Today, we want to look at what ATM is all about and its uses; I found some explanations from one of the issueing banks in Nigeria, Zenith Bank.
ATM means Automatic Teller Machine. An ATM a machine that dispenses cash to account holders oraccepts cash deposits. The transaction is initiated and concluded with the use of a magnetic stripe card or smart card.
The ATM card has either a magnetic stripe or a processor (or chip) that allows data or information to be stored or processed in it. ATMs are a quick and convenient way to access money in your accounts.
The benefits of the ATM
24-hour access to accounts.
Transfer of funds
Balance enquiries
Printing of mini statements and account statements.
Cash withdrawals, e.t.c.
Source: http://www.zenithbank.com/howtouse_atm.cfm
Next: How many ATMs do we have in Nigeria?
Tuesday, July 17, 2007
Thursday, July 12, 2007
FRAUD: VISA GIVES NIGERIA CLEAN BILL
Mmmm! when i saw this article on a website, i was elated. You mean Nigerians have not defrauded Visa Card International in its local operations since the company started operations in Nigeria? This is great, though i think the information is a little bit old, nonetheless it is still news we should read. Enjoy it.
Visa International, the world's leading electronic payment company has givenNigeria a clean bill of health, saying no incident of fraud has been recordedsince it commenced issuance of cards in the country. Vice President, Risk Management, Africa, Visa International, Mr. Neil Hawkeymade this known in Johannesburg, South Africa during a chat with some Africanjournalists. "There has been no fraud record of any Visa card issued in Nigeria and I think this is a very good development," he said. Standard Chartered Bank is the only bank that issues Visa Electron (international debit card) in Nigeria. Two other banks, namely Ecobank NigeriaPlc and Standard Trust Bank Plc also issue Mastercard.
Hawkey however, noted that Mozambique topped the list in Africa acquired fraud losses in selected countries during the fourth quarter of 2004 in the Central Europe, Middle East and Africa (CEMEA), with 1.25 per cent fraud tosales losses, followed by Algeria (0.57 per cent), Morocco (0.39 per cent),Cote D'lvoire (0.24 per cent), Tunisia (O.17 per cent), Egypt (0.16 per cent)and South Africa (0.12).
The CEMEA average fraud to sales losses wastherefore put at 0.11 per cent During the same period, in terms of Africa issuer fraud losses, he noted thatKenya led the pack with 0.37 per cent fraud to sales losses, trailed by Egypt(0.16 per cent), Mauritius (0.15 per cent), South Africa (0.07 per cent) andBotswana and Tunisia having 0.03 per cent apiece. The CEMEA average fraud to sales losses was therefore put at 0.08 per cent. But in the first quarter of 2005, he noted that Europe topped the list in terms of counterfeiting by region of card, accounting for 64.1 per cent of thecounterfeited cards during the period. This he said, was trailed by some regions in the CEMEA (10.3 per cent), UnitedStates of America and Asia (9.7 per cent each), Canada (4.8 per cent) andLatin America (1.24 per cent).
He however noted that fraud rates on Visa cards are on downward trend worldwide, stressing that Visa and its member banks work closely together tofight fraud. "Visa has also developed CDs in Arabic, English and French to help intimate the police and other law enforcement agents with the various types of waysused by card fraudsters. We also give them various hi-tech tools to help them read as well as identify fake cards," he added.
Hawkey also maintained that technology would drastically reduce the incidences of card frauds. Earlier, Visa's Business Development Manager, Nigeria, Mr. Garvin Young, defended the investment made in Valucard, which he described as the largestVisa has ever made in any entity within the sub Saharan Africa. Young whowould soon be permanently based in Nigeria by December, said "there is hugepotentials for e-payment transactions in the Nigeria."
Visa International have bought 30 per cent stake in Valucard Nigeria Plc by committing $2.8 million to secure a seat on the board.Valucard, which is owned by 33 leading financial institutions, has in its consortium 43 banks. Also commenting on Nigeria, General Manager and Senior Vice President: Sub-Saharan Africa, Visa International, Mr. Robert Clark described theNigerian market as complex. "The Nigerian market is complex with lots of banks in the e-payment consortiums using different platforms.
The on-going consolidation is alsochanging the face of banking and there is also pressure to ensure trust and confidence in the banking system," he said. Specifically, he said Visa is increasing its focus across sub Saharan Africa"because there are huge growth opportunities." Visa, which has 13,905,452 and $29,796,677,744 card numbers and expenditure value respectively as at December 2004, he said, intends to increase year on year by 31 per cent in card numbers and 50 per cent in expenditure value. "We want every metric to be doubled in the next two years and also want to bethe alternative to cash," he added. Visa International is the world's leading payment brand generating nearly $3trillion in annual card sales volume. Visa, which is widely accepted in more than 150 countries, is reputed to play pivotal role in developing innovative payments products and technologies to benefit its 21,000 members.
Source http://e-nigeria.net/page.php?id=377
Watchout for list of banks offering debit cards in Nigeria and then we will look at use of ATM cards in Nigeria.
Visa International, the world's leading electronic payment company has givenNigeria a clean bill of health, saying no incident of fraud has been recordedsince it commenced issuance of cards in the country. Vice President, Risk Management, Africa, Visa International, Mr. Neil Hawkeymade this known in Johannesburg, South Africa during a chat with some Africanjournalists. "There has been no fraud record of any Visa card issued in Nigeria and I think this is a very good development," he said. Standard Chartered Bank is the only bank that issues Visa Electron (international debit card) in Nigeria. Two other banks, namely Ecobank NigeriaPlc and Standard Trust Bank Plc also issue Mastercard.
Hawkey however, noted that Mozambique topped the list in Africa acquired fraud losses in selected countries during the fourth quarter of 2004 in the Central Europe, Middle East and Africa (CEMEA), with 1.25 per cent fraud tosales losses, followed by Algeria (0.57 per cent), Morocco (0.39 per cent),Cote D'lvoire (0.24 per cent), Tunisia (O.17 per cent), Egypt (0.16 per cent)and South Africa (0.12).
The CEMEA average fraud to sales losses wastherefore put at 0.11 per cent During the same period, in terms of Africa issuer fraud losses, he noted thatKenya led the pack with 0.37 per cent fraud to sales losses, trailed by Egypt(0.16 per cent), Mauritius (0.15 per cent), South Africa (0.07 per cent) andBotswana and Tunisia having 0.03 per cent apiece. The CEMEA average fraud to sales losses was therefore put at 0.08 per cent. But in the first quarter of 2005, he noted that Europe topped the list in terms of counterfeiting by region of card, accounting for 64.1 per cent of thecounterfeited cards during the period. This he said, was trailed by some regions in the CEMEA (10.3 per cent), UnitedStates of America and Asia (9.7 per cent each), Canada (4.8 per cent) andLatin America (1.24 per cent).
He however noted that fraud rates on Visa cards are on downward trend worldwide, stressing that Visa and its member banks work closely together tofight fraud. "Visa has also developed CDs in Arabic, English and French to help intimate the police and other law enforcement agents with the various types of waysused by card fraudsters. We also give them various hi-tech tools to help them read as well as identify fake cards," he added.
Hawkey also maintained that technology would drastically reduce the incidences of card frauds. Earlier, Visa's Business Development Manager, Nigeria, Mr. Garvin Young, defended the investment made in Valucard, which he described as the largestVisa has ever made in any entity within the sub Saharan Africa. Young whowould soon be permanently based in Nigeria by December, said "there is hugepotentials for e-payment transactions in the Nigeria."
Visa International have bought 30 per cent stake in Valucard Nigeria Plc by committing $2.8 million to secure a seat on the board.Valucard, which is owned by 33 leading financial institutions, has in its consortium 43 banks. Also commenting on Nigeria, General Manager and Senior Vice President: Sub-Saharan Africa, Visa International, Mr. Robert Clark described theNigerian market as complex. "The Nigerian market is complex with lots of banks in the e-payment consortiums using different platforms.
The on-going consolidation is alsochanging the face of banking and there is also pressure to ensure trust and confidence in the banking system," he said. Specifically, he said Visa is increasing its focus across sub Saharan Africa"because there are huge growth opportunities." Visa, which has 13,905,452 and $29,796,677,744 card numbers and expenditure value respectively as at December 2004, he said, intends to increase year on year by 31 per cent in card numbers and 50 per cent in expenditure value. "We want every metric to be doubled in the next two years and also want to bethe alternative to cash," he added. Visa International is the world's leading payment brand generating nearly $3trillion in annual card sales volume. Visa, which is widely accepted in more than 150 countries, is reputed to play pivotal role in developing innovative payments products and technologies to benefit its 21,000 members.
Source http://e-nigeria.net/page.php?id=377
Watchout for list of banks offering debit cards in Nigeria and then we will look at use of ATM cards in Nigeria.
Monday, June 25, 2007
Why Merchants Reject Debit Cards From Nigeria
Hi guys, today we will look at a recurringissue concerning rejection
of online payment(debit cards)by merchants when you make online
payment from Nigeria.
My experience and complains from other peopleshows that many
merchants refuse to accept debitcards (even when they are genuiene
debit cards)from people making online payments from Nigeria simply
because you are making the purchase from Nigeria.
The question that rightly comes to mind is What could have led to that
problem? The answer is verysimple, we are always regarded as fraudsters
even when they know that not every Nigerian is a fraudster.
To be candid, some bad eggs amongst us engage in creditcards fraud and
this has given a bad name to us.
