Banks USSD Code: A Future Development for Financial Inclusion in Nigeria

Abstract

The invention of Unstructured Supplementary Service Data (USSD) banking system of operations in Nigeria is so important due to its effective service delivery; this practice provides real-time services for bank customers to facilitate payments and transactions through this advanced system of banking. In about 20 years ago, the Nigeria government embraced e-system of banking, so interested, the unstructured Supplementary Service Data (USSD) was introduced, which aimed at easing ways of banking and appreciate the cashless policy deployed in Nigeria. Also, as the system evolves, financial institutions also introduce Point of Sales (POS) system of banking, this service improving economic activities in Nigeria. The introduction of USSD by financial institutions in Nigeria has made positive impact to rural dwellers in some part of Nigeria where GSM network is available, this advancement brought smiles in the faces of rural dwellers, because they use this system to effects transaction without reaching banks. The USSD enables customer’s self-services such as account balances enquiry, funds transferring, bills payments, and buying airtime without going to a bank, customers hold USSD as the means of their transactions. Since USSD has come to ease banking services for rural dwellers in Nigeria, for which they can bank at their domain without reaching banks. According to the research, USSD code innovation brought significantly excellent to financial inclusion in Nigeria. But this research has discovered a gap, which this study attempts to address;