List of Nigerian Banks USSD Transfer Codes

Online payments have evolved over the years to become the order of the day, as more people are choosing e-payments over traditional bank deposits and withdrawals. From mobile bank apps to virtual banking, down to mobile money services, there are just a whole lot of trends to aid seamless mobile payments across the globe.


What is USSD Banking and How Does It Work?

The acronym USSD stands for “unstructured supplementary service data,” and it’s a technology that has been around since the early ’90s. It was developed by the GSM Association, the trade organization behind most of the world’s cell phone standards. 



USSD banking is an SMS-based mobile banking service, where a USSD shortcode is used to access financial services like transfers, bill payments, airtime recharges, etc. USSD banking is a safe, convenient, and cost-effective means of accessing financial services on your phone without the use of an internet connection.  



What makes USSD particularly appealing for financial services is its inclusivity – it reaches customers with older phones, non-smartphones, and those who don’t have access to the internet through their cell service provider. Moreover, these customers make up the majority of the market (bank users) in developing countries, making it an invaluable resource for banks in those areas.


Banks in Nigeria are not left out in the USSD hurdle as most traditional and digital banks have adopted personalized USSD codes to aid seamless financial services at all times. Thereby, creating room for more people to access financial services on the go without the hassles of using the internet.  


That said, let’s find out how the USSD codes work. 


So, How Does The USSD Banking Work?


To access USSD banking, a USSD shortcode is used to create a 2-way communication between the bank and the customer. The replies then come in a pop-up (Screen prompt) with numbered menus and their ‘tied” service options to guide the user to the services that they need. 


To use the USSD code for any bank transaction, you would need to activate the code on your mobile phone, using your choice phone number. For most banks, you must have registered for a new account, or have an old bank account with them, before you can access those financial services.  


You would also need to set up a 4 or 5-digit transaction PIN to authorize all transactions. This PIN would also serve as a shield to prevent impersonators or fraudsters from accessing your account.


However, just like every other security breach, your PIN can be compromised or changed if the person gets hold of your ATM card or other personal details. Therefore, you have to be careful with your card, personal details, and mobile phone at all times. 


It is also not advisable to store your PIN on your mobile phone or use a PIN that can be easily guessed, i.e, date of birth, house number, etc.  


Nonetheless, while this mode of mobile banking may have its shortcomings, USSD banking is unarguably beneficial to the user and bank as well. Below are some of the benefits of USSD banking:


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