Moniepoint Unveils New Banking Solution To Combat Fraud

Moniepoint Microfinance Bank has unveiled new unstructured supplementary service data to combat fraud and enhance the customer experience.

The bank said the new service was accessible via the account control code *5573#, offering a fast, secure, and user-friendly platform for consumers to conduct their banking activities from any mobile device without an internet connection.

According to the firm in a statement, the move is expected to increase convenience and accessibility while showcasing the bank’s commitment to financial inclusion and enhancing safety and security across the digital payment ecosystem.

It stated that the USSD banking suite included a variety of services, such as fund transfers, airtime and data purchases, account balance and details inquiries, PIN management, and account security measures like blocking or unblocking access for oneself or others.

The bank also noted that the introduction of *5573# 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 has empowered customers to secure their accounts promptly from any mobile device, without needing to contact the bank, especially in cases of suspected fraud, the bank added.

The Managing Director of Moniepoint MFB, Babatunde Olofin, 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.”

The bank’s MD said the institution was consistently guided by its mission to create a society where everyone experiences financial happiness.

He declared that Moniepoint was increasingly empowering consumers to take charge of their bank accounts, even as we curate a seamless and secure banking experience.

“In addition, we have always spoken about our commitment to supporting the central bank’s financial inclusion agenda. With this feature, customers, especially the least digital-savvy ones, irrespective of their location, are now eminently positioned to carry out a wide range of transactions effortlessly,” Olofin said.