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As banks begin the implementation of Nigeria’s Central Bank’s new policy on additional Automated Teller Machines (ATM) withdrawal fees, Nigerians have been informed of digital banking options that could be explored to minimize the burden of extra charges.
Managing Director and Chief Executive Officer, Routepay Fintech Limited, Abayomi Olomu, said Nigerians have several digital banking channels including mobile banking apps, USSD codes for feature phones, internet banking, and mobile money services that could be used for transactions.
These options, according to him, allow users to perform transactions like transfers, bill payments, and airtime purchases, all without needing to visit a bank or ATM.
Citing the example of Routepay app, Olomu said the fintech platform offers seamless, user-friendly alternatives to traditional banking. “People can make transfers, pay bills, buy airtime, and manage their finances all directly from their phones without visiting an ATM.
“Plus, the platform offers 24/7 access to customers’ accounts, making it easier for them to track spending, save time, and reduce banking costs,’’ he said, mentioning that managing money through such platforms become simpler, faster, and more affordable.
He observed that cash withdrawals in Nigeria have become increasingly costly and inconvenient due to high fees and limited access to ATMs. This, he explained, is pushing more people towards digital banking solutions like mobile apps, “which is a safer way to manage finances without the need for physical cash.”
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According to him, shifting towards cashless transactions can help reduce the burdens of high cost, inconvenience, and promote greater financial inclusion.
“Digital payment solutions can help reduce the burden of additional charges by offering low or no fees for transactions. Fintech platforms help users save on transaction fees, avoid hidden charges by providing simple, cost-effective ways to handle daily financial activities, thus making banking more affordable and accessible.’’
These payment options he said include bank transfer, bill payments, airtime purchases and QR code payments.
He identified lack of trust, limited digital literacy, Internet connectivity issues, fear of hidden fee as well as cultural preference for cash as factors making some people to be reluctant to adopting digital payment solutions.
To make Nigeria’s financial system remain both efficient and inclusive, he suggested commitment to providing user-friendly mobile app that offers fast, secure, and affordable digital banking services easily accessible by anyone, anywhere—whether in urban centers or remote areas. He explained that the Routepay platform functions effectively in this regard as it helps reduce reliance on cash by supporting easy transfers, bill payments, and other services, making financial inclusion a reality. “With Routepay, we’re not just improving efficiency; we’re empowering Nigerians to manage their finances on their terms,’’ he noted.
