Fintech - May 23, 2021

3 Biggest Reasons to Start Using Digital-Only Banks

May 23, 2021

3 min read

lthough digital-only banks are still are in their early days in Africa, switching to one now can make a huge difference for your finances. Whether it’s for business or personal finances, there’s a lot to benefit from turning to digital-only banks. Some of the well-known ones in Africa are ChipperCash, Kuda, Lidya, Eversend, Piggyvest, Cowrywise and 7aweshly. .

You can understand how time-consuming and costly traditional banking and be. It’s usually a chore trying to anything done at these brick and mortar banks. Online-only banks on the other hand, provide a fresh take on banking, making it possible for you to get your finances in order all from your smart device.

With out further ado, here are the 3 biggest reasons why you need to start using digital-only banks.

1. It’s Highly Convenient

Businesses may use digital banking to make deposits and withdrawals, open and maintain multiple accounts, pay bills, and even manage payroll. All of this can be done without someone ever having to leave the house. What you need is a smartphone or the appropriate desktop application for you or your employees. You can do all of your banking in-house.

2. It’s Affordable

In contrast to traditional banks, digital-only banks are a more cost-effective alternative, especially for smaller businesses and individuals. Fees are often charged by physical institutions to cover their operating costs. Digital banks, on the other hand, have lower operating costs and, as a result, lower user fees. In general, it’s a good idea to look at every financial institution’s fees and service charges before opening an account with them.

3. It’s More Secured

Online-only banks usually perform several risk-management processes to ensure that your finances are protected from internet fraudsters. The two-factor authentication assigned to you as an individual is a clear example of one of these many processes.

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