Moniepoint introduces USSD code to combat fraud, enhance convenience

• This strategic move aims to enhance convenience and accessibility, underlining the bank’s dedication to financial inclusion
  

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Moniepoint Microfinance Bank has introduced its latest Unstructured Supplementary Service Data (USSD) service.

This service, accessed via an account control code, provides consumers with a rapid, secure, and intuitive platform for managing their banking needs conveniently from any mobile device, even without internet connectivity.

This strategic move aims to enhance convenience and accessibility, underlining the bank’s dedication to financial inclusion and bolstering safety and security within the digital payment landscape.

The USSD banking suite encompasses various services, including fund transfers, airtime and data purchases, account inquiries, PIN management, and account security features such as self or third-party access blocking/unblocking.

The implementation of the USSD code serves as a vital security measure against unauthorized access, safeguarding customer funds in scenarios involving mobile phone or ATM card loss/theft, or compromised account details.

This code empowers customers to promptly secure their accounts via any mobile device, eliminating the need to reach out to the bank, particularly in cases of suspected fraudulent activity.

Babatunde Olofin, Managing Director of Moniepoint MFB, expressed, “At Moniepoint MFB, our top priorities are delivering exceptional customer service through digital innovation and ensuring the highest security standards.

“Our new USSD service provides the convenience of mobile banking with an added layer of security that gives customers control over protecting their accounts, even by using a third-party mobile device.

“We have always been guided by our mission to create a society where everyone experiences financial happiness and in these times, what that looks like for us is increasingly empowering consumers to take charge over their bank accounts, even as we curate a seamless and secure banking experience.

“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.”

Existing customers, encompassing business and personal accounts, can initiate transactions and manage their accounts by navigating to USSD banking settings on their mobile banking app in order to activate the feature while new users will have the feature activated by default upon sign up.