Many of us have a love-hate relationship with banks. You stare at the bank’s mobile application with joy when your salary drops, but it’s war the moment they start billing you for “SMS notification fees.” Before you “drag” your bank online, here are some banking facts that might change your perspective (or at least have something interesting to discuss during a family get together).
Your Bank Account Number is infact GPS Coordinates
That account number you were given is not random. The first set of digits represents the specific bank, and the next set represents the book branch. So the next time a friend sends you account number without telling you the bank name and you are like “Which bank is this one again?” just look at those first digits. It is a bank’s version of a phone GPS.
Your ATMs are Older than your Parents (maybe)
ATMs started working in the 1960’s with the first one placing in London in 1967. The machine is currently 58 years old, meaning it is probably older than some of your parents and most definitely more reliable than the ATM at your local branch that has been showing ‘temporarily unable to dispense cash’ since 2019.
Did you know? The first Personal Identification Number (PIN) was six digits long because bank executives thought that four digits were not secure enough; they changed it to four because people kept forgetting the longer ones. To be fair, some of us still forget our PINs so maybe they had a point.
90% of Money Doesn’t Actually Exist
Before you panic, let me explain. Over 90% of all money in the world only exists as digits in bank accounts and credit cards. Physical naira notes account for less than 10% of total money supply. Hence, if you are making mobile transfers at 2 o’clock in the morning, my guy, you are moving around money that literally does not exist. It feels like some form of sorcery.
Mobile Banking
Nigerians check their banking apps sometimes more than they check WhatsApp status updates. We are a nation of mobile banking enthusiasts, and rightfully so, don’t you think? When we are stressing ourselves, wondering whether that transfer has actually gone through, and dealing with those strange debit alerts, our banking apps seem to demand more attention than actual relationships.
Recall when sending money cost a fortune in fees? Talking about fees and charges now Sterling is officially fee-free. No more hidden fees with the OneBank App, transfers are absolutely free now. Your money is yours.
Banking might feel like a necessary evil that we cannot do without sometimes, especially when your bank app is slow and your money is taking it’s time to deliver for payments (that is if you’re not banking with Sterling of course), but we are in the middle of an AI powered revolution that is solving most of the issues.
The future of banking is looking less like punishment, and more like partnership with your bank.
So dear partner, go and check your balance and maybe transfer that money you have been owing; it’s free.
