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USSD Transactions Grew Impressively By 35%

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Apparently, more Nigerians are embracing the use of interbank instant payments on USSD platforms in the country, and it is obvious things will keep on improving.

According to a recent statistics, bank customers making use of the platform grew 35% in one year.

USSD, which means Unstructured Supplementary Service Data , allows people to carry out transactions using shortcodes without the need for Internet connectivity .

The report on interbank instant payment published by Nigeria Inter -Bank Settlement Scheme showed that instant transfer worth N92 . 4 m were carried using the USSD codes of various banks in Nigeria.

However, in 2018, the value grew impressively to N261 . 7 m, an indication that more people are trusting the system.

Nigerians are also utilising the platform to open bank accounts, for airtime vending, to pay various bills, and so on.

The report also made it known that the bank customers mostly depended on mobile apps to carry out interbank money transfer in 2018

It was made known that transactions valued at N324 . 3 m were conducted on mobile apps last year.

According to analysts at NIBSS, mobile apps is the most preferred channel for interbank money transfer in the country.

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