Moniepoint, a microfinance bank, has announced its new Unstructured Supplementary Service Data (USSD) service aimed at enhancing financial inclusion and combating fraud. The Managing Director of Moniepoint MFB, Mr Babatunde Olofin, made this announcement in a statement he released on Tuesday in Lagos.
The USSD service will be accessible via the account control code *5573#. It is a fast, secure, and user-friendly platform that allows customers to conduct their banking activities from any mobile device without requiring an internet connection. This move is expected to increase convenience and accessibility while showcasing the bank’s commitment to financial inclusion and enhancing safety and security across the digital payment ecosystem.
Among other services, the USSD banking suite includes funds transfer, airtime and data purchase, account balance and details inquiry. The introduction of *5573# is a security measure against unauthorised access, safeguarding customer funds in case of loss or theft of mobile phones, ATM cards, and in situations where account details may be compromised.
Mr Olofin noted that the new USSD service would provide the convenience of mobile banking with an added layer of security that gives customers control over protecting their accounts. He added that the bank’s top priority is delivering exceptional customer service through digital innovation and ensuring the highest security standards.
Moniepoint’s mission is to create a society where everyone experiences financial happiness. In line with the Central Bank of Nigeria’s financial inclusion agenda, the bank has added this feature to allow the least digital-savvy customers, irrespective of their location, to carry out a wide range of transactions effortlessly. Existing customers, encompassing business and personal accounts, can initiate transactions and manage their accounts by navigating to USSD banking settings on their mobile banking app.
Overall, the introduction of this new USSD service by Moniepoint MFB is a significant step towards ensuring financial inclusion and addressing the issue of fraud in the Nigerian financial sector.
