Here is a list of all microfinance banks’ USSD codes for your banking convenience in Nigeria
- AB Microfinance Bank USSD Code – *755#
- Accion Microfinance Bank USSD – *572#
- Mainstreet Microfinance Bank – *540*394#
How to open an Accion MFB account with USSD code
Dial *572# and press 7 to choose account opening from the list of menu and follow instructions. To check account balance Press 7 after dialing *572# and then enter your PIN.
How to Change Your Accion MFB PIN Using USSD
Dial *572# and select 8 to go to the next page. Then select 5 to change your PIN by entering your existing PIN e.g 1234, then enter your new PIN e.g 9876.
How to Perform Funds Transfer Using Accion MFB USSD Code
Dial *572# then select 4 for Accion MfB transfer and enter your account number for example e.g 9992323943.
Enter the amount in the following format Enter Amount e.g 9000 without formatting
Then enter your PIN e.g 1234
To Transfer to Other Banks Using Accion USSD Code
Dial *572# then select 5 for Accion MfB transfer to other banks. Then select the destination bank’s first letter e.g A-E. Please make sure to select the correct bank from the list.
Then enter the Account Number e.g 9992323943 and enter the amount to be transferred e.g 9000 without formatting. Enter your PIN to verify the transaction and Gbam you have transferred using Accion USSD code.
AB Microfinance Bank Nigeria USSD Code is *755#
To register your account for USSD transactions dial *389*755# then follow the instruction.
Mainstreet Microfinance Bank USSD Code
Just dial *540*394#
* To transfer to any Bank of your choice.
* For Airtime top-up (Any Amount, Anywhere & Anytime)
* And Balance Enquiry
NOTE: This list will be updated as more microfinance banks adopt the USSD Code. Click here for all banks’ USSD codes in Nigeria.
Unstructured Supplementary Service Data (USSD) or Quick Codes or “Feature codes is a communications protocol used to communicate between GSM cellular telephones and mobile network operator’s computers for those that do not have access to the internet.
CBN Maintains 11.5 Percent Monetary Policy Rate, Leaves Other Ratios Unchanged
The Central Bank of Nigeria led Monetary Policy Committee (MPC) has left the interest rate unchanged at 11.5 percent to further stimulate activities in the real sector of the economy.
Godwin Emefiele, the Governor of Central Bank of Nigeria disclosed this at the end of the MPC meeting on Tuesday in Abuja.
He said other parameters, the Cash Reserve Ratio (CRR), Liquidity ratio, and asymmetric corridor, were left unchanged.
According to the Governor, the committee voted unanimously to maintain the current monetary policy and attributed the surge in inflation to structural policies, the increase in pump price and the recent #EndSARS protest.
Highlights of CBN-MPC’s Decision
- MPR was kept at 11.50%
- The asymmetric corridor of +100/-700 basis points around the MPR
- CRR was retained at 27.5%
- Liquid Ratio was also kept at 30%
Unity Bank Grew Gross Earnings by 8 Percent to N34 Billion in Nine Months
Unity Bank Plc grew gross earnings by 8 percent despite COVID-19 and other headwinds that hurt the profitability of most businesses in the first nine months of the year.
A break down of the bank’s unaudited financial results for the period showed gross earnings rose by 8 percent to N33.91 billion for the nine months ended September 30, 2020, up from N31.26 billion posted in the same period of last year.
The lender’s total assets rose by 44 percent from N293.05 billion in the corresponding period of 2019 to N420.87 billion in the period under review.
Unity Bank grew profit before tax from N1.61 billion in 2019 to N1.71 billion in the period under review, while profit after tax expanded from N1.48 billion in the corresponding period to N1.57 billion in 2020.
Customers’ deposits stood at N332.36 billion during the period under review, up from N257.69 billion posted in 2019.
Commenting on the performance, Mrs. Tomi Somefun, the Managing Director/Chief Executive Officer, Unity Bank Plc, expressed delight at the strong growth recorded across the bank’s balance sheet, especially from both the liability and assets side of the business and across key indices.
She said, “even as the bank continues to innovate in its e-business product bouquet to target and support value chain business with robust technology and thus diversify its earnings base.”
Somefun said, “One of the areas that will define our strategic direction going forward is investment in alternative channels, leveraging further deployment of resources in technology.
“COVID-19 gave us a chance to test the integrity and scalability of our technology, the IT infrastructure, and the electronic banking channels, and provided us an opportunity to see where we needed to improve and strengthen, knowing that the future of sustainable banking business is in alternative channels.”
Financial Sector Grew by 6.8 Percent in the Third Quarter
The finance and insurance sector that comprises of both the financial institutions and insurance subsectors grew by 5.91 percent year-on-year in nominal terms in the third quarter (Q3).
According to the National Bureau of Statistics (NBS) latest report, the financial institutions’ subsector accounted for 88.89 percent of the sector in real terms in the quarter under review while the insurance subsector contributed the remaining 11.11 percent.
During the third quarter of 2020, the financial institutions’ subsector grew by 6.8 percent in Q3 2020 from 28.41 percent in Q2 2020 and 0.61 percent in Q3 2019 despite COVID-19 and a tough operating environment. The insurance subsector, however, contracted by -18.67 percent in Q3 2020 from -29.53 percent in Q2 2020 and 3.96 percent in Q3 2019.
On a quarterly basis, the sector declined by 24.76 percent.
In terms of contribution to GDP, the finance and insurance sector contributed 2.46 percent in Q3 2020, higher than the 2.40 percent it represented a year ago and lower than the contribution of 3.76 percent achieved in the previous quarter.
The economy contracted by 3.62 percent in the third quarter following a 6.10 percent decline posted in the second quarter. Nigeria is officially in the second economic recession in four years.
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