Why electronic bill payment is a massive opportunity for Nigerian financial institutions
According to a study on payments and money transfer behaviour across 11 African countries, Nigeria has an estimated 34.8 million individuals who are using only informal cash payment methods. Individuals reported they are using informal cash payments because electronic payment options are not easy to access or not widely available.
This gap between how your clients are paying their bills and how they could be paying their bills digitally is an opportunity for your financial institution.
Why financial institutions provide electronic bill pay
Electronic bill payment services are provided by financial institutions to make it easier, quicker, safer and more affordable for their clients to pay their bills on time. Financial institutions offer this service through online banking, mobile banking or as an at-the-counter service that bank tellers can do for their clients.
Electronic bill pay makes life easier for your clients
When your financial institution offers electronic bill payments, your clients can pay school tuition, utility bills, debt payments and other fees conveniently: from one place, at one time. Electronic bill payment means your clients no longer need to send cash through informal methods: by bus or courier, friends who are travelling or delivering the payment by hand.
Capitalise on your opportunity to serve your clients better with Oradian
Oradian delivers a flexible core banking platform that can be integrated with delivery channels, fintech applications and digital payment infrastructures. We partner with providers who share our global best practices: an agile development approach and international security standards.
Through Oradian’s platform, integration capabilities and partnerships, we can equip your financial institution to roll out electronic bill pay and other new services your clients demand.