Mobile Banking

Technology has evolved and it has affected the financial sector. The deployment of several softwares has made banking easier and faster. one of such technology is the USSD code for mobile phones. USSD means Unstructured Supplementary Service Data and is a service which allows you pay your bills and do other transactions by simply dialing a short code on your phone, USSD codes are also called Quick Codes.

Virtually all banks in Nigeria now have a special USSD code for mobile banking transactions such as Airtime purchases, Account Opening, Balance Inquiry/Checking, Money transfer to same bank or to other banks etc.

For you to carry out any transactions via the use of these USSD codes, you will be required to use the particular SIM card or mobile number you used in the opening of your account. if you lost that line and you don’t plan to do a welcome back, simply go back to your bank and update your mobile number and you are good to go.

It is very important to know that most Nigerian banks will require that you have a minimum airtime balance of N10 (ten naira) to be able to perform USSD transactions. If you are on a low airtime balance, you will get an error message when you try to perform a USSD transaction on your mobile phone.

Finally, in the next part of this post, i will be sharing with you the USSD codes of these banks and how you can use them for banking transactions. USSD banking transcations are very fast, secured and convenient and it is the next big thing that happened to the financial sector.