However, for those of you who have genuienely processed debit cards from
any online payment company here in Nigeria, one of the ways you can overcome
rejection of your debit cards is to use a cybercafe or internet connection that has
a foreign IP. For example, if yourcompany has internet connection showing IP
from Israel, good for you.
Or if you discover that the cybercafe in your area uses IPs that show US, then
you should be using that cafe tomake your online payment.
How do you check your IP address? Go to www.dnsstuff.com and take a look at the top left corner of the homepage and behold the ip number and location will be staring at you. Once you know where your Internet Protocol Number is coming from, you can decide whether you will make your purchase at that cafe or not.
Hope you have learnt some good information here.
Sunday, June 24, 2007
Where To Obtain Debit Cards in Nigeria
It is my pleasure to provide you with information on some
companies i have heard about that provide debit cards to Nigerians.
All these companies/individuals provide debitcards generated from
the USA thus having a USbilling address.
Remember that most of these debit cards are virual. (Meaning that
the details of the card will be sent to your mailbox). While a few might
provide the real plastic card.
If you are really interested in getting your debit card through any
of them, i will advice you carry out your due deligence by asking
a few questions i.e
1. What is the least and highest denomination of debit cards that
they can provide for you?
2. How long will it take them to provide the debit card?
3. Will you be provided with a US billing address?
4. Ask any other question you might want them to give answer to.
Below are some of the companies that provide debit cards
http://www.graphcard.com/?rid=16277 ******
http://www.fastecash.com/ ******
http://www.augustcards.com/
http://www.neticash.com/
http://www.yelgold.com/
http://www.trucards.com
companies i have heard about that provide debit cards to Nigerians.
All these companies/individuals provide debitcards generated from
the USA thus having a USbilling address.
Remember that most of these debit cards are virual. (Meaning that
the details of the card will be sent to your mailbox). While a few might
provide the real plastic card.
If you are really interested in getting your debit card through any
of them, i will advice you carry out your due deligence by asking
a few questions i.e
1. What is the least and highest denomination of debit cards that
they can provide for you?
2. How long will it take them to provide the debit card?
3. Will you be provided with a US billing address?
4. Ask any other question you might want them to give answer to.
Below are some of the companies that provide debit cards
http://www.graphcard.com/?rid=16277 ******
http://www.fastecash.com/ ******
http://www.augustcards.com/
http://www.neticash.com/
http://www.yelgold.com/
http://www.trucards.com
http://www.diamondfield.net
visacard@sephix.net Send a mail to my autoresponder and get a quotation for debit cards.
Obviously, there are other companies providing debit cards to Nigerians,
so go ahead and do other researches on them.
Please note that prices will deliver from one company to the other.
visacard@sephix.net Send a mail to my autoresponder and get a quotation for debit cards.
Obviously, there are other companies providing debit cards to Nigerians,
so go ahead and do other researches on them.
Please note that prices will deliver from one company to the other.
Moreso, be asured that i will add more companies as i discover them.
I will appreciate your comments/contribution on this topic please.
Saturday, June 23, 2007
What do you know about Debit Cards?
Hi everybody and welcome to the most authoritative
blog on ATMs and Debit Cards in Nigeria.
As a form of introduction, We will be discussing various
issues as regards debit cards and ATM cards in Nigeria.
This is my little way of providing real information on debit
cards and ATMs that Nigerians can comfortably and
legitimately use for their online transactions.
So, i will suggest that you come around often to learn one
or two things from this blog. You can also contribute with
your comments
There are several companies involved in providing debit
cards to Nigerians. Majority of these debitcards are processed
in the USA and used here in Nigeria though some Nigerian banks
are now issuing debit and credit cards.
Basically, these debit cards are called prepaid debitcards and
can be funded with as little as $20and as much as $500 and
in a few cases up to $5000
In addition, some of the cards are reloadable while others are not.
There are just 2 basic brands of debit cards used in Nigeria
namely Visacard and Mastercard
blog on ATMs and Debit Cards in Nigeria.
As a form of introduction, We will be discussing various
issues as regards debit cards and ATM cards in Nigeria.
This is my little way of providing real information on debit
cards and ATMs that Nigerians can comfortably and
legitimately use for their online transactions.
So, i will suggest that you come around often to learn one
or two things from this blog. You can also contribute with
your comments
There are several companies involved in providing debit
cards to Nigerians. Majority of these debitcards are processed
in the USA and used here in Nigeria though some Nigerian banks
are now issuing debit and credit cards.
Basically, these debit cards are called prepaid debitcards and
can be funded with as little as $20and as much as $500 and
in a few cases up to $5000
In addition, some of the cards are reloadable while others are not.
There are just 2 basic brands of debit cards used in Nigeria
namely Visacard and Mastercard
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