Showing posts with label USSD banking. Show all posts
Showing posts with label USSD banking. Show all posts

Friday, October 21, 2016

Mobile Banking vs Mobile Money vs Mobile Wallet

These three concepts are interrelated due to the niche where they operate, the fintech world. They are not the same thing but many financial institutions name their apps randomly making each platform appear sometimes confusing. The names however have a ring to them that speaks volume of the concept of being "mobile", on the go. That exactly is what they all have to offer, automating banking and financial transactions on mobile devices. This give users more mobility and flexibility of doing business transactions and other activities at any time and anywhere. Financial activities have grown beyond the traditional banking sector.

On many occasions have mobile money apps being denoted as mobile wallets. The understanding of these different fintech platforms seems to elude people and organizations who have found it hard to give any clear definition to their apps. The

Sunday, October 16, 2016

PocketMoni from eTranzact : Mobile Banking

eTranzact is in the league of Interswitch Group in the world of financial services handling across Africa and the rest of the world. Of course these two fintech giants started operation in Nigeria in the early 2000s, both coys have come a long way and are still waxing stronger. PocketMoni, from the stable of eTranzact is a worthy competitor with Interswitch's Quickteller. Competition is good in any clime, Abi una no remember the tale of Messi and C.Ronaldo? Not actually a tale, we are still in their era but that exactly is what competition can do to anything -Vying to be the best. In our own respect, consumers of fintech services are reaping the prospect in Nigeria and Africa as a whole.

PocketMoni is a mobile payment solution designed to allow users conduct financial transactions anytime, anywhere, from a phone.

Thursday, October 13, 2016

The Interview: Part 3

«« Part I  « Part II

Part III



...explained "I am still paying you only that the money will go into your bank account".

The driver retorted, "Who told you I get bank account?" Jovially seeing that the man is no more tensed he said "Oga, big man like you go get one now."
By this time, the driver was curious and the passengers were listening in on the conversation with each one eager to know about the end of the drama. One more person and the bus would be ready for take off.

Wednesday, October 12, 2016

The Interview: Part 2

Part II

« Part 1 Part III »



By 10:02am his taxi stopped by the Iwo road park. Lagos buses are always conspicuous from any direction in any park, even all over Nigeria. Getting down, the sun was shinning crimson gold, so bright Ope had to cover his face from the illumination. He complained to nobody in particular "Na wah o, the kind weather wey we dey experience these days sef" and switching to Queen's English almost effortlessly "Is this not too much for a Monday morning now?" His grumbles was about the heat he would experience on whichever bus he might board eventually. As he was walking towards the inner section of the motor park, different conductors rushed, dragging him and trying to buy him over when he told them his destination he was left with just one of them who guided him to the loading bus.

Adding to his discomfort was a throbbing ache on the right side of his head, from the temple down to the nape. Runny nose was automatic, right eye grew red and teary with the pulsating pain stringing the right part of his face with each beat of his heart. He sometimes experience this sensation whenever he's faced with a stressful situation like this very one. It was as if the devil himself is organizing a party around that part of his body. Ordinarily, he would have opted out of the interview if it hadn't being his childhood dream job, and the urgency involved.

Thank heavens, the migraine did not last long as always but the short intense fit of about 10 minutes was soul-wrenching.

After securing a seat, two more passengers would get the bus filled up. This is serious, there would be not much wait for him to get a cash at the ATM close by. He looked in the direction of the bank, shook his head, the same old story. Throngs of angry and anxious users are on a really long queue. Each person on the lookout for anyone to try to outsmart, lynching with curses will be inescapable. The sun is scorching no be small.

Plan B was activated, trying his luck with the driver before he started collecting the fare.
"I better try my luck with the driver", that seems to be the best move now was his conclusion. He was calculating frantically how to break the ice, these drivers can be lousy and derisive. He would have to bargain with the driver using mobile banking option to pay  else joining the next turn and the god-forsaken ATM queue would be a bad choice but who knows...

He approached in the most polite way as he could but the man answered back half-heartedly. Drivers do not count politeness as a virtue, they are used to polite perverts in the park every other day, to them, no one is to be trusted.

Ope started almost doubting his own words but suddenly gained the courage "Oga I beg o, I get one issue." he paused a little, expecting a feedback, none came and he continued
"I get one very important appointment now, in fact if I no reach Lagos in 2 hours time na serious problem for me".

