‘Digital Channels Account for 70% of Banks Deposits’


Emma Okonji

Over 70 per cent of financial deposits across commercial banks, are generated from various digital channels that are driven by technology solutions,Head, Consumer and Digital Banking at United Bank for Africa (UBA), Mr. Yinka Adedeji has said.

He made the disclosure during an interactive session with technology reporters in Lagos on Tuesday, where he listed the digital channels to include Automated Teller Machines (ATM), Point of Sales machines (PoS), Internet Banking, Mobile Banking, among others.
Adedeji attributed the development to innovative solutions created by banks, which was designed to drive financial inclusion in a cashless society.

Furthermore, hesaid that “less than 30 per cent of generated cash across banks, come from physical cash deposits and cheque deposits”, suggesting that the cashless initiative of the Central Bank of Nigeria (CBN) is fast gaining acceptance both in urban and rural communities because of the convenience that technology innovations have brought to the banking sector.
Adedeji who reiterated his bank’s commitment to empower more Nigerians through innovative banking solutions that would further enhance the cashless initiative of the CBN, said the African global bank had in the past, developed innovative technology apps that empowered its customers to do more financial transactions from the comfort of their homes, without visiting the bank.

He said the bank would continue to innovate, just as he announced another solution from UBA that would revolutionise banking in Nigeria.
He said UBA entered into agreement with MyECheck to provide a revolutionary new social commerce payment system called ‘EmailMoni’, which is the world’s newest game changing technology and will dramatically advance the payments landscape in Nigeria and across Africa.

EmailMoni is a next generation payments technology that enables people and businesses to securely send and receive money electronically in real-time and at low cost using a downloadable mobile smartphone app or from a web app. The EmailMoni web app can be accessed from any mobile device, any browser or any type of internet connected computer.

According to him, “EmailMoni allows people and businesses to pay and receive electronic payments securely in a number of easily accessible and convenient ways. Users can send and request money instantly using Microsoft Outlook email, or any web mail. Money can also be securely requested and sent using Facebook, SMS text and other methods.”

Available on iOS on the Apple App Store and for Android on Google Play, the EmailMoni mobile app for smartphones will over time, interact with a card-less ATM network using Quick Response (“QR”) Code enabling cash to be deposited and withdrawn from the system at thousands of ATM locations in Nigeria and across Africa.

“EmailMoni will enable faster more efficient payments for UBA customers who are billers, such as cable and utility companies. Customers can also send and receive secure payments instantly and conveniently, while non-bank customers will be able easily access UBA banking and payment services,” Adedeji said.

“We are proud to open a new frontier for e-payments in Africa with EmailMoni. This conforms with our desire to continuously deliver innovative and convenient payment options to our customers. Our innovations in the digital banking space have been possible because of our huge investments in building efficient, trustworthy platforms. We assure our customers that we are committed to continually bring the best in the financial technology space to ensure they always have the best and most convenient banking experience with all our service channels,” Adedeji stressed.