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Tag: Customers

  • UBA Customers Win N30m in Wise Savers Promo, N90m Still Up for Grabs

    UBA Customers Win N30m in Wise Savers Promo, N90m Still Up for Grabs

    Pan-African financial institution, United Bank for Africa (UBA) Plc has rewarded 20 loyal customers with N1,500,000 each, in the first edition of its quarterly draw for the ongoing UBA Wise Savers Promo, which was held at the bank’s headquarters in Lagos on Tuesday.

    At the event, a total of N30,000,000 was won by 20 lucky customers who were selected following a draw that was witnessed by key regulatory officials including representatives of the National Lottery Regulatory Commission, (NLRC); Lagos State Lottery, Board, (LSLB) Consumer Protection Council (CPC) as well as members of the media.

    To qualify for the draws, new and existing customers of the bank are expected to save at least N10,000 each month for three consecutive months, or N30,000 for 90 days in the promo, which will run for the rest of the year. Apart from the N30 million won by 20 customers on Tuesday, another N90 million is still expected to be won by 60 more loyal customers in the remaining three quarters of the year.

    The winners, who cut across all regions of the country, are: Nnadumije, Ebube Dawn; Onwochei Christiana Okwukwe; Eze Mathias Nnaji; Christian N Orie; Uka, Okwudiri; Okata Stephen Uche; Okafor Onyinye Esther; Nwanekezi Chimezie Jude; Ayomide V Yahaya and Olanegan, Oyetunde Keji.

    Others are Emmanuel Onu Chidozie; Mohammed Fatima; Aminu, Mustapha; James Nanre; Pahinti Albert; Emmanuel O Adeniji; Jaki Movihinze Mercy; Saminu Muritala Mohammed; Ezeh Raphael Uballa; Uchenna Iheji.

    When contacted on the phone, one of the 20 lucky winners; Nnadumije, Ebube Dawn, excitedly expressed gratitude to the bank and said he was happy to be a customer of the bank. He thanked the bank, and said the move was thoughtful and will help to enrich customers especially during these trying economic times.

    The Group Executive, Digital and Consumer Banking, Mr. Anant Rao, who addressed participants at the event, said the promo was launched as part of the bank’s initiatives towards prioritising customers. He added that customers who save consistently would be rewarded in order to promote the financial inclusion initiatives of the bank. ‘We believe it is time we rewarded our customers who have been very loyal over the years. Without them, we would not have made the giant strides attained thus far’ .

    According to Rao, “Because our customers are invaluable to all that we do, we listen and give them nothing short of the best that they deserve’

    “We remain committed to consistently improving customer service and rewarding our loyal customers. The Wise Savers Promo seeks to compliment current initiatives aimed at growing savings,” he noted.

  • UBA appreciates customers, promises enhanced service delivery in 2019

    The United Bank for Africa (UBA) Plc has promised its customers that it will continually strive through innovative ways to enhance its service delivery.

    The Group Managing Director/Chief Executive Officer of the bank, Mr. Kennedy Uzoka, said this in a new year message to customers of the bank yesterday.

    Uzoka said: “It is another year and a new year always brings new opportunities for us to show how much we appreciate you for being a part of the UBA family.

    “On behalf of the Executive Management and over 15,000 staff of the United Bank for Africa Group in all our 23 countries of operations, I’d like to thank you for giving us the opportunity to serve you throughout the years and 2018 in particular.”

    The bank chief executive added: “Your patronage and support have been the reason for our Bank’s progress and success. We are honoured that you have selected us to be your financial partner over the period.

    “It is our desire to always meet your needs with our services and products which are developed from your standpoint as a valued customer, indeed, Our Employer. We promise to continually strive to make our products available to you, 24/7 and to seek innovative ways to enhance our service delivery in a manner that will always surpass your expectations.

    “We look forward to our continued partnership in 2019 and beyond, as we position ourselves to serve you even better. We wish you a happy and prosperous 2019.”

  • CBN orders banks to assign tracking numbers to customers’ complaints

    CBN orders banks to assign tracking numbers to customers’ complaints

    Deposit Money Banks (DMBs) and other financial institutions operating in the country have been ordered by the Central Bank of Nigeria (CBN) to from Wednesday, January 2, 2019 assign a tracking number to every complaint received from their customers.

    This directive was contained in a circular issued on Friday and signed by a director at the apex bank, Kofo Salam-Alada.

