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Economy

Moniepoint MFB Unveils *5573# USSD Service

By Dipo Olowookere

Moniepoint Microfinance Bank has introduced its new Unstructured Supplementary Service Data (USSD) service, *5573#. This feature offers a fast, secure, and user-friendly platform for consumers to conduct their banking activities seamlessly from any mobile device without an Internet connection.

The Nigerian definitive bank for small and medium-sized businesses disclosed in a statement that the introduction of *5573# is a security measure against unauthorized 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.

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.

It explained that the USSD Banking suite includes 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.

Existing customers, both operators of business and personal accounts, can initiate transactions and manage their accounts by navigating to USSD Banking settings on their mobile banking app to activate this feature, while new users will have the feature activated by default upon sign-up.

The small lender noted that the new feature 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.

“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,” the Managing Director of Moniepoint MFB, Mr Babatunde Olofin said.

“At Moniepoint MFB, our top priorities are delivering exceptional customer service through digital innovation and ensuring the highest security standards,” he added.

“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 of their bank accounts, even as we curate a seamless and secure banking experience.

“In addition, we have always spoken about our commitment to 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,” the bank executive noted.

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