By Our Correspondent
A microfinance bank (MFB), Moniepoint, says it has developed a new Unstructured Supplementary Service Data (USSD) service to enhance financial inclusion and prevent fraud.
The Managing Director of the MFB, Mr Babatunde Olofin, announced the development in a statement on Tuesday in Lagos.
According to Olofin, the USSD service would be accessible via the account control code *5573#.
The new feature, he said, would offer a fast, secure and user-friendly platform for consumers. It would enable them to carry out banking transactions from any mobile device easily.
Customers can carry out transactions on their phones without an internet connection.
Olofin explained that the new service would increase convenience and accessibility while showcasing the bank’s commitment to financial inclusion.
It would also enhance safety and security across the digital payment ecosystem.
The USSD suite includes services like as funds transfer, airtime and data purchase, account balance and details inquiry among others.
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“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.
“This code empowers customers to secure their accounts promptly from any mobile device, without needing to contact the bank, especially in cases of suspected fraud.
“At Moniepoint MFB, our top priority is delivering exceptional customer service through digital innovation and ensuring the highest security standards.
“To support the Central Bank of Nigeria (CBN)’s financial inclusion agenda, we added this feature.
“This is to position the least digital-savvy customers, irrespective of their location, to carry out a wide range of transactions effortlessly.
“Also, 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,” Moniepoint’s boss said.
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