    Apart from the above, banks, after receiving customers’ complaints, are also expected to issue an acknowledgment to the customer, which must contain the assigned tracking number.

    In addition, the financial institutions must commence upload of complaints to the Consumer Complaints Management System (CCMS) on a daily basis.

    In the circular, the central bank said the banks should always “comply with the timelines stipulated in the CCMS for resolution of the various categories of complaints, warning that non-compliance will attract sanctions in line with the Banks and Other Financial Institutions Act (BOFIA), Cap B3, LFN 2004.”

    The CBN explained in the circular that this development was in “furtherance of its mandate to promote a stable financial system,” adding that the CCMS was created to ease “complaints management to engender public confidence in the financial system.”

  • [Video] Customers of Polaris bank panic over technical shutdown

    [Video] Customers of Polaris bank panic over technical shutdown

    Several customers of Polaris Bank are in fear as technical challenges mar banking operations in the financial institution.

    According to information reaching TheNewsGuru,TNG most of the disturbed customers have been unable to make withdrawals from their accounts for over 48 hours.

    One of the affected persons, who identified himself to TNG as Micheal [Surname withheld], lamented that both his business and personal upkeep as suffered as a result of the partial shutdown of operations in Polaris.

    Micheal who visited the Polaris branch in Ikorodu area of Lagos to make withdrawals on Tuesday said: “I have not been feeding well, I only came here two days ago and was told there was a challenge with network. However, when I came here today, I was shocked as the problem persisted”

    “We have been here for hours, sitting down for nothing. My biggest fear came when my account manager confided in me that I should be prayerful. He [account manager] said the bank is having financial crisis due to an ongoing battle with one of the former top directors of the bank over misappropriation of funds.

    Meanwhile, the management of Polaris bank has issued a statement apologising to its customers on the crisis at hand.

    The statement reads, ” Dear Esteemed Customer,We wish to inform you that we are experiencing service disruptions on some of our platforms as a result of system maintenance which has lingered beyond the expected time.

    Whilst our technical teams are working hard to restore services across affected platforms, our branches will continue to attend to customers.

    We apologise for the inconveniences and assure you that the situation will soon be normalised. Thanks for your understanding.

    Recall that in pursuant to section 38(1)(c) and 39(1) of the Nigerian Deposit Insurance Corporation Act No. 16 of 2006 (NDIC Act) and by a Purchase and Assumption Agreement dated 21st day of September, 2018, Polaris Bank Limited as a bridge bank, has assumed all the deposit liabilities and certain other liabilities and has had vested in it, all the assets of Skye Bank Plc effective from the 21st day of September, 2018.

    By this notice, this to a large extent allays fears that Polaris bank is undergoing any financial crisis, as it is now fully capitalised and has the support of both the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation.

    Other reactions from affected customers:

  • Banks ripping us through ATMs, customers cry out

    Banks ripping us through ATMs, customers cry out

    Commercial Bank customers within the Federal Capital Territory (FCT) have decried excess charges by banks through Automated Teller Machine (ATM) withdrawals.

    Some customers who spoke to a News Agency of Nigeria (NAN) correspondent, said they dreaded making withdrawals using other banks ATMs because of the continued charge of N65 for every transaction.

    According to the customers, most banks within the city centre have programmed their ATMs to dispense only N10,000 or less per transaction, thus ripping off customers withdrawing more than that amount.

    The customers complained that if they had to withdraw N100,000 or more through other banks ATM, it meant they would lose so much money.

    They, however, called on the Central Bank of Nigeria (CBN) and other relevant authorities to look into the matter so as to help poor Nigerians.

    Miss Agatha Young, a First Bank customer, said, “I live in Kubwa, one of the suburbs around the city centre and almost all the banks ATMs in my area dispense maximum of N10,000.

    “Recently, I needed to withdraw N200,000 and my bank’s ATM was crowded, so I went to use another bank’s ATM only to discover that the machine was dispensing only N10,000 per transaction.

    “I was only able to withdraw N150,000 because other customers were waiting on the queue and I was tired of going through the same process.

    “I also discovered I was charged almost N1000 for that transaction as I had exceeded three withdrawal limit using the other bank’s ATM, which is outrageous.’’

    Mr Sunday Mgbede, a Gurantee Trust Bank customer, residing in Nyanya, another suburb around the city centre also said most of the ATMs in his area dispensed maximum of N10,000 per transaction.

    “If you want to make withdrawals at weekends around the Nyanya/Mararaba axis, you will discover that only few ATMs are dispensing over N10,000 per transaction.

