Bitcoin Forum

Many Nigerians are used to online banks and funny to say online banks gets more customers than banks like Firstbank, Access bank e.t.c. So my question is that is online bank good? Is it safe? These are the questions I ask and some people normally ask. Many people don’t like online because it doesn’t have any office you can run to in case of any issues.

Can it get hacked?
I would actually say yes it can get hacked. It’s very easy to hack online banks.

If the phone gets missing, can you block the account?
No, if your phone gets missing and you’re using an online bank it will be easily hacked or they can easily take all your money while other banks, if you’re phone or ATM card gets missing you can go to their office and lay a complain and they will close down the account or card.

Op from my own view online banking are good but let me say not all but when an online bank has N.D.I.C License i think it okay because this people will not remove a penny of your savings unless you borrowed from them e.g Opay, Moniepoint and kuda they are very fast in transferring of funds. In the aspect of people getting access to your device when lost, by even entering your banking app, unless that persons knows your password or pin. No how they can have the access unless you give them.

Yes it can be hacked. talking about hacking I think it's applicable to both normal banking system and online banking too. Because there has been several occasions of hacks from bank over the years and most of it is as a result of carelessness of the owner of the account. For example leaving your account information on your phone without locking your phone can be implicating. Sometimes we should completely remove things that will implicate us by deleting bank security detail on phone. rather write it on paper and keep in a safe place, in other not to get hacked when your phone get missing or when we release our phones to people.


I think you can call there customer support center. Even if they don't have branches does not mean that dey can not attend to there costumers when it comes to security. I think when dealing with online banking we should deal with those that has license or CBN approval just like opay.

One important thing you should know is that online banking system should not be a place to put all your funds, it is just like an alternative to banking system incase there is a network issue in normal bank you can run mini transaction on it like pay bills, recharge cards, buy data and some other things but no to put all your funds in. But I don't think hacking online account is possible just as i said earlier. It depends on how secured you are on releasing your privacy.

For now online banking is actually the best and besides with the rapid growth of technology it has greatly reduced the ways at which most of the things are being done especially the banking system because unlike those days were all transactions and savings are mostly done on the bank and in those days even if you have some money it takes you time for you to open an account do to some certain requirements and if you are unable to provide those documents you automatically not going to be allowed on opening an account, and also with the current development on the banking system this days were as you will need to queue up until it gets to your turn before you can either withdraw or meet the customer service. But with the help of online banking people were able to navigate to other easier ways of banking so online banking has really improve a lot of things.

For me, I see nothing wrong with online banking as it has made my daily transactions stress free and easy to use. We all were  withness during the cashless era this online banks were the mostly used as most busines men did their huge daily transaction with this online banks like the OPay and PalmPay.
This online banks are licensed by the Central Bank of Nigeria (CBN) and all trustworthy to use. Being licensed by CBN means the government has done close research and have their eyes on them incase they try to fraud.

I also believe with time this online banks will soon develop into having their own office, I heard something about Opay already working on that, so have no fears doing transactions with them.

Yes, there is every tendency of them getting hacked but it is as low as that of any other Banks getting hacked.

Op I think all banks operate online and if you are referring to microfinance ban then I will they very good to use. These online banks more faster than their counterparts. When you have problem with these online banks and you contact the customer care service their response is is much more faster than the offline customer care service in the banking hall. In the banking hall, they will waste your time for unnecessary things. But for online banks they will go straight to the main point and solve your problem.

They are agents for the online microfinance banks which they use to attend customers in their various offices across the country. No bank is from hacking. But the firewall of the site will determine the security of the site. They can't be hacked. Their security is tight.

Online bank is all about convenience and additional features it provides which an traditionally banks don't offer. This exists in India as well and they not only help you with your transactions but also helps with expense trackers and keep you updated on your spending trend and provides more insight which traditionally banks don't offer.

They have customer care helpline where you can reachout in case of losing mobile & even if you lose mobile the person who finds it cannot access your account without the passcode which would be similar to ATM withdrawal or net banking.

Security risks or risks of getting hacked will always be there as it's upto us how we maintain and safeguard our sensitive information. 

