6 THINGS TO TAKE NOTE OF WHEN USING DIGITAL BANKS (OPAY, PALM PAY, KUDA & OTHERS)
Digital banks have made life easy quick transfers, low charges, no queues. But before you rely completely on them, take note of these:
1. They Are Not Traditional Banks
Most digital banks operate under licenses from CBN but through microfinance structures, not as full commercial banks.
2. Understand Their Terms
Read their transaction limits, dispute resolution process, and fees. Some only allow transfers up to a certain amount daily unless you upgrade your account.
3. Beware of Phishing and Fake Apps. Scammers create fake versions of these apps. Always download from official app stores, not random links.
4. Customer Support May Be Limited
Most digital banks have no physical branches for complaints. They rely on in-app chat, email, or call centers and response times can vary.
5. Keep Your BVN and Password Safe Never share your BVN, PIN, or OTP with anyone claiming to be customer care. Real agents will never ask for these.
6. Have a Backup Bank Account
Don’t put all your money in one digital bank. If the app has downtime or gets flagged, you need alternatives.
Pepper Soup Wisdom:
Convenience is sweet, but security is sweeter. Always have a plan B before you click transfer.
Madam Law
#legalmatterswithbarronkeahaotu6 THINGS TO TAKE NOTE OF WHEN USING DIGITAL BANKS (OPAY, PALM PAY, KUDA & OTHERS)
Digital banks have made life easy quick transfers, low charges, no queues. But before you rely completely on them, take note of these:
✅ 1. They Are Not Traditional Banks
Most digital banks operate under licenses from CBN but through microfinance structures, not as full commercial banks.
✅ 2. Understand Their Terms
Read their transaction limits, dispute resolution process, and fees. Some only allow transfers up to a certain amount daily unless you upgrade your account.
✅ 3. Beware of Phishing and Fake Apps. Scammers create fake versions of these apps. Always download from official app stores, not random links.
✅ 4. Customer Support May Be Limited
Most digital banks have no physical branches for complaints. They rely on in-app chat, email, or call centers and response times can vary.
✅ 5. Keep Your BVN and Password Safe Never share your BVN, PIN, or OTP with anyone claiming to be customer care. Real agents will never ask for these.
✅ 6. Have a Backup Bank Account
Don’t put all your money in one digital bank. If the app has downtime or gets flagged, you need alternatives.
🫕 Pepper Soup Wisdom:
Convenience is sweet, but security is sweeter. Always have a plan B before you click transfer.
Madam Law
#legalmatterswithbarronkeahaotu
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