Newsonline Nigeria understands that the introduction of USSD codes (Unstructured Supplementary Service Data) has changed the Nigerian banking system completely. Today, mobile banking services have been deployed by almost every bank in Nigeria.
For starters, USSD codes are shortcodes that commonly begin with an asterisk/star (*) symbol and end with a hash/hashtag (#) symbol e.g. *123#.
And that’s it. Super easy. To use the USSD code of any Nigerian bank to perform transactions though, you need to have an active account with that particular bank — except you’re trying to open a new account using the USSD code. Also, the number you’re dialling the code from must be associated with your account in the bank.
If you no longer use the number associated with your bank account, or you have misplaced the SIM card, you should contact your bank to change the phone number associated with your account. Alternatively, you can retrieve the SIM card from your network carrier.
Albeit poor cellular connection/network reception/signal strength are some limitations, USSD Banking is a super innovative technology that has allowed both low and high-income individuals enjoy seamless banking experiences without the internet. And while USSD services are mostly free to use, some banks charge a fee in the range of 5 – 20 naira for every successful transaction/activity carried out using their USSD interface.
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