    “The concerned authorities should please look into this matter because people are suffering, there is no money in the country, yet banks want to make profit off customers.

    “Even the N65 charge which CBN authorised should be charged after three transactions, I am not sure the banks follow the rule due to the debit alerts we receive after withdrawals.’’

    Another customer of First Bank, Erica Jonah who narrated her experience, said she used her ATM card to withdraw N100,000 from another bank and discovered the machine was programmed to dispense N10,000 per transaction and was charged N65 per every transaction.

    Jonah said that was not her first experience, describing the practice by banks involved in it as fraudulent.

    She also called on regulatory bodies in the industry to look into the matter with a view to curbing such excesses by banks involved in the practice.

    Meanwhile, Mrs Gift Agbo, a former banker, said most ATMs used by banks in the country were not designed for Nigeria’s currency and that is why the amount it dispensed was limited.

    “Some of these machines are old and not programmed for the kind of money we have in the country.

    “The notes which many banks put in the machines also limits the amount that can be dispensed by the machines.

    “I am sure this problem can be resolved if Nigerian banks invest in customised machines that are suitable for our environment and currency,’’ she said.

    In its reaction, CBN Consumer Protection Department said it had received several complaints from bank customers over the low withdrawal limit set by banks on their ATMs.

    Mr Fada David, thevSenior Manager, Complaints Management Division of the Department, assured customers that the apex bank was working to make sure that such complaints were addressed.

    “Yes we have received complaints from people saying they could withdraw for example N40,000 from bank A yet they are not able to get that much if they carry a card of Bank A to bank B ATM.

    “First of all, I want the public to know that withdrawal from any ATM at all is not supposed to attract any charges until you withdraw more than three times in a month.

    “If you are using your bank’s ATM, you are at liberty to withdraw as many times as you like in a month without incurring any charges.

    “Also, we want to encourage customers to engage their banks to find out why there is such a withdrawal restriction on ATMs,’’ he said.

    David also urged customers to embrace the cashless policy and use other payment methods such as POS, internet and other Mobile banking applications; to reduce over dependence on cash.

    “You can use other payment channels for goods and services. You can go to the market, buy something and use your mobile app, pay for that product.

    “Unless it is absolutely necessary that you need to take cash, consumers can take advantage of a lot of other payment channels to pay for goods and services and do other transactions,’’ he said.

    David said that bank customers also have the responsibility to improve the way their bank serves them by officially writing to complain about bad services.

    According to him, it is only then will the bank address the issue to make sure that their customers are happy with the services being rendered.

  • Eko Disco reads riot act to erring customers over energy theft

    The management of Eko Electricity Distribution Company Plc (EKEDC) has warned customers tampering with pre-paid meters to desist or prepare to face the consequences.

    Adeoye Fadeyibi, the Chief Executive Officer of the company, gave the warning at a customer’s consultative town hall meeting in Badagry, Lagos State, on Friday.

    Fadeyibi, who was represented by Joseph Esenwa, the Chief Finance Officer of the company, decried the high rate of energy theft and non-payment of bills by customers within the network.

    He said that the town hall meeting was to intimate customers within the Badagry network on the high rate of energy theft and equipment vandalism perpetrated by some customers in the communities.

    The EKEDC helmsman said that the measure became necessary against the backdrop of more than N1billion lost to various forms of energy theft and vandalism in the zone.

    According to him, any act of infraction will be met with stiff penalty.

    “Enough is enough; Eko Disco will no longer tolerate this act of illegal tampering with our equipment and electrical installations.

    “Tampering with Eko Disco meters, installations, distribution lines, equipment or assault on any field worker will attract a jail term.

    “The management of EKEDC will no longer handle these actions with kid gloves; this is no empty threat. If you disregard this warning, you do so at your own risk,” he said

    The EKEDC boss said that it cost the company huge amount to replace vandalised equipment and meters damaged by customers looking for shortcuts.

    According to him, a task force has been set up to inspect houses of consumers and impose a penalty of N1million on anyone caught in energy theft.

    “The company will not hesitate to offer to pay anyone who reports energy theft by some unscrupulous elements 10 per cent of the money recovered from such theft,” he said.

    Fadeyibi said that the company would henceforth commence effective prosecution of energy theft suspects and also publish their names in national dailies.

    “We appeal to our customers to avoid engaging in by-passing the meters because it is criminal and punishable under Electricity Regulation Code of Conduct Act.

