Moniepoint, a microfinance bank (MFB), has unveiled a new Unstructured Supplementary Service Data (USSD) service to combat fraud and enhance financial inclusion.
This is contained in a statement signed by the Managing Director, Moniepoint MFB, Mr Babatunde Olofin on Tuesday in Lagos.
Olofin said the USSD service would be accessible via the account control code *5573#.
He said the new feature would offer 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.
According to him, the move is expected to increase convenience and accessibility while showcasing the bank’s commitment to financial inclusion, enhancing safety and security across the digital payment ecosystem.
He added that the USSD banking suite included a variety of services such as funds transfer, airtime and data purchase, account balance and details inquiry, among others.
“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,” Olofin said.
He added 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.”
Olofin noted that Moniepoint had always been guided by its mission to create a society where everyone experienced financial happiness.
“To support the central bank’s financial inclusion agenda, we added this feature, so that the least digital-savvy customers, irrespective of their location, are now positioned 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,” he said.
NAN