How to transfer money using your mobile phone
By Tare Youdeowei
THE Federal Government, through the Central Bank of Nigeria, CBN, introduced the cashless policy in 2012. It was meant to curb excesses in the handling of cash in Nigeria and to reduce the volume of cash in circulation. Most importantly, the policy was introduced to drive development and modernization of payment systems capable of placing Nigeria among the top 20 economies by the year 2020.
Despite all these, Nigerians still carry cash. The bond between Nigerian business people and their cash appears even stronger, almost making nonsense of government’s effort. However, the CBN has found a way around the stubbornness of Nigeria’s cash-centric businessmen by placing a ceiling on the amount of money one can withdraw over the counter. The petty cash carriers who fill banking halls demanding either to deposit or withdraw are mostly advised to either visit the Automated Teller Machines, ATMs, or do a mobile transfer.
This stand of the CBN and banks is further promoted by the arduous task of going to your bank to withdraw money, then going to the receiver’s bank to pay it in. In major cities like Lagos, this task can span between 30 minutes and three hours, depending on the distance between banks, traffic and how many persons visit the bank that day. The solution is mobile transfer.
Yes, almost everybody clutches a phone in this mobile era, but obviously, not everybody knows how to do more than a voice call or send a text message on the phone. This means that many are already carrying a banking platform around but do not know how to do basic mobile money transactions.
How to do money transfer
Money transfer can be done by dialling short codes on your mobile phone or through bank online applications after registering with your bank. While dialling short codes are mostly for mobile money transfers and getting mobile credit, online banking applications (apps) cover a broad spectrum; from password change, airline ticket booking, ATM card blocking to account opening. Nonetheless, short codes are more flexible as they do not require internet connection or a smart phone.
For quick and easy money transfer, irrespective of time or day, without the hassle of going into the banking hall, it helps to do and know the following:
Register with your bank
In the process of registering for mobile transfer with your bank, you will be told the short codes for transfers. Do well to save this code as a contact on your phone, it will come in handy on a rainy day. Registration usually involves filling a form, which tells the bank that you want to do mobile money transfer. This is a one-time only process. Passport photographs and identity cards are usually not necessary, as this process simply links your mobile number to your account.
Create a pin
The bank official registering your mobile number for transfer is most likely going to help you through this stage. Do well to hold your phone yourself and key your pin in. Do not say it out to the bank official to type for you. Pins for mobile transfer are usually four digits. Do not disclose this pin to anyone; be it spouse, child or parent, as it is a key to all the money in your account.
Transferring to other accounts
All mobile transfers require you to have at least N10 credit and can only be done with the SIM you registered with the bank. This means that; if you have two SIM cards you cannot use both, only the one registered with your bank. It is worthy of note that bonus credit cannot be used. Some mobile network providers have double or triple your recharge packages that last 7-14 days; that kind of credit cannot be used. You will probably have to load airtime.
On screen prompts
This is the main transfer process. Start by dialling the short code on your phone. A special dialogue box usually pops up to prompt you. Upon dialling the short code you will be required to press 1, 2, 3 to 10, depending on your choice. If your choice is not on screen, * or # will have ‘Next’ beside it. This usually applies to choosing the bank you want to send the money to or which of your accounts you want to transfer the money from. When the transaction is complete you will get an alert notifying you of the success of the transfer or otherwise.
However, mobile money transfers require some level of speed in inputing details. This is designed to protect your account in event where you leave your phone. This means if you tarry for about a minute while carrying out a mobile transfer, the system will cancel the transfer and you have to begin the process afresh.
Mobile money transfers are safe and banks have set up systems that double check transfers and keep your money and your account safe from hackers. Thus, feel free to have a stress-free and safe mobile money transfer.