    “l advise customers to exercise little patience with EKEDC, as we promise to address all the issues regarding billings, metering and other challenges,” he said.

    On pre-paid meters, Fadeyibi said the new Metering Assets Providers introduced by the Nigerian Electricity Regulatory Commission (NERC) would address metering challenges when they finally kick start.

    He called on members of the public to be vigilant and report any act of sabotage to the nearest law enforcement agencies or EKEDC.

    Similarly, the Oloto of Oto-Awori kingdom, Oba Josiah Ilemobade-Aina, condemned energy theft and vandalism of power equipment within the communities.

    Ilemobade-Aina said that vandals and those involved in energy theft are enemies of the society and all well-meaning people should join hands to stop them.

    The monarch said that since improvement in power supply would trigger socio-economic development and create jobs for more people, protection of power equipment should be the concern of all.

    He, however, urged EKEDC to address all issued raised by customers on estimated billing, overbilling and lack of meters, while appealing to the company to engage in publicity on the need to desist from energy theft.

    The traditional ruler also advised Eko Electricity Distribution Company to fish out bad eggs within its fold.

    He said that some of such people were in the habit of colluding with customers to engage in illegal connection and other vices.

  • Bank customers drop by two million in 2017 – NIBSS

    Bank customers drop by two million in 2017 – NIBSS

    Recent statistics released by the the Nigeria Inter-Bank Settlement System (NIBSS) showed that despite concerted efforts by the Central Bank of Nigeria’s (CBN’s) to promote financial inclusion, the number of customers using financial services reduced in 2017.

    The statistics published on the NIBSS website on Sunday, showed that the total number of bank customers dropped from 61 million in 2016 to 59 million in 2017.

    Similarly, active bank accounts reduced from 65 million in 2016 to 63.5 million accounts in 2017.

    According to NIBSS, the banking sector, however, made great strides in linking customers’ account using the Bank Verification Number (BVN).

    The report showed that linked BVN accounts grew from 26 million in 2016, to 41.3 million in 2017.

    According to a banking industry source, the reduction in banking customers is not unconnected to the federal government’s anti-graft battle.

    “When Buhari assumed office, many people abandoned their accounts, especially civil servants because of fear of investigation.

    “While some closed down their accounts outright, others opted for gradual withdrawal so as not to raise the alarm,’’ the source said.

    The source, who works at one of the top banks, blamed the BVN for the low patronage of banking products, especially in the rural areas, where awareness was very low.

    A bank customer, Olaitan Alagbe said she closed some of her accounts due to unnecessary and illegal charges by banks.

    “First of all, the interest rate is next to nothing, so there is little reason to keep your money at the bank when you can turn it over doing other businesses,” she said.

    Another customer, who preferred to remain anonymous said he opened several accounts during the Ponzi scheme boom in the country, but was forced to abandon them after the schemes crashed in late 2016 and early 2017.

    However, a source at the CBN told newsmen that the reduction in the number of banking customers was caused mainly by the introduction of BVN.

    “The reduction may not necessarily be a bad thing. For example, many people opened accounts using different variations of their names.

    “A person bearing Musa Salisu Mohammed, may have other accounts as Salisu Mohammed or Musa Salisu.

    “So with the introduction of BVN, such customers were forced to regularise their names, however, some opted to close down their accounts, which resulted in the reduction of active bank accounts and customers,’’ the source said.

    The CBN source was, however, optimistic that the financial inclusion strategy of the bank would succeed in bringing in more people into the formal banking system.

    The Financial Inclusion strategy aims to ensure that major bulk of the money in the economy remains within the banking sector.

    A major challenge in the financial inclusion process is how to ensure that the poor rural dwellers are carried along considering the lack of financial sophistication among this segment.

    The CBN, Money Deposit Banks, Micro Finance Banks and other stakeholders are currently implementing different policies designed to enhance financial inclusion in the country.

     

  • Unauthorized deductions: Settle customers’ complaints within two weeks – CBN directs banks

    The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to settle customers’ complaints on issues of overcharge, unauthorised deductions and other matters within two weeks.

    The CBN Head of Complaints Management Division, Mr. Tajudeen Ahmed, said this in an interview with newsmen in Abuja on Thursday.

    He said the CBN would ensure that bank customers get a redress on issues of excess charges or unauthorised withdrawals.

    Ahmed reiterated the apex bank’s commitment to eradicating excess and arbitrary charges.

