First Bank promotes Banking Services through it's advanced USSD banking
- Posted on April 11, 2022
- Stock Market
- By Osinachi Gift
A major contribution of the banking industry to the
nation’s socio-economic development is the ongoing effort to increase the
number of adult Nigerians that have access to affordable financial services.
This
effort is inspired by the strong linkage between financial inclusion and
economic development.
This prompted the Central Bank of Nigeria and the
banks to develop the National Financial Inclusion Strategy with the revised
goal of ensuring that 95 per cent of the adult population have access to
affordable financial services by 2024.
Critical to the achievement of this goal is massive
deployment of digital banking channels, with banks leveraging on digital
technology to make it easier for Nigerians to access financial services from
any location.
At the forefront of these initiatives is FirstBank of Nigeria Limited, owned by FBN Holdings Plc.
Leveraging on its 127 years
experience of supporting the economic development of Nigeria, 750 business
locations including international presence in eight countries, as well as
leadership in electronic banking services, FirstBank has been at the forefront
of bridging the financial exclusion gap,
thereby empowering Nigerians to carry out their financial and business-driven
activities in contributing to national growth and development.
Reflecting the leadership role of FirstBank at
promoting digital payment in the country, the bank has issued over 10 million
cards, while it has more than 10 million people on its USSD Quick Banking
service and over 4.5 million people on FirstMobile platform.
First Bank Limited has, over the years, catered to the financial needs of its customers through efficient use of the banking tool.
In
2021, through the use of the USSD banking tool, the bank has processed a total
of 1.19 billion transactions worth N4.44 trillion, reflecting an average of 99
million transactions generating a revenue of N370 billion per month.
From January to date, however, through the USSD
banking tool, 176 million transactions have been successfully processed, worth
N701 billion.
First Bank Holdings Plc, the parent company of First Bank Limited, has steadily improved the delivery of its services with the
Unstructured Supplementary Service Data (USSD) banking tool.
The Bank’s USSD banking tool can be accessed when
existing and non-existing customers dial the code *894#. The *894# USSD banking
tool is mostly used by customers with the age range of 15 to 55 years.
For existing customers, with the code, they can access
diverse banking options from card and account reconciliation issues to other
financial services offered by the bank. However, non-existing customers can
open an account with the bank by dialing the USSD banking code and following
the message prompt, emphasizing the bank’s efficiency in banking the unbanked
and promoting financial inclusion.
Reflecting the tool’s effectiveness, the number of
USSD customer base has increased by 0.93% from January to date to over 13.40
million. In addition, First Bank, on the back of the effectiveness of the USSD
banking tool, has been awarded as the Alternative Service Channels Bank of the
Year.
Most recent features upgraded into the USSD banking tool to improve its efficiency are the Limit Enhancement, Security Feature Enhancement, Implementation of Pay attitude on USSD.
The major advantages that
comes with the use of the USSD banking tool is that it does not require
Internet Connectivity, it is convenient, and it is secured.
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