USSD BANKING IN NIGERIA; A TRANSACTION LIFT FOR WOMEN ON THE GO
USSB Banking in Nigeria also known as Unstructured Supplementary Service Data (USSD) is a code peculiar to Global System for Mobiles (GSMs).
These USSB Banking in Nigeria are used to to carry out transactions without the use of the internet or web services.
USSB Banking in Nigeria are currently adopted by all the banks in Nigeria except Citi Bank.
Basically, USSB Banking in Nigeria are powered by the same switch services that make your phone calls from one number to another to successful.
This is the reason behind the accessibility of the services of USSB Banking in Nigeria by all manner of phones.
HOW BANKS ACQUIRE UNIQUE USSD CODES:
Nigeria houses 20 commercial banks and 4 Telecommunications Services providers.
USSB Banking in Nigeria are simply obtained by a joint reasoning of a bank and these 4 Telecoms Giants.
A bank will jointly review a certain code with them (say *418#) with respect to finding out:
- if a certain external company is already using the code with them.
- If they (The Telecoms Giants) are already using it internally for their own services.
- This is informed from the fact that the USSB Banking in Nigeria ought to be a single unique code admissible in all the 4 telecoms giant in Nigeria.
- Hence *418# is expected to work on MTN Platform, Etisalat Platform, Glo platform and Airtel Platform.
HOW BANKS PAY FOR THESE UNIQUE USSD CODES:
The Banks pays the Telecom Giants for the services rendered by using USSB Banking in Nigeria.
Recall that some banks charges N5.00 for this services.
The Banks pays the Telecoms Giants the negotiated Contract amount from the money realized from this service fee.
The rest will be both for Bank’s profit and for the statutory fees the bank is expected to pay to Government authorities.
The fees include:
- Value Added Tax (VAT) as the case may be.
- Withholding Tax (WHT) as the case may be.
INTER BANK TRANSACTIONS USING USSD BANKING IN NIGERIA
Inter-bank USSD Transactions are USSD Transactions involving the use of USSB Banking in Nigeria to effect a transaction between two Banks.
To that effect these parties are needed for it to be a success.
- The Customer who wants to initiate a transaction.
- The Bank where the initiator has her account
- The Telecom company who lifts the transaction from the Initiator’s Bank and Initiators account upon her request.
- The Switch Company which in this case is Nigeria Inter Bank Settlement System – NIBSS. They are the Gate way for the passage of the transaction from one Bank to another.
- The Bank where the transaction is going to
- The customer of the Bank where the transaction is going to.
Where every thing is okay, this transaction hits out fast within seconds but where there are hitches and obstacles, the transaction may be delayed.
This delay forms the basis of RTWI’s discussion on Transaction risks associated with USSB Banking in Nigeria.
TRANSACTION RISKS ASSOCIATED WITH USSD BANKING IN NIGERIA:
The following risks are observed in using USSB Banking in Nigeria: –
- Failed transactions where money lives an account on customer’s request only for it to be returned back to the same account without getting to the beneficiary on the other side. The only issue here is service failure.
- Where money is sent but the beneficiary did not receive any money in her account. Please you are require to call on the Sender immediately to liaise with her Bank while the Beneficiary liaise with her own bank. This money is not lost. It is either with the Switch Company (NIBSS), the Head office of the receiver or the Head office of the Sender.
- There times when the transaction is done. The sender gets debit alert and the Beneficiary gets credit alert. In most cases the beneficiary have even withdrawn from her account. After a while the beneficiary Bank will observed that their position is not settled with the amount transferred. The bank will hold the exact amount involved in the Beneficiary’s account pending when the case is resolved. If the case is not resolved the bank will tell the beneficiary to go and discuss with the sender. Where the Beneficiary Bank is unable to hold the money due to insufficient fund, it will then be a loss to the beneficiary Bank. In most cases, the beneficiary bank will lie in wait till the Beneficiary’s account is funded.
Central Bank of Nigeria made it clear to Banks in Nigeria that they are to bear the consequences of financial loss to customers emanating from USSD Codes transactions.
This means that once there is no case of compromise by the customer, the bank will pay back to the customer the money lost while using USSB Banking in Nigeria
The compromise here in USSB Banking in Nigeria includes:
- Careless leaving of Phones and Pin for a third party to see.
- Intentional delivery of phone and login details/Pin to 3rd party.
- Customer’s personal error of typing wrong amount during transactions.