The driver answered "So?" vaguely and with clear disinterest not minding who was talking.

Ope furthered "its about the fare..." and abruptly, the driver cuts in
"Eh..en, what about the fare? Is it too expensive again? You know how much we buy fuel per litre now? You..." 
He was ranting away when Ope interrupted with "No, it's not that. I do not have cash on me here but I have a way to ..."
"No no no no no..." he was so loud that every person nearby was gazing in their direction.
All the passengers in the driver's bus were already onto was was transpiring, the whole show was ongoing beside bus.
He continued "...go get the money or join the next turn, I no be father Christmas. Abeg na money..." he did the sign of counting money using his right fingers to scrape the left palm repeatedly "...money money I want else join the next bus."

He allowed the driver to calm down a bit and ...


~~ Mobile BankingUSSD Banking, eaZymoney, Quickteller~~


continued on part 3/3...


« Part 1  Part III »


The Interview: Part 1

Part 1 

Part II » Part III »»




OMG! He shouted, jumping up from the sofa where he laid after leaving the bed. His very much treasured sofa positioned adjacent to the bed side. It has become an early morning ritual, laying on the sofa after each wake to surf the net for twilight news or check through his mail before any other thing. He was unusually lazy this Monday morning and woke up so late. Keeping late before bed really got to him this time, never going to sleep until well after 3am.

Tuesday, October 4, 2016

Mobile Banking in Nigeria


Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct a range of financial transactions remotely using a mobile device such as a mobile phone and using software, usually called an app, provided by the financial institution for the purpose. Mobile banking is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted. Wikipedia: Mobile Banking

Mobile banking: USSD Banking in Nigeria

USSD Mobile banking in Nigeria



See Mobile banking in Nigeria for a general introduction to mobile banking.

Unstructured Supplemetary Service Data (USSD), that is a technical term in the telecommunication industries you do not have to bother much about unkess a nerd, to dig more about it on google.
We are more concerned about its application to the world of mobile banking.

Of course you are familiar with the use of telecommunication companies' (telcos) USSD codes to query for various information about your account. In Nigeria, *556# and *123# fetches your airtime balance with MTN and Airtel network respectively, by prompt on-screen response on your mobile. The response displays your expected information from the service provider. It is no more a telcos thing, USSD is gaining more ground across many fields that have adopted technology in passing information across to people. East Africa most especially Kenya is championing the course of mobile technology on a global scale, companies such as Hamwe Technologies a mobile value added services provider and aggregator with SMS and USSD gateway connections to mobile network operators, has rolled out a couple of USSD implemented services across sectors such as agriculture, health, finance etc.


Below is a list of financial instutitions making use of USSD Mobile Banking in Nigeria and their shortcodes. Follow the links for a concise peruse of each platform's offers or kindly check this page often for updates.

CompanyMain USSD code
Diamond Bank    *710#
EcoBank*326#
FCMB*389*214#
Fidelity Bank*770#
First Bank*894#
GTBank*737#
Skye Bank*833#
Sterling Bank*822#
UBA*919#
Unity Bank*389*215#
Wema Bank*322#
Zenith Bank*966#
Quickteller*322#

USSD is extensively used by telcos however the trend have changed. Financial institutions via Mobile Banking is making the usage of USSD shortcodes trendier. Gone are the days you need to get into a banking hall just for a clue of your account statement or to transfer funds to business partners or relatives. All these can be accomplished with mere press of a few buttons or scroll through a few menus on your mobile phone.

It does not require the use of sophisticated phone, see USSD transaction going on on the basic phone below.

Right with you is your whole bank. Dialing the relevant USSD shortcode releases at your very reach, the world of inclusive financial transactions absolutely within seconds. Welcome to the 21st century, the era that technology finally took over.

How Mobile Banking Works?

  • Make use of the correct USSD short-code relevant to your transaction and platform.
  • Use the correct code and follow the prompts, it is very easy and intuitive. 
  • Provide your card serial or PIN when requested.
  • You will receive immediate response and prompt on what to do next.
  • Confirmation of successful transaction will be communicated to you by SMS or email or both. 
  • Unsuccessful transaction will be communicated to you by directly and you will not be charged.