You probably have network issues now and thinking of which another way to do a bank transfer. Well, we got you covered.
It is, indeed, the era of Transfer/USSD codes, which may eventually upturn the era of mobile apps bank transfer.
In 2008, Bill Buxton wrote an article where he described a concept known as “The Long Nose of Innovation.” The definition of that term and the premise of that article as he described it is – “The bulk of innovation behind the latest “wow” moment is low-amplitude and takes place over a long period—but well before the “new” idea has become generally known, fully refined, much less reached the tipping point where it becomes widely adopted”.
The fuss about USSD codes
USSD is an acronym for “Unstructured Supplementary Service Data.” It is a communications protocol used by GSM cellular telephones to communicate with the mobile network operator’s back-end platform. It is “session” based instead of “message” based; this means that it opens a short data transfer session where a transaction happens, or a message transmitted between the backend and the subscriber’s phone.
The USSD code is actually an interactive and menu-based technology that is supported on nearly all mobile phones.
Some of the practical service usages of the USSD codes are bank transfers, airtime top-ups, balance checking, as well as mini-statement deliveries – these days, banks, allow mini-loans to be gotten through a USSD code.
The USSD becomes a practical and fundamental service when offering a communication channel, it allows users the possibility of accessing confirmation and consultation services through dialling.
The format for the USSD code is usually defined by the * and the # signs, which are dialled at the beginning and the end of the series of digits before you press the send button. The user makes unique dialing initiated by (*) followed by a unique code, thus entering a menu of services offered by the bank.
For Nigerians, the Transfer USSD code system provides a seamless method of doing transactions because there are far fewer dependencies for the consumer. You do not need an active data plan or even a smartphone.
In actual fact, USSD codes were introduced seeing the ultimate necessity for financial inclusion, especially considering people in the rural areas, who will also want to be part of it all.
The advantages of USSD code
This idea of the USSD code is to become a channel that complements a bank’s communications. It offers more alternatives to users, guaranteeing access to information. Indeed, the USSD code is the perfect complement to making the bank omnichannel.
While SMS is stored in the phone, USSD texts and interactions are not, making this option one of the safest if it is sensitive information.
- USSD code works on all GSM mobile devices.
- USSD enables banks to play along financial inclusion lines.
- USSD doesn’t need any mobile app installation.
- USSD can integrate into any business system using a web service.
- USSD is free to use so your customers don’t have to pay a cent, which means they will be amenable to USSD services.
- You’ll save money as USSD doesn’t cost a lot to implement and use.
- USSD is a quick way to exchange data in real-time as it is session-based.
- USD’s menu-based applications enable more user interaction.
- USSD is easy and convenient to use.
- You do not need an internet connection as USSD works on voice connectivity.
- USSD doesn’t charge the customer for roaming.
- USSD is more secure than SMSs.
- USSD is faster than SMSs (up to seven times faster).
- USSD allows for messaging to take place during a call.
- USSD can easily be customised to suit your business needs.
- USSD allows you to increase revenue by making it easy for customers to recharge accounts and generate higher call volumes.
Concerns about USSD codes
In a 2018 article, Steers Business highlighted that USSD services may not be as safe as we envisage.
The article stated that, “each bank has a unique shortcode, but this is also backed by unique infrastructure. In fact, nearly all mobile financial service providers (banks, mobile money operators and payment service suppliers, etc.) operate unique applications in providing USSD services to customers. Therefore, it is possible that the risk exposure of USSD transactions increases because each financial service provider uses its own technology, meaning there is no universal standard for all channels.
“More importantly, messages over USSD channels are not encrypted, leaving them vulnerable to being hacked.”
It continues, “Thieves steal phones to gain access to sim cards, which are usually connected to some bank accounts. In some cases, once they figure out the bank an individual uses, they can generate the Bank Verification Number (BVN) and use the mobile USSD of the bank to wipe the account.”
Yet, USSD codes have done more saving than harm. This is more reason you need to know these codes. See below:
Nigeria Banks Transfer and Recharge codes
Access Bank (Diamond Bank) Transfer Code
*901*Amount*Account Number# for transfer.
*901*amount# for self-airtime purchase.
*901*00# for balance enquiry.
Eco Bank Transfer and Recharge Code
*326*0# for balance enquiry.
GTBank Transfer and Recharge Code
*737*1*Amount*NUBAN Account Number# for transfer to GTBank account.
*737*2*Amount*NUBAN Account Number# for transfer to other banks.
*737*amount# on your phone to recharge self.
*737*Amount*Recipient’s number# to recharge others.
*737*6*1# to check for the account balances on any of your accounts.
First Bank Transfer and Recharge Code
*894*Amount*Account Number# for funds transfer.
*894*00# to check account balance.
*894*amount# to recharge self
*894*amount*phone number# to recharge others.
UBA Bank Transfer and Recharge Code
*919*3*account number*amount# to transfer to UBA account.
*919*4*account number*amount# to transfer to Other banks.
*919*amount# top up for self.
*919*phone number*amount# to recharge others.
Zenith Bank Transfer and Recharge Code
*966*Amount*Mobile Number# to recharge
*966*Amount*Account Number# for fund transfer.
Sterling Bank Transfer and Recharge Code
*822*Amount*Account Number# for funds transfer
*822*Amount# to recharge self
*822* Amount*Phone Number# to recharge others.
Wema Bank USSD and Transfer Code.
*945*amount# to recharge self.
*945*phone No*amount# to recharge others.
*945*Acct No*amount# for funds transfer.
FCMB Transfer and Recharge Code
*329*Amount*Mobile number# to top-up other mobile phones.
*329*Amount*Account number# to transfer funds.
*329*00# to check balance.
Polaris Transfer and Recharge Code
*833*Amount*Account Number# for funds transfer.
*833*Amount# to buy Airtime for yourself or dial
*833*Amount*phone number# to buy airtime for others
Stanbic IBTC Transfer and Recharge Code
*909*11*Amount*Account Number# for transferring to other Stanbic IBTC account;
Or dial *909*22*Amount*Account Number# for transferring to other banks.
Unity Bank Transfer and Recharge Code
For self-Top-up, just dial *7799*Amount#
For third party Top-up, just dial *7799*Phone Number*Amount#.
Fidelity Bank Transfer and Recharge Code
*770*ACCOUNT*AMOUNT# for funds transfer.
For Self-Recharge: Dial *770*AMOUNT#.
To recharge another phone, Dial *770*PHONE NUMBER*AMOUNT#.
Union Bank Transfer and Recharge Code
Airtime purchase (self): *826*Amount#
Airtime Purchase – (third party): *826*Amount*3rd party mobile No#
Transfers to UBN account: *826*1*Amount*Account No#
Transfers to Non UBN bank accounts: *826*2*Amount*Account no#
Jaiz Bank Transfer and Recharge Code
To complete the funds transfer for your Jaiz bank account, you can start by dialing *389*301*Account number*Account#
Standard Chartered Transfer and Recharge Code
Keystone Transfer and Recharge Code
7111*Amount*Account Number# to transfer money from keystone bank to another keystone bank account or other banks.
Heritage Bank Transfer and Recharge Code
*745*0# for balance check
*745*1*amount*Beneficiaryaccountnumber# for Funds Transfer (Heritage Bank)
*745*2*amount*Beneficiaryaccountnumber# for Funds Transfer (Interbank)
*745*amount# for airtime (self)
*745*amount*mobilenumber# for airtime (third party)