    According to him, the CBN has since issued a circular which could be found on its website, showing all legitimate bank charges.

    He said that any charge outside what is stated in the circular is not allowed.

    “The consumer protection department issued guidelines to banks dated August 16, 2011, directing all banks and other financial institutions to resolve all customer complaints within two weeks of receipt.

    “Before the expiration of that complaint, the financial institution is expected to be engaging the customer on a continuous basis to update him or her on the status of the complaint.

    “If it is not resolved within the deadline given, then such a person is encouraged to draw the attention of Central Bank of Nigeria to the complaint,” he said.

    Ahmed advised customers with unresolved complaints to contact the CBN by writing to the Director Consumer Protection Department or send an email to cbd@cbn.gov.ng.

    He also advised dissatisfied bank customers to visit any branch of the CBN closest to them to make their complaints.

    “The CBN continually engages the banks to find out if their conduct and practices are fair to their customers in order to stimulate people’s confidence in the banking system.

    “Non-adherence to that normally results to regulatory sanctions, as the case may be,” he said.

    Ahmed also faulted banks for setting a limit on ATM withdrawals.

    “I have also observed and noted this. Don’t forget that at the beginning, it wasn’t like this. Over time, we started having this problem.

    “One of the reasons is that the quantum of N500 denomination is much more than that of N1,000 denomination.

    “When we approached the banks about these problems, they said the machines become easily faulty when it is set to dispense up to N30,000 to N40,000 units.

    “However, CBN has directed that the machines that allow payment of up to N30,000 to N50,000 should be installed.

    “This is still ongoing. The Banking and Payment Department of the CBN is championing it,” he said.

    Also, the Head of Consumer Protection Division, Mrs. Hadija Kasim, said bank customers could also avoid some of these issues by inculcating the habit of cashless policy.

    She reminded the public that there were various methods to make payments rather than carrying cash.

    “Let’s not forget that ATM cards can also be used on Point of Sale (POS) terminals.

    “We are encouraging people that unless it is absolutely necessary, they should reduce the carriage of cash.

    “Cashless transactions are more convenient, safer and you will avoid the problem of overcharges,” she said.

    Kasim also advised bank consumers to use bank transfer channels for transactions in cases where sellers do not have POS.

  • Investigation: Customers stranded, blast GTBank over network failure [Photos]

    Customers of Guaranty Trust Bank, GTB, especially those using electronic payment and the Unstructured Supplementary Service Data (USSD) technology platforms were stranded on Wednesday as the bank’s network failed.

    According to the enraged customers, the disruption started early Wednesday morning with no prior communication from the bank.

     

     

    A visit by TheNewsGuru.com team to various branches of the bank within the Lagos metropolis did not prove otherwise. Customers were seen queuing up in their hundreds to use the ATM machines.

    While the ATM machines dispensed cash to other bank users, it did not dispense to GTB users. Others who were curious enough to visit other banks were also disappointed as they were told their ‘issuer or switch inoperative’.

    However, TheNewsGuru.com observed that the bank officials later manually attended to customers in the banking hall. As expected, this did not come without its challenges as the bank officials found it difficult attending to the thousands of customers impatiently waiting to be attended to.

    The security officials of the bank also had hectic time controlling the customers who were obviously becoming violent with the unexpected service disruption.

    A distressed customer who identified himself as Akeem at a branch along Airport Road shared his frustration with the TheNewsGuru.com. Hear him: I’ve been here for the past three hours. The queue is long and it’s not moving. Funny enough people using ATM card of other banks successfully made their transactions without any form of delay. But we account holders of the bank have been left to suffer without prior notifications. Even their much publicized *737# code is not functioning. Its so frustrating.”

     

     

    When asked if he had approached the bank officers for assistance, Akeem said: “Those guys are frustrated too. They’ve tried all they could but I think the fault is from their server. One would have prepared ahead if there was a prior notification to this mess. People were asked to come in to withdraw manually but I can’t try it. The banking hall is seriously messed up. People are sweating profusely before they can get their monies. And you can be on the queue for hours without getting to your turn. I will just go home and rest. It’s a bad day already, thanks to GTB”, Akeem said with dejection written all over his face.

