Pegasus Reporters Issues on the Wing
“The term “unstructured supplementary service data” (USSD) refers to a technology that has been present since the early 1990s”
*Central Bank of Nigeria main Complex, Federal Capital Territory, Abuja
PEGASUS REPORTERS, LAGOS | JANUARY 9, 2023
The Central Bank of Nigeria has revealed that plans are on ground to ensure Nigerians become a cashless society and one of the major major structures to achieve this is the use of Unstructured Supplementary Service Data (USSD) for transactions as this doesn’t need internet platform to operate. The use of an electronic payment system which begins the implementation of the CBN cashless policy kicks off from January 9, 2023.
The cashless policy, which is based on the redesign of the Naira, limits Nigerians’ withdrawals from ATMs to N200 denomination notes or below. While individuals who visit the bank can only withdraw up to N500,000 weekly and organizations, N5 million weekly. This implies that Nigerians would have to rely heavily on electronic transactions, especially via USSD.
What is USSD Banking
The term “unstructured supplementary service data” (USSD) refers to a technology that has been present since the early 1990s. USSD is particularly appealing for financial services since it serves customers with older phones, non-smartphones, and those who do not have internet access through their mobile service provider.
How Does It Work?
To use the USSD code for any bank transaction, you would need to activate the code on your mobile phone, using your choice phone number. For most banks, you must have registered for a new account, or have an old bank account with them, before you can access those financial services. After this, a user set up a 4 or 5-digit transaction PIN to authorize all transactions. This PIN would also serve as a shield to prevent impersonators or fraudsters from accessing your account.
Here is a list of banks’ USSD code:
* Access Bank- *901#
* ALAT Bank(Wema)- *945#
* Ecobank – *326#
* FCMB – *329#
* Fidelity Bank- *770#
* First Bank- *894#
* GTBank – *737#
* Heritage Bank-*745#
* Keystone Bank- *7111#
* Polaris Bank- *833# Stanbic
* IBTC Bank- *909#
* Sterling Bank- *822# UBA- *919#
* Union Bank- *826#
* Unity Bank- *7799#
* Wema Bank – *945#
* Zenith Bank- *966#
Tell us you were here by replying to this story in the comment section below. You can share it, too.
Pegasus Reporters: making news that reaches your audience | Advertise with us! | Join our readers’ list on Telegram (+234 813 308 8344) Follow us on Twitter @pegasusreporter | We are on Facebook; The PegasusReporters | Chat with us on WhatsApp (+234 815 444 5334) | Download “Pegasus Reporters” App on Google Play Store | Contact the Editor, Mallam Oyakhamoh Y. Carl-Abu’Bakar with your adverts or articles via pegasusreporters@gmail.com or editor@pegasusreporters.com
Read Our Preceding Post:
