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Electronic Funds Transfer (EFT)

The Bank handles electronic funds transfer on behalf of its customers. EFT is a computerized system for processing transactions between financial institutions routed through the clearing house.
MAIN FEATURES: 

  • Electronic transfer of funds.
  • Credit transfers between banks from payer’s account to the payee’s account.
  • Debit transfers between banks from payee’s account to payer’s account prior to authorized direct debit agreements.

REQUIREMENTS: 

  • Name and address of recipient Bank.
  • Names and account details of beneficiary.
  • Enough funds or credit balance in local or foreign denomination available on account for transfer.

BENEFITS: 

  • National coverage.
  • Service is cheaper.
  • Transfer of funds is faster.
  • Convenient for salary payments.
  • Reduces congestion, lines & thefts.
  • Risk associated with the physical movement of large sums of cash is avoided.