WITHDRAWAL SLIP
This is one of the means of getting money out of your account from your bank
DEPOSIT SLIP
This is the opposite of a withdrawal slip. It's one of the means through which you can pay money into your account or someone else's account using an account number.
ELECTRONIC CARDS (PREPAID, DEBIT & CREDIT)
These are cards that allows you to carry money without physical cash. They are usually linked to your bank account except pre-paid card which is not linked to any account.
A Debit card gives access to money you have saved and a credit card access to a loan you have obtained from the bank.
MOBILE MONEY
Mobil Money is a convenient, secure and affordable way to send money to friends and family from your mobile phone, as well as make payments. Mobile money account are not always linked to bank accounts.
POINT -OF- SALE TERMINAL (POS)
This is a channel used for payment of goods and services using your debit, credit or pre-paid card.
CHEQUE
This is a financial instrument used by current account holders to enable them access money in their account. People that don't have electronic cards sometimes carry cheque books around to avoid carrying cash.
INTEREST
This is the money borrowed from the bank or an individual, The money is repaid by an additional amount called Interest. It is a form of compensation for the use of the money borrowed.
LOAN
This is the money borrowed, expected to be paid back with an interest. This money can be borrowed from financial institution such as bank or sometimes from an individual.
OVERDRAFT
This is a type of loan. When the money in your account is not sufficient for the transaction you want to make, your bank then gives you the an overdraft on your account to be paid back at an agreed time. This means that you can withdraw more than what you have in your bank account at that time.
ONLINE BANKING
This is a virtual form of banking, you don't need to go to banking hall to do transactions because you can do this through your gadgets or other e- channels
The transaction includes payment of bills, purchase of airtime, transferring of funds from your account to another account.
AUTOMATED TELLER MACHINE (ATM)
This is a machine that allows you withdraw money without going to a bank branch.
Some variant of these machines also allows you to make deposits into your account as well. We go to ATM to do many transaction like buying of airtime, making deposit or transfer, most especially withdrawing of money.
INVESTING
This means putting money into a business that will in turn make more money for you.
It can be done in several ways, one of which is through stocks.
STOCK
Stock (also known as shares) are measured in units. People buy stock of companies so that they can be part owners of the company, at the end of the year, dividend is paid to the stock owner as profit on the share bought.
DIVIDEND
Dividend y the profit you get per share of stock you have bought from a company. It is usually paid at the end of the year
