Is online bank good?

[AVE5]

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.

[Davidvictorson]

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.

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.

[cryptonewbie]

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.

[Adams0001]

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.

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.

[SmartCharpa]

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.

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.