How you go talk like that, I just do some rough browsing and Access bank get around 50 million plus customers while Opay wey be the highest fintech bank get around 40 million plus customer. Judging by their years of existence, Opay dun do well pass Access bank but other fintech aren't doing close to those numbers so although online banks dey do very well dem never take over the physical banks completely but they're on the path of doing just that. For this topic, yes online banks are good but just as I talk for a similar thread, make we no just close eye dey use this banks or apps them. You know that talk wey dem dey say when eating with the devil use a long spoon, na wetin we suppose dey do here.

Everything wey you fit do for offline banks you can do with online banks and even more so your argument no stand here. Online banks are good and they're doing Nigerian a big favour especially cryptocurrency traders because without them eh the kind lack of trust wey for full P2P exchange and spoil the whole thing for us due to poor network for be problem. All banks can be hacked so this one no be points but if you put in some external security measures you fit avoid all those worries wey you dey get. Fintech Banks are just better than our traditional banks that's the fact.

When you talk about the online banking I believe you're referring to fin-tech companies, which I believe are duly licensed by NDIC to operate some financial transactions, remember they are not allowed to run all financial transactions, like operating a pension scheme, and some large corporate accounts. Also, all accounts can be hacked, if the owners of those accounts misplace some vital details of those accounts to scammers or fraudsters wether is an online account or a regular commercial bank account it doesn't matter.

Op, have you researched to conclude that fintech banks have more customers than commercial banks? With banks like GTB, Access bank, First bank, and Zenith Bank you can still carry out online banking with them. Fintech bank like Opay is good to use due to their low charge, and convenience, and they are licensed by the CBN and insured by NDIC. Since fintech banks are yet to establish a physical office where their customers can lay a complain you can just use them to receive money, after receiving the money you move the money to your main bank account in case anything happens, it will not affect you.
All banks can be hacked. Once you expose your login details to scammers or fraudsters your bank account will be hacked and you will lose your money be it our traditional bank or fintech bank. Do not keep your banking App as always login so that if you misplace your phone someone else will not get access to your account through your banking App.
If your Opay ATM card goes missing you can block the ATM card with your Opay account. Just call Opay customer service they will direct you on how to block your Opay ATM card with your Opay App. Even in our traditional banks, if your phone goes missing and you don't act fast you will lose your money if the phone falls into the wrong hands.

Na for this part of our world we still they doubt online banking but even as you take testify now, many people Don they move to online banking because E sure pass and e even get more guarantee pass in terms of flexibility, usability and efficiency. I think the only aspect you may not be comfortable with is the reliability which is because you go talk say them no get physical office and if them hack their server for instance, how you fit reclaim back your savings, yeah?

Now before you go fit operate an online banking, e no be easy thing and na why you go find out say no be every Tom, Dick and Harry they fit run am. As you they see say the traditional banking difficult, na so online banking be in terms of establishment and management.

Now before you go fit establish an online banking for Nigeria, you for suppose make sure say you understand and comply with the regulatory requirements wey CBN they set for the banks. You fit check this document wey carry the heading  “Guidelines on Electronic Banking in Nigeria” (https://www.cbn.gov.ng/OUT/CIRCULARS/BSD/2007/GUIDELINES%20ON%20ELECTRONIC%20BANKING%20IN%20NIGERIA.PDF), you go understand say no be just like that them they establish but they must to follow due processes too to get approval.

Aside CBN own, NIBSS too get their own “Legal and Regulatory Framework of Electronic Payment Systems” (https://nibss-plc.com.ng/product/lrfeps/) amongst other regulatory frameworks wey you go suppose follow to establish and manage your online or electronic banking platform for Nigeria. These bodies they always update their list and frameworks and if those online banks no meet up, them go ban them come restrict people from patronizing them.

This mean to say that those banks must also be fully equipped and up to park with the technological infrastructure and security measures of the platforms. So, for instance, if people fit raise eyebrows on the secure of a banking platform now, it won't take a time before the bank will be shut down. More importantly, there will be a deposit of capital and commitment made by the company to be able to get started.