    Another disappointed customer, a nursing mother at the Festac branch of the bank also shared her story: “I woke up this morning with the intention of transferring money to my sister but I couldn’t. I kept on trying thinking it was my network that was poor. When I couldn’t bear it any longer and my sister also kept pestering me with calls, I had to come to the bank to do the transaction via their ATM. I’ve been to over three branches before settling for this particular one. The crowds were unimaginable. Since I got here around 12noon, nobody has been able to do anything. Other users can, but GTB customers cannot. Isn’t that funny? And it’s so crowded inside. I can’t afford to suffer that suffocation with my child. The bank must apologise. This is just unacceptable. A whole day wasted because of their ineptitude,” she said.

    Other users who spoke on condition of anonymity with TheNewsGuru.com said before now, the bank sends prior notifications of such server/service failure so that customers can brace ahead or adopt other means for their transactions.

    TheNewsGuru.com reports that other angry customers also took to their various social media platforms to express their displeasure at the bank’s services.

    Efforts by TheNewsGuru.com to reach the bank’s management was not successful as at press time. There was also no information on the bank’s website acknowledging that services was disrupted.

     

  • Customers embrace FinTech as banking hall transactions dip by 25%

    The introduction of Financial Technology (FinTech) in the efficient service of bank customers has reduced physical transactions in the banking hall by over 25 per cent, the Nigeria Interbank Settlement System (NIBSS) has said.

    TheNewsGuru.com reports that the NIBSS provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between banks and card companies.

    Speaking at the Accion Microfinance Bank financial inclusion seminar held in Lagos at the weekend, the NIBSS Managing Director, Mr. Adebisi Shonubi said banks-branch transactions had dropped by 25 per cent in the last one year, as more customers embrace electronic payment, especially Unstructured Supplementary Service Data (USSD) technology platforms.

    Digital financial technology, or FinTech, and particularly the global spread of mobile phones, has facilitated expanding access to financial services to hard-to-reach populations and small businesses at low cost and risk.

    Shonubi said so much had happened in the digital payment system with even microfinance banks now being admitted into it.

    “Microfinance banks now own their own Bank Verification Number -BVN machines and that shows the level of acceptance of technology in banking. NIBSS provides a platform that allows financial services to be provided to customers at reasonable cost. Over the last few years, the volume of digital financial has been growing, and we have brought down the cost by over 80 per cent,” he said.

    Shonubi spoke of deeper issues than technology. He said only 12 per cent of bank customers were using Point of Sale (POS) machines and they are knowledgeable people within the society. “There are certain things to take place for us to have more consumers change their behavior towards digital financial services. Education about the product is key and that promotes financial inclusion,” he said.

    ”We need to find ways of building scales. And the cost of setting up is very high. If you are a financial institution and 80 per cent of your capital is used to set up the business, that means you can only lend 20 per cent. Everybody is now targeting 30 million customers that are largely employed people. I think there is need to target more people outside this group,” he said.

    Shonubi said more surprises awaited customers using the USSD device. “I think there is much that will happen in three years around smart phones. We need to use USSD technology to provide these services. There is already knowledge, but we need to build on that.”

    He explained that even with the banks, bank-branch transactions have dropped by about 25 per cent, internet banking transactions have dropped by 15 per cent while use of Apps has grown by about 10 per cent.

    “But where the real growth is seen is around the USSD that has grown by about 25 per cent year-on-year. Even with the knowledgeable people, they are finding it more convenient to use than going online. So, we need to start providing services that are appropriate. People are talking about knowing what to provide, but also using channels that are appropriate is important. And that is where the opportunities really lie,” he said.

     

    Shonubi said Nigeria has only 30 million accounts with verified BVN and that these customers have registered 75 million phone numbers against their names.

    “So, what are we finding out is that 50 per cent of those customers already have BVN. That means they already have accounts in other banks. That means there must be something they are going to the microfinance banks for that they can’t find in other banks, and I think it is credit,” he said.

    He said the use of financial services by the larger population is still low, adding that out of 80 million bank accounts, only 30 million unique individuals can be identified with BVN.

    “When we ran the analysis, only 3.5 million people use POS machines out of 30 million bank customers. And over 60 million cards have been issued. Why are people not using channels that are already there? What we are doing now is gathering data and trying to make it available. This will enable us understand what the issues are,” he narrated.

    TheNewsGuru.com reports that the USSD has helped bank customers facilitate low-value retail payments, grow e-payments by providing accessible electronic channels to a wider range of users and to further enhance financial inclusion. It has helped to extend e-payment benefits to payers and merchants at the bottom of the pyramid where usage of cash has been predominant.

    The USSD technology has become the most accessible channel for financial and non-financial transactions. Banks have a choice of allowing their respective customers to access this new service with their customised short codes.