Your Phone, Your Bank…

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Beaven

Be familiar with your phone………..as mobile banking take centre stage.

Undeniably, mobile banking has taken control of the market due to cash shortages in the country. It is so hard to get hold of hard cash these days to such an extent that many industries, wholesalers, supermarkets, schools have resorted to the use of plastic money.

A survey of the second quarter of 2017 by POTRAZ shows that mobile money transactions volume increased by 3.4% as compared to that of the first quarter.

The number of mobile money subscriptions increased from 3, 251, 784 to 3, 352, 476 with Netone registering the highest increase with their One Wallet services.

When we talk about active mobile money subscribers, we refer to any active subscriber that has used the mobile money services to make any sort of transaction that involves the movement of value such as cash-in, cash-out bill payments, airtime top-ups etc, (through Ecocash, Telecash or OneWallet) for at least once in the last 90 days.

Therefore, this shows that almost each and every one of us has at least performed a mobile money transaction.

However, it is therefore of paramount that we become familiar with our mobile phones especially smartphones.

Why so?  These days banks and mobile operators are working for a hand in glove and both have introduced a number of applications to help their customers on mobile banking.

It now requires smartphone owners to be familiar with these applications (Ecocash, Zipit, Telecash, OneWallet, CBZtouch, etc) to be able to do their transactions easily.

Realistically many people, mainly the elderly have fallen prey to crooks who appears as good Samaritans yet at the end, they reap people of their hard-earned money. It is important to keep your mobile banking pin to yourself so as to avoid becoming a victim.

In many cases, people are so reluctant to know the basics of a simple mobile money transaction process to an extent they ask other people (at times strangers) to perform simple airtime top-up transaction (USSD).

In the end, some take advantage and transfer all the money to his or her own account hence with these cash shortages rocking our countries, it is highly recommended that each and everyone who does mobile banking, at least seek help on the basics of mobile money transactions from your mobile operator or banks.

example of a USSD

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