First Bank Promotes Financial Inclusion With Its USSD Banking Tool

First Bank of Nigeria 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#.

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.

First Bank of Nigeria 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.

With an average of 1.06 billion Naira monthly, *894# banking generated a total revenue of 12.7Billion in FY2021

From January to date, however, through the USSD banking tool, 176 million transactions have been successfully processed, worth N701 billion.

The *894# USSD banking tool is mostly used by customers who are 15 to 55 yrs.

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, FirstBank, 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.

One major advantage with the use of the USSD banking tool is that it does not require Internet Connectivity, It is convenient, it is secured.