Why payment cards are a “must have” for banks and microfinance banks in Nigeria
Financial institutions are enabling their clients to quickly and conveniently access the funds in their accounts through payment cards. A payment card is a plastic card with a magnetic stripe and identification code that automatic teller machines (ATMs) and point of sale (POS) terminals can read. With payment cards, clients of microfinance banks in Nigeria are able to access their accounts the same way that clients of commercial banks access their accounts.
For banks and microfinance banks in Nigeria, payments cards are a “must have” on their product and services offering lists. Here’s why.
1. Your clients want quick, convenient access to their cash
One of the main reasons that individuals in Nigeria are creating demand for payments cards is because they want to access the funds in their accounts without having to go to one of their microfinance bank’s branches. In many cases, travelling to a branch is inconvenient, especially for individuals living in rural communities where it can take hours to reach the nearest branch.
For your clients living in rural communities, it’s also important that they can access the funds in their accounts when they are far travelling to or working in one of Nigeria’s larger cities. If your financial institution is located in the Northern region of Nigeria, Kano or Abuja for example, having a payment card will enable your clients to withdraw cash from an ATM while they are in Lagos, far from any of your institution’s brick and mortar branches. Transactions at ATMs make up the largest percentage of electronic payments.
2. You want to serve your clients better
Providing your clients with payment cards is one way you can serve your clients better and improve their satisfaction with your financial institution as a service provider. While withdrawals at ATMs are a common use of payment cards, they enable your clients to do more than take cash out. With payment cards, your clients can:
- Make electronic payments for products and services at POS terminals
- Check their account balance at an ATM
- Transfer money from one account to another
- Make deposits into their account
- Be more secure, rather than carrying cash
- Make online purchases
More functionalities for ATMs are constantly being developed and rolled out. At some ATMs, it’s possible to pay utility bills or to buy airtime. Your financial institution needs to remain competitive in an evolving market to continue growing your client base.
How you can offer payment cards to your clients with Oradian
In a market that is constantly changing with new demands from clients and new technologies available, your financial institution needs to be flexible and able to get ahead of these changes. To remain competitive, you need a system and strategy in place that enables you to be flexible and enhance your service offering.
Instafin, our cloud-based core banking system, is a flexible platform with robust integration capabilities. This enables us to integrate Instafin with the delivery channels your clients are demanding, including ATMs.
We partner with providers who share our global best practices: an agile development approach and international security standards. Through Oradian’s integration capabilities and partnerships, your financial institution can offer payment cards to your clients.