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FCMB Unveils USSD Code to Ease Financial Transactions

By Dipo Olowookere

In order to enhance the banking experience of its customers, the management of First City Monument Bank (FCMB) has introduced a mobile banking solution through the use of a dedicated code, *329#.

The self-service, stress-free and secured solution, which is available on all the Global System for Mobile (GSM) networks in Nigeria, enables existing and potential customers of FCMB carry-out various financial transactions, using their mobile phones.

The offering anchored on the Unstructured Supplementary Service Data (USSD) technology platform, customers would be able to carry out transactions like enrolment, funds transfer, account opening and micro loans and top-up.

Others include account balance enquiry, airtime and data purchase, bills payment, wallet deposit and withdrawal, sending of cash, withdrawal from agent’s outlet, limit increase, among other value-added services, on the go and without any hurdles.

FCMB, in a statement, explained that the *329# mobile banking solution forms part of its core strategy to expand its service channels by promoting and deepening the Central Bank of Nigeria’s cashless and financial inclusion policies.

According to the bank, the development would also go a long way to eliminate possible delays periodically experienced by physically visiting a branch of the bank or outlet to carry-out transactions.

In addition, the initiative is expected to reinforce the lender’s commitment to environmental sustainability, geared towards reducing the quantity of paper and other materials usage in the society of which printing of various banking documents forms a substantial part of the process.

Commenting on the introduction of the offering, the Executive Director, Retail Banking of FCMB, Mr Olu Akanmu, said the service was designed to meet the needs of its ever-increasing customer base that is technology savvy.

He added that it was in line with the commitment of the bank to inclusive banking through products and services aligned with the lifestyles of its teeming customers.

“FCMB provides one of the best alternate channels banking services cutting across ATMs, mobile banking and internet banking. The bank is among the first in Nigeria to deliver Instant Debit card issuance on MasterCard, Verve and Visa card brands in Naira, Dollar and Pound currencies.

“FCMB’s mobile banking penetration has been on the increase since its emergence as a leading retail Bank in the country. The number of active customers using its mobile or internet banking platforms grew by 136.9% from 255,626 in December 2016 to 350,106 by the end of December 2017,” it added.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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