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

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

6 hours ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

6 hours ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.

Business

CBN Directs Nigerian Banks To Withdraw Misleading Advertisement

Published

1 day ago

November 28, 2025

Editor

The Central Bank of Nigeria (CBN) has directed Nigerian banks, payment service banks and other financial institutions to immediately withdraw all advertisements that violate consumer-protection rules.

The directive, issued in a circular dated Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN’s compliance department, followed a review of marketing practices in the financial sector.

The apex bank said the assessment revealed inconsistencies in how institutions apply disclosure, transparency and fair-marketing requirements.

The CBN ordered the removal of all non-compliant adverts and warned that future promotional materials must be factual, balanced and transparent.

It banned misleading claims, exaggerated benefits, incomplete information, unaudited financial results and comparative language that could de-market competitors.
The regulator of Nigeria’s financial sector also prohibited chance-based promotional inducements such as lotteries, prize draws and lucky dips.

Accordingly, institutions submitting adverts for prior notification must now include campaign timelines, creative materials, target audience details and written confirmation of internal legal and compliance clearance, along with proof that the underlying product has CBN approval.

The bank clarified that such notifications are only for monitoring and do not amount to approval.
All affected institutions must file a compliance attestation within 30 days, signed by the chief executive and compliance leads.

The CBN added that beginning January 2026, it will conduct a follow-up review and apply sanctions for violations under BOFIA 2020 and the Consumer Protection Regulations.