mobile Banking in Nigeria began with the deal based activities wherein Bank consumers are Alerted via sms when deals are conducted on their account or through Atm machine. This is a one-way event and only for informational purposes just. GT Bank got on of the earliest Financial institutions to stipulation this solution to customers. That was the very early days on releasing full fledge banking via the Mobile Phones with a selection of solutions which were only feasible in the Banking Halls prior to. Diamond and Intercontinental Financial institutions are the fore joggers of this innovation.
Regardless of the watch and see the mindset around Mobile Banking in Nigeria, The mobile stays practical ways to provide a mass market alternative to Branch Banking in Nigeria. The net has only an infiltration rate of 6 percent in a populace of 140 million but mobile technology is close to 50 percent penetration with potential customers for growth. Mobile devices are the most encouraging means to get to the masses and to produce a linkup amongst present customers, as a result of their capacity to offer services anytime, anywhere, high rate of infiltration and potential to expand. The release of 3G in the coming months will also enable Financial institutions to supply more durable Mobile Banking innovations.
Onward looking Banks
Secret challenges in creating an innovative mobile banking application are Interoperability. The solitary mobile phone applications advanced over time, device makers concentrated on a certain standard and this led to nigeria bank codes a proliferation of applications. The Financial Regulatory authority CBN should search in this problem at this early stage so that Mobile Banking community can be durable with National standard that crosses all Financial institutions.
Bank details Mobile Banking systems are akin to having each bank releasing its own ATM MACHINE Innovation which other bank customers cannot access. Interoperability can also assist to develop a standard that will make it possible for reduced end phones which are presently omitted, to do Mobile Banking. Some countries like India and South Africa are currently utilizing some standards like R-World and USSD. Application distribution for Mobile Banking is an additional location where some Financial institutions are dealing with Difficulties.