How to deposit money into a Nigerian bank account

Posted by Felix Okoli on Tuesday May 27, 2014 at 9:43:27:

The Nigerian banking system has improved immensely over the years as new banking policies that serve the Customers better have being introduced.

When it comes to depositing money in a Nigerian bank account, there was just one available methods of doing so. This article will talk about some unique ways which an account owner can deposit money in a Nigerian bank.

Ways to deposit money into a Nigerian bank account
==========
1. Direct Deposit: this is the oldest and first method of depositing money in a Nigerian bank. it involves using the deposit slip which has 3 duplicates to fill out information like the Depositor's name, the Account holder's name, bank account number, the amount being paid into the account and any other required detail like phone number of depositor. The teller along with the cash is then handed over to the Cashier who collects it and credits the bank account and gives a copy of the teller to the depositor while a second copy is dropped into a control box provided in the banking hall.

2. Cheque deposit: This method is for those that receive payment by cheque. When you are issued a cheque and you get to the bank with it, you can request for the amount on the cheque to be deposited into your bank account. This method also works for cashing out dividends from shares. A teller is also filled with the cheque details such as beneficiary's name, the amount, account number and cheque number. In order for a cheque to be paid into an account, the account has be a check clearing account and the name on the cheque must match the name of the bank account holder. After the cheque is paid into the account, it takes some days to be reflected in the beneficiary's account after clearing.

3. ATM Deposit: This is a new and fast way of depositing money into a beneficiary's bank account. It involves the use of ATM to transfer money from one account to another. A platform that offers this on ATM services is the one called Quickteller. You'd see Quickteller as an option on the ATM menu when the card is slotted in and PIN provided. Just Slot in the ATM card into the machine, enter your PIN, click on Quickteller, select the name of the bank the recipient of the money is using, enter the recipient’s account number , and amount you are sending. Confirm the information you entered and click on OK.

4. Internet banking: e-banking is also another way to deposit funds into a bank account in Nigeria. It normally requires the sender having an internet banking account and then logging in to do the transfer. It can be done instantly or over a 24 hr period. Instant transfers normally cost some flat fee but 24 hr transfers are mostly free. The sender must provide the beneficiary's name, bank, account number and so on. The beneficiary's account details can be confirmed before making the transfer and banks now work with each other to allow this confirmation to take place.