Online banks de very fast and convenient, you fit to rely on dem to do your transactions without any issues. Dem be new technology to take make financial transactions very easy, infact I believe say dem go de make our regular traditional banks to de seat up for dem services. Aside from dat, personally na to do fast transactions for online banks and transfer my money go for my traditional bank account. I never fully trust these new online banks finish, dem de be me like exchanges for cryptocurrency matter, do your transactions and transfer your coins for your none custodial wallets. With time my trust level for dem side fit to increase, but for now na to do fast transactions for dem side and transfer to my regular bank account.

My brother so far technology is concerned there is no system nor software created by the human mind that cannot be hacked. So thinking that online bank are unsafe due to security breach is just a silly excuse, because I believe even the commercial banks can be hack and before now that online banks were not this popular, many people and I have witnessed many myself, have complianed that someone hack their account and sometimes it may be to the ignorance of the owner of account.

If Bitcoin wallet and transaction which are said to be decentralized and more tightly secure can be hacked then what are online banks and commercial banks that are controlled by human and bankers like me and you that cannot be hacked. Because I liked to believe that most times, if an account information is leaked the bankers are widely involved in it.

I will say that online banks are good and they have helped a lot of people when the physical banks network are on downtime for a long time. They pay more attention to their networks than physical banks and this has made many people to switch to using them than the physical banks we have in the country today. About their safety, they all claim that they are safe but the words of mouth isn’t enough to back their claim of safety that they are assuring their customers with. Don’t leave money in them for too long or use it as your savings account, that’s the best practice to apply if you’re use to using the online banks.


Some of the online banks now make use of USSD code that you can use to access your account without the bank application in your phone. If your phone is stolen, you can renew your sim and immediately block the account from your phone. The security of the banks are increasing that I am sure of, but you can’t totally depend on them. Whatever you want to use them for, try and trade carefully to avoid disappointments. I love using them more than the physical banks we have even when CBN is giving them hard time to operate in the country now.

These are similar questions to the ones asked by people who doubt bitcoins. Is bitcoin safe? Is it good? where is their office?

But the truth is that online banks are actually an advancement from the normal banks, an since it is new, it will be suspected as unsafe and not good to use by many people who are rigid and not easy to accept change. Not all online banks are safe, but there are some that are doing very well, and are showing signs that will be better with improvement as time goes on.

Op me I stand for online banks oo, because na wattin I dey use especially for this period wey network dey disturb small small, na them be the only alternative to save u from being stranded, though Dem fit get hacked easily if the hacker hold your sim card but this one sef still apply for normal traditional banks. All of them fit get hacked so e come dey even be like say na online bank sef naim good pass, according to the point wey baba brianboss out for ground, the only thing na be say, e nor dey advisable to put enough moni for inside, like millions of naira, you fit put less than a million if you ready to spend am immediately, but if you wan spend am immediately naim you fit put the amount of million provided say your account go fit carry am without any shaking.

Online banks are good as they are highly fast and convenient when compare to physical banks. What I can say if one isn't get convince by online bank and still wish to use them is that he/she can use them with care. Such people should only deposit money they wish to use in few days or weeks there and use a physical bank for huge money deposit. I have a lot of friends who operates with online banks that way.

Online banking is fast in transaction compare to other traditional banks, the online banks network are always good, low charge fee or no charge fee compare to the traditional banks but I won't advice anyone to save a huge amount of money in an online bank because this banks doesn't have office or branches in every location or region. If anything happens to this bank it will be difficult to get the this online banks in physical,  people just need to save little amount of money in this bank.

I think why most of people like online bank is because of how fast and easy it is to use compeard to normal banking system. Most at times if you want to use first Bank or access bank for transfer, there will be no network but if you use online app like kuda ir opay it will be fast and it is very hard for you yo hear that someone transferred money and it bounced back. Or it was sized by network. As a matter of fact many people are begining to see reason to adopt online banking than offline banking. When something doesn't give much problem like that I see no reason for calling customer care except the case is a serious one.

Most of this online banks, na because e dey fast na why most people dey prefer to dey use online banks, no be like all dis commercial banks wey be say if you make transactions sometimes e fit take hours before you go receive money, all this online banks, if you make transactions, your transactions will be successful instantly, and na why most business people prefer to use it. The only disadvantage wey online bank get na just physical office wey e no get, anything fit happen at any time, nobody to be held responsible, na why most people no too like make dem dey use online bank, and even me I do tell people make dem no dey put plenty money for there accounts ooo.

