Some weeks back, I went to Zenith bank’s ATM to make cash withdrawals. When I got there I met a queue and there was this man who wanted to do cash transfer from his bank account to another with the ATM. I was like, “is this man in this world?”
I wasn’t trying to be rude but curious to know if he was aware that he could complete a cash transfer using his mobile phone without going through all the hustle. Yes, he can, with his bank’s USSD code (which is called ‘Mobile Banking USSD’).
In Nigeria today, all banks have made mobile banking possible by providing short USSD transaction codes. The Central Bank of Nigeria (CBN) came up with the exposure draft to protect the USSD (Unstructured Supplementary Service Data) code for mobile transactions. The usage of this code is becoming more popular among all banks in Nigeria.
What can I use the USSD transaction codes for?
The USSD transaction codes can be used to perform banking transactions such as;
- Airtime purchase.
- Opening a bank account.
- Checking account balance.
- cash transfer.
- payment of bills etc.
How does the USSD mobile banking work?
For you to be able to make cash transactions with your phone, your bank account must be linked to your telephone number. There is no need to go to the bank to register for the USSD transaction as registration is done with your phone as long as you have your BVN (Bank Verification Number) or your bank’s credit/debit card. You can only use one phone number when opening a bank account. For some banks, there is a limit to the amount of money that can be transferred through USSD codes.
How can I make cash transactions with the USSD codes?
All banks have their specific mobile banking USSD codes for specific transactions. These codes are often provided on the banks’ website, social media page or billboards. Here is a list of USSD transaction codes for all banks in Nigeria.
- Access Bank – *901#.
- EcoBank – *326#.
- Fidelity Bank – *770#.
- FCMB Bank – *389#
- First Bank of Nigeria – *894#.
- Guarantee Trust Bank (GTB) – *737#.
- Heritage Bank – *322#.
- Keystone Bank – *322#.
- Skye Bank – *833#.
- Diamond Bank – *710#.
- Zenith Bank – *966#.
- Union Bank – *389#.
- Wema Bank – *945#.
- Sterling Bank – *822#.
- Unity Bank – *389#.
With the list of codes listed above, you now have unlimited access to your bank’s full details. The only thing that you won’t be able to do with this code is to make withdrawals, but the rest cash transactions are possible.