Financial Literacy from the use of ICT

Our ancestor has evolved with the stage of batter trading for the management of their own needs.  The management of financial system was not very much used to with them. The ministry of finance as a sole authority in our country has managed all the financial work for government. It was only in 1968 the first commercial bank started functioning for the general public. The use of ICT has brought lots of changes to the banking system. As a student I have been literate on the financial literacy through the use of ICT.

I still remember during my school days that, my parents took almost a day to withdraw/deposit money from the bank. My first learning experience on the financial management using ICT was when I was in Paro College of Education. The pocket money that I brought in the beginning of semester has been about to finish and I called my parents to send me some money to somebody who ever goes to paro. I doubt that it will take some time to reach me but my parents said you can receive the money today itself if you use the mobile banking of Bank of Bhutan. Then I feel so happy and started to ask information about the use of that app. With the use of ICT I am able to learn some of the following.

The given steps are involved while using the MBOB app:

Any individual having the bank account holder with Bank of Bhutan can access on the use of MBOB from the goggle play store.
   1. Download the MBOB app from play store   

       2. Install it in your mobile
             3.    Create user id and pin code

   When it is installed on your phone the dashboard will be displayed with the options to use. 

   The items in dashboard are:

  Accounts, Cards/Loans, Bill payments, Forex, Fund transfer, Scan and Pay, Recharge, Others and Interest rate.

    From many of the above features the important one I have learned are as follows:

    

      Fund transfer:

 This feature is used to transfer the funds to others from the user account and it is very easy and quick. The steps involved are:
a. Press on fund transfer button.

                                        

            

           b.   Then we will be given options to send through various banks. Choose the banks

   

c.       Insert the detail required like account number of fund receiver and amount to be transfer.

d.      Soon after the fill up of detail required the transfer button will be shown.

e.      Finally fund will be transferred and the message will be send to your mobile.

Recharge

This feature can be used to recharge our phone and broadband packages easily.

Steps involved are:

- Go to recharge button

-  Select from the options to recharge and then put the phone number with specific amount to recharge.

Bills payment/Utility bills

This feature will be used for bill payment like electricity bills and water bills from using this app.

The steps involved are:

-  Go to the bills button

 - Select the option to pay bills like electricity, water, etc..

 - Insert the consumer number and the bill will be paid

The above information I learned with integrated ICT is very useful and relevant in our day to day life.  The changing of technology in banking function has made easier life for all the users. It not only educates us on the use of financial products but it saves the time and indirectly the expenses for us.  

Thank you