Also Wetin u just talk now say people wey dey use online bank plenty pass people wey dey use all dis Gtbank, first bank, and access bank. I no really believe that, na just recently people start to dey use all dis online banks, customers wey all dis commercial banks get, online banks no get even half of it, na u just dey see am like say people wey dey use online bank plenty pass other physical banks.

It is good because it proffers convenience services Such self services and the rapid transactions responds comparing with the banks but the risk part of it lies on the potential risks to insecurities.

If you are referring to OPAY, KUDA, PALMPAY, then know that they are not called "online banks" but Non Bank Led Mobile Money Operators. When you state a statistics, it would be more interesting to give your readers a link to the source for those of us who want to read more about it. Since you have stated a statistics without link, I will disagree with you and state my own without any statistics but from my head that OPAY, KUDA, PALMPAY, MONIEPOINT and other Non Bank Led Mobile Money Operators do not have more customers than their Bank Led Mobile Money Operators like ACCESS BANK, FIRST BANK, UBA, GTB etc. Go to the markets and find out.

Treat these "online banks" like you would treat an exchange. Use it for quick sending and receiving of money because of their speed and time it takes to confirm the transactions. After then, move the money out ASAP to your Bank Led Mobile Money operators like Zenith, Ecobank, Unity Bank. If you don't scammers with take advantage of it just as they have done with many others.

The most important thing is to make sure the online bank you operate with, such as Palmpay, Opay, etc., is licensed by CBN and NDIC. In terms of convenience, I prefer the online banks as you don't need to stand on queues to be attended to and then there is less issues with "debited but failed transfers" which is very common with conventional banks.

However, there have been recent reports of people getting hacked and all their money wiped from these online bank accounts. So, what I'd advise is you keep only a small amount of money in these online banks for quick transfers and payments but your main funds should remain in the traditional banks.

Anything that is online can be hacked, which is why they say you should secure your account with the security that they provide in the mobile banking. Online banking is good because it reduces the pressure in the bank and makes everything easier for the customers. However, online banking cannot be hacked without your consent, which means that before they can access your mobile banking, they must send you an OTP in your registered SIM card that you used to register the mobile banking, and if they can get the access to the number they will hack it and park your money, Even if you do not have mobile banking, they will still hijack your account because if they have access to your ATM card and the number you use to register, they will park money in your bank account.

You just need to keep your things private, because when I was 16 years old, they opened a student account for me in the bank and I completed everything they asked me to fill out and they gave me the account number and ATM card, and within a week, I received a call saying that my account had problems and they needed to help me out before they blocked it, and I was shocked, and they began asking me to call my last 16 digit in my ATM card, and I told them I wasn't at home, and they said I should hurry before they blocked the account, so I rushed home and told my senior bro, they want to restrict my bank account, and I explained to him, and he said it's a scam since the bank can't phone you and the whose thing is weekend. How can a bank manager call you on a weekend, What I'm trying to say is that without your account data no one can access it. The essential issue is to safeguard everything so that no one can access it and swindle you. is similar to a crypto wallet if no one has access to your private key, no one can steal your coin.

In my opinion for now in naija online bank are the best, they are better than all this bank you mention, many people have being doubting this online bank that if their money get missing, how they go take complain say their money don miss, since i start to dey use this online bank i never see any body complain say their money get missing, except they no hide their informations there's someone that have access to their account, since i start to they use this online bank over 2 years, nothing have ever happen to my money except my transaction go dey pending, when is 24 hours dey will refund it back, so for what reason i will still be using all this bank that if anything happen to my money they will just be stressing me to bring this and that, they will know that the money will not be refunded again, yet they will still be stressing you.

All this people wey no believe on this online bank na their problems, my family member anybody that has bank account, na online bank we dey use now, with ATM as you said that what if our phone and the ATM get missing how can we take get access to our bank and pack the or block the account? If you no trust anybody in your family don't let anyone to know your transaction pin, if phone get missing which the person want to get access into your mobile app, like Opay they will ask for kyc which is face verification, if the face no look alike with the owner of the account, there's no way the person will get access into your account and pack your money.