EFT has made banking easier
EDITOR—The Electronic Funds Transfer (EFT) is a payment product that is gradually gaining popularity. The EFT is a payment method that transfers money electronically from the person paying for goods or services to the beneficiary.
EDITOR—The Electronic Funds Transfer (EFT) is a payment product that is gradually gaining popularity. The EFT is a payment method that transfers money electronically from the person paying for goods or services to the beneficiary.
An EFT is an instruction generated by the payer’s bank to debit his/her account and credit a beneficiary’s account either in the same or another bank. Today, EFTs are being used by government, companies and institutions to pay employees’ salaries and benefits and suppliers of goods and services to these institutions.
Lately, EFTs have been introduced in some schools where fees/tuition is electronically transferred from a parent’s bank account to the school bank account. This has reduced long queues in banking halls and money is collected in a more orderly manner and money slippage has been minimised.
Some utility companies have also introduced EFTs to collect bills from customers. That is progress.
Gideon B. Akampurira
Kampala
An EFT is an instruction generated by the payer’s bank to debit his/her account and credit a beneficiary’s account either in the same or another bank. Today, EFTs are being used by government, companies and institutions to pay employees’ salaries and benefits and suppliers of goods and services to these institutions.
Lately, EFTs have been introduced in some schools where fees/tuition is electronically transferred from a parent’s bank account to the school bank account. This has reduced long queues in banking halls and money is collected in a more orderly manner and money slippage has been minimised.
Some utility companies have also introduced EFTs to collect bills from customers. That is progress.
Gideon B. Akampurira
Kampala