What is a deposit?
Explore why modern Nigerian banking offers multiple deposit channels: teller (cash), ATM (deposit machines), and electronic transfer (app, internet banking).
In this lesson
What is a deposit? is part of Deposits & Withdrawals. This preview shows how banking-basics connects to everyday family decisions such as earning, saving, spending choices, goals, approvals, or parent-guided money conversations inside Progress Penguin.
Think about this money choice
Imagine this situation: You hand a GTBank teller 15000 in local currency and they credit your account.
How it works
Modern Nigerian banking offers multiple deposit channels: teller (cash), ATM (deposit machines), and electronic transfer (app, internet banking). Look for this pattern in every money decision you make.
Try a real-life example
Real-life money moment: You deposit 5000 in local currency/week for 26 weeks. Account earns 4% annual interest.
Activity preview
Try one real money action
Open Tasks and submit proof for one task, or open Requests and make a deposit request. Parent approval can happen later.
Quiz preview
A deposit means:
You hand a GTBank teller 15000 in local currency and they credit your account. What have you done?