Nigerian Microfinance Bank Introduces New Product to Compete GTB, Access, Zenith, Others

Nigerian Microfinance Bank Introduces New Product to Compete GTB, Access, Zenith, Others

  • Moniepoint Microfinance Bank recently launched its Unstructured Supplementary Service Data
  • This is to enable customers to easily do their banking operations from any mobile device without a connection
  • In cases of suspected fraud, the managing director of the bank said the development will help in security against unauthorised access journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Moniepoint Microfinance Bank has introduced its Unstructured Supplementary Service Data (USSD) service in order to improve client convenience and security.

Nigerian bank introduces new product
The managing director of Moniepoint Microfinance Bank clarified that customers can easily perform their banking operations from any mobile device. Photo Credit: Moniepoint, Tim Robberts
Source: UGC

Babatunde Olofin, managing director of Moniepoint Microfinance Bank, stated that customers can easily do their banking operations from any mobile device without requiring an internet connection by using the fast, secure, and user-friendly platform provided (*5573#).

He claims in a The Nation report that in addition to demonstrating the bank's dedication to financial inclusion and boosting safety and security throughout the digital payment ecosystem, the new code will improve accessibility and convenience.

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Code to help with various services

Olofin described the range of services offered by the USSD banking suite, which includes financial transfers, purchasing airtime and data, managing PINs, checking account balances and details, and enabling and disabling access for oneself and others.

He explained that the implementation of *5573# was a security precaution against unauthorised access, protecting consumer cash in the event that hardware tokens, ATM cards, or cell phones are lost or stolen or in circumstances where account information may have been compromised.

Olofin said:

“This code 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,”

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According to him, even while utilising a mobile device belonging to a third party, the new USSD service offers clients the control and security of mobile banking and the convenience of mobile banking.

He added:

“In addition, we have always spoken about our commitment in 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.”

Another commercial bank begins operation reported that NOVA Merchant Bank has announced that it is set to begin conversion to an entire commercial banking business after getting a license from the Central Bank of Nigeria (CBN).

The bank also appointed Adebowale Oyedeji as the new managing director and chief executive officer to manage the bank's operations.

Oyedeji's appointment, which begins on January 2, 2024, has been approved by the CBN.


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