- Customer’s personal error of typing wrong account during transactions
- …and many more like these
RTWI’S PURPOSE FOR BLOGGING USSD BANKING IN NIGERIA; A TRANSACTION LIFT FOR WOMEN ON THE GO
USSB Banking in Nigeria; a transaction lift for women on the go is a blog designed by RTWI to eliminate the following:
- Transaction Limitations faced by women who need to pay some bills but they are not near to their financial institutions (Their Banks)
- Transaction Limitation faced by women who are in the Bank for such transaction but the queue is endless whereas she has limited time to wrap the deal.
- To make going to the bank a thing of choice since women can transact from the comfort of their homes, their cars and indeed on the go.
The USSB Banking in Nigeria are vast and these codes perform different functions.
For easy readability, RTWI are treating USSB Banking in Nigeria as their names appear in alphabetical order.
Please find below the list of the Banks in Nigeria, their corporate addresses and the central number to call whenever you are in need.
This will help us understand USSB Banking in Nigeria the more.
The main benefits of this topic USSB Banking in Nigeria; a transaction lift for women on the go is that USSD based transactions does not require internet to work.
This means that this platform serves all class of phones, all class of women in particular and men in general.
LIST OF BANKS IN NIGERIA AND THE VARIOUS USSD BANKING IN NIGERIA
The table below contains the list of the Banks in Nigeria in alphabetical order.
|S/N||NAMES OF BANKS||CORPORATE ADDRESSES||USSD CODES OF BANKS IN NIGERIA||CUSTOMER SERVICE PHONE NUMBERS|
|1||Access Bank Plc||Plot 999c Danmole Street Victoria Island Lagos.||ACCESS BANK NIGERIA PLC USSD CODE FOR WOMEN ON THE GO; THE *901# USSD CODE||(234)01-2712005-7; +234 1-2802500, 07003000000|
|2||Citi Bank Limited||Charles S. Sankey House; 27 Kofo Abayomi Street Victoria Island Lagos||Citi Bank does not do USSD Code Banking||014638400|
|3||Ecobank Nigeria Plc||Plot 21 Ahmadu Bello way Victoria Island Lagos||ECOBANK NIGERIA PLC USSD CODE FOR WOMEN ON THE GO – THE *326# USSD CODE||012260660; 07041450150|
|4||Fidelity Bank Plc||No 2 Kofo Abayomi Street, Victoria Island Lagos||FIDELITY BANK NIGERIA USSD BANKING; A TRANSACTIONAL LIFT FOR WOMEN ON THE GO – THE *770# USSD CODE||234-1-4485252|
|5||First Bank Nigeria Limited||Samuel Asabia House; No 35 Marina Lagos||FIRST BANK NIGERIA USSD CODE FOR WOMEN ON THE GO – THE *894# USSD CODE||Tel: +234 1 905 2326
Tel: +234 708 062 5000
Email : firstname.lastname@example.org
Tel: +234 1 448 5500
|6||First City Monument Bank Plc (FCMB)||Primrose Tower; 17A Tinubu Street Marina Lagos.||FCMB NIGERIA USSD CODE (THE *329#) AND ITS BENEFITS TO WOMEN CEOs.||01-2798800; 07003290000|
|7||Guarranty Trust bank Plc (GTB)||Victoria Island Lagos||GTBANK USSD CODE BANKING IN A WOMAN’S WORLD||Customer service: 0700 4826 66328|
|8||Heritage Banking Company Limited||HERITAGE BANK USSD CODE BANKING FOR MILLENNIA WOMEN|
|9||Keystone bank||No. 1, Keystone Bank Crescent, Off Adeyemo Alakija Street, Victoria Island, Lagos||KEYSTONE BANK USSD CODE FOR THE WALKING TALL WOMEN||+234 700 2000 3000|
|10||Polaris Bank Limited||Customer Experience Management
Polaris Bank Limited
3, Akin Adesola Street,
|POLARIS BANK USSD CODE BANKING; BRIDGING THE POLAR GAPS IN WOMEN’S BANK TRANSACTIONS||0700-POLARIS (0700-7652747)
0806 988 0000
01 448 2100
01 270 5850
|12||Stanbic IBTC Bank Ltd|
|13||Standard Chartered Bank Nig. Ltd|
|14||Sterling Bank plc|
|15||Sun Trust Bank Nig. Ltd|
|16||Union Bank Nigeria Plc|
|17||United Bank for Africa Plc|
|18||Unity Bank Plc|
|19||Wema bank Plc|
|20||Zenith Bank Plc|
We support our readers to also read up VanguardNGR on the topic.