EFT
Electronic Funds Transfer (EFT)
The Electronic Funds Transfer (EFT) system is a simple, safe and speedy way to make and collect payments by electronic transfer
- Safe and secure transfer of funds from one account to another
- Payment of wages, salaries and pensions
- Payment of utility bills
- Disbursement of loans and collection interest payments by financial institutions
- Payment of VAT and other taxes
Benefits of EFT
Some of the benefits of the EFT system include;
- Credit to the customer is given within the same day
- Allows a transfer of higher value (has limit than cheques)
- It is safe and secure and guaranteed through registered commercial bank
- High availability since the service is provided by almost all commercial banks