FAQs
What is the meaning of USSD banking? Unstructured Supplementary Service Data (USSD) allows users without a smartphone or data/internet connection to use mobile banking through the *99# code. USSD based mobile banking can be used for fund transfers, checking account balance, generating bank statements, among other uses.
What does USSD stand for in banking? ›
The innovative payment service *99# works on Unstructured Supplementary Service Data (USSD) channel. This service allows mobile banking transactions using basic feature mobile phone, there is no need to have mobile internet data facility for using USSD based mobile banking.
How do I pay with USSD? ›
Dial the USSD number provided by your bank or payment service provider from your mobile device. Choose the option for payments or transactions from the menu displayed on your screen. Enter the necessary details, such as the recipient's account number, payment amount, and any other required information.
What is the USSD payment in Nigeria? ›
Transaction Type USSD Code
Airtime Top-Up for Self/Others | *966*Amount*Mobile Number# |
---|
Pay bills (DSTv/PHCN) | *966*7*Amount*Customer ID# |
Pay Zenith Billers | *966*6*Biller code*Amount# |
Reset USSD Password/PIN | *966*60# |
Transfer to Zenith Account /Other Banks | *966*Amount*Account Number# |
7 more rows
What does USSD stand for? ›
USSD (Unstructured Supplementary Service Data) is a Global System for Mobile Communications (GSM) protocol that is used to send text messages. USSD is similar to Short Message Service (SMS). USSD uses codes made up of the characters that are available on a mobile phone.
Is USSD banking safe? ›
USSD sessions are encrypted, ensuring the confidentiality of user information and protecting against unauthorised access. Additionally, USSD codes are unique to each user, adding an extra layer of security.
What are the disadvantages of USSD banking? ›
However, SMS and USSD also have some limitations and risks. One of the main challenges is the user experience. SMS and USSD are text-based and menu-driven, which can be cumbersome and confusing for some users. They can also be prone to errors, such as typing mistakes, network delays, or service interruptions.
How do I use USSD to transfer money? ›
To send money, simply dial *894*Amount*Account Number#; select beneficiary bank; confirm amount, beneficiary name and enter five-digit PIN; then select account to debit. For airtime recharge: simply dial *894*Amount# to recharge for self; to recharge for others, dial *894*Amount*Phone Number# and enter five-digit PIN.
Why should I use USSD? ›
USSD can be used to provide independent calling services such as a callback service (to reduce phone charges while roaming), enhance mobile marketing capabilities, or interactive data services. USSD is commonly used by prepaid GSM cellular phones to query the available balance.
How do I withdraw from USSD? ›
The customer can withdraw cash through M-PESA App, USSD dial *334#, or the M-PESA STK menu. The customer will go to: M-PESA menu. Withdrawal Cash.
Customers dialling standard rated USSD codes are charged 20c/20s. As the client, you can earn revenue off customer's engagement with your premium-rated USSD application. For competitions the rate band is limited to R5. 00.
How is USSD charged? ›
The USSD operator is charged per click for example when you dial *415# that is one click when you select option 1 that is another click and so forth until the end of the session. The USSD is billed according to the total number of clicks per month.
What are the benefits of USSD banking? ›
Benefits of USSD
- Does not require an internet connection or data to work.
- Reduces operating costs when it works as a self-service application for your customers.
- Enhanced customer satisfaction when you give them the ability to serve themselves.
- It works with just about every mobile phone.
- Works globally.
How much can I transfer at once using USSD? ›
Transaction Limit is as follows: Non banked – Minimum daily N3,000 - maximum daily N30,000. Semi-banked – Minimum daily N10,000 – maximum daily N100,000. Banked- Minimum daily N100,000 – maximum daily N1,00.
How much is USSD? ›
The price for a USSD session is now ₦1.63K. According to the revised Pricing Regulation, this rate should form the basis of negotiations between Telcos and the FSPs. Telcos are also to notify the NCC of the agreed rates following Charges Guide”)3 which became effective on 1st January 2020.