Moniepoint Microfinance Bank has unveiled its new Unstructured Supplementary Service Data (USSD) service.
The service, accessible via an account control code, offers a fast, secure and user-friendly platform for consumers to conduct their banking activities with ease from any mobile device without the need for an internet connection.
The move is expected to increase convenience and accessibility whilst showcasing the bank’s commitment to financial inclusion and enhancing safety and security across the digital payment ecosystem.
The USSD banking suite includes a variety of services such as funds transfer, airtime and data purchase, account balance and details inquiry, PIN management and account security measures like blocking/unblocking access for oneself or others.
The introduction of the USSD code is a security measure against unauthorised access, safeguarding customer funds in case of loss or theft of mobile phones, ATM cards, or hardware tokens and in situations where account details may be compromised.
The code empowers customers to secure their accounts promptly from any mobile device, without needing to contact the bank, especially in cases of suspected fraud.
Babatunde Olofin, Managing Director, Moniepoint MFB, commenting on the initiative, said, “At Moniepoint MFB, our top priorities are delivering exceptional customer service through digital innovation and ensuring the highest security standards.
“Our new USSD service provides the convenience of mobile banking with an added layer of security that gives customers control over protecting their accounts, even by using a third-party mobile device.
“We have always been guided by our mission to create a society where everyone experiences financial happiness and in these times, what that looks like for us is increasingly empowering consumers to take charge over their bank accounts, even as we curate a seamless and secure banking experience.
“In addition, we have always spoken about our commitment in supporting the Central Bank’s financial inclusion agenda. With this feature, customers, especially the least digital-savvy ones, irrespective of their location, have now been eminently positioned 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 in order to activate the feature while new users will have the feature activated by default upon sign up.
It will be recalled that in 2022, Moniepoint MFB received an award from the CBN as the most inclusive payment platform in the country.
Moniepoint MFB helps over three million people and businesses with banking, payments processing, access to loans and business management tools with a view to powering their dreams.
Moniepoint MFB has established a solid reputation for reliable service, synonymous for innovation and a deep commitment to delivering value added solutions in the Nigerian market.
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