Business

Moniepoint MFB Unveils USSD Code To Combat Fraud, Enhance Convenience

Published

2 years ago

April 8, 2024

Moniepoint Microfinance Bank has unveiled its new Unstructured Supplementary Service Data (USSD) service.

The service, accessible via an account control code, offers a fast, secure and user-friendly platform for consumers to conduct their banking activities with ease from any mobile device without the need for an internet connection.

The move is expected to increase convenience and accessibility whilst showcasing the bank’s commitment to financial inclusion and enhancing safety and security across the digital payment ecosystem.

The USSD banking suite includes a variety of services such as funds transfer, airtime and data purchase, account balance and details inquiry, PIN management and account security measures like blocking/unblocking access for oneself or others.

The introduction of the USSD code is a security measure against unauthorised access, safeguarding customer funds in case of loss or theft of mobile phones, ATM cards, or hardware tokens and in situations where account details may be compromised.

The code empowers customers to secure their accounts promptly from any mobile device, without needing to contact the bank, especially in cases of suspected fraud.

Babatunde Olofin, Managing Director, Moniepoint MFB, commenting on the initiative, said, “At Moniepoint MFB, our top priorities are delivering exceptional customer service through digital innovation and ensuring the highest security standards.

“Our new USSD service provides the convenience of mobile banking with an added layer of security that gives customers control over protecting their accounts, even by using a third-party mobile device.

“We have always been guided by our mission to create a society where everyone experiences financial happiness and in these times, what that looks like for us is increasingly empowering consumers to take charge over their bank accounts, even as we curate a seamless and secure banking experience.

“In addition, we have always spoken about our commitment in supporting the Central Bank’s financial inclusion agenda. With this feature, customers, especially the least digital-savvy ones, irrespective of their location, have now been eminently positioned to carry out a wide range of transactions effortlessly.”

Existing customers, encompassing business and personal accounts, can initiate transactions and manage their accounts by navigating to USSD banking settings on their mobile banking app in order to activate the feature while new users will have the feature activated by default upon sign up.

It will be recalled that in 2022, Moniepoint MFB received an award from the CBN as the most inclusive payment platform in the country.

Moniepoint MFB helps over three million people and businesses with banking, payments processing, access to loans and business management tools with a view to powering their dreams.

Moniepoint MFB has established a solid reputation for reliable service, synonymous for innovation and a deep commitment to delivering value added solutions in the Nigerian market.

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Business

Nigerian Stock Market Hits 10th Consecutive Uptrend As investors Gain N308bn

Published

7 hours ago

October 10, 2025

Editor

The Nigerian Stock Market recorded its 10th consecutive uptrend as investors raked in N308 billion gain on Thursday.

This comes as the Nigerian Exchange Limited, NGX, market capitalisation, which opened at N92.490 trillion, appreciated by 0.33 per cent to close at N92.798 trillion on Thursday.

Also, the All-Share Index added 0.33 per cent, or 485.25 points, to close at 146,204.34, compared with 145,719.09 recorded on Wednesday.

Increased trading in Eunisell Interlinked, Caverton Offshore Support Group, Sunu Assurances, Industrial and Medical Gases, Mecure, and 27 other advancing stocks boosted market performance on Thursday.

To this end, the market breadth also closed positive with 32 gainers and 21 losers.

Further analysis showed that Eunisell Interlinked and Caverton Offshore Support Group led the gainers’ chart by 10 per cent each, closing at N44 and N6.93 per share, respectively, while FTN Cocoa Processors led the losers’ table by 6.67 per cent, closing at N5.60 per share.

Market activity showed a decline in the number of deals and volume traded but an improvement in trade value.

Accordingly, a total of 346.99 million shares worth N27.43 billion were traded in 24,691 deals, compared with 525.72 million shares worth N13.61 billion exchanged in 25,597 deals on Wednesday.

Fidelity Bank topped the activity chart with 42.01 million shares valued at N861.54 million.

According to DAILY POST, NGX has continued its bullish run from last month’s end to date.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

2 days ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

2 days ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.