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