Nigerian fintech company Moniepoint has recently launched its Unstructured Supplementary Service Data (USSD) service, to enhance customers’ mobile transaction and combat fraud.
The newly rolled-out code (*5573#) will offer users a fast, secure, and user-friendly platform to conduct their banking activities with ease, from any mobile device without the need for an internet connection.
According to the managing director of Moniepoint Mr. Babatunde Olofin, he disclosed that the new code aims to improve convenience and accessibility, demonstrating the bank’s dedication to financial inclusion and bolstering safety and security within the digital payment ecosystem.
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He noted that 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 and unblocking access for oneself or others.
He further added that the introduction of *5573# was 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.
In his words,
“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 priorities are delivering exceptional customer service through digital innovation and ensuring the highest security standards.
“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”.
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 this feature while new users will have the feature activated by default upon sign up.
It is worth noting that the USSD code feature remains Africa’s most popular payment channel despite growing alternatives such as apps and QR codes. The feature has been key in facilitating transactions that go beyond traditional mobile money services, including transactions between different financial institutions.
It also presents a cost-effective solution for delivering financial services, especially in areas with limited smartphone usage and high data costs. Unlike other options, USSD does not rely on expensive data plans, making it accessible to a broader range of individuals.
Notably, the feature plays a very crucial role in enhancing security and trust among users, ultimately increasing their willingness to adopt and utilize mobile financial services with minimizing the risk of fraud.