Here is a list of all microfinance banks’ USSD codes for your banking convenience in Nigeria and how to check Nirsal account balance
- 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.
Nigeria’s Tax Revolution: Shifting Burden to the Wealthy and Streamlining the System
President Bola Tinubu’s administration is set to revolutionize the nation’s tax system.
The ambitious plan seeks to redistribute the tax burden, making the wealthy pay their fair share while stimulating business growth through corporate tax cuts.
The cornerstone of this tax reform initiative is a push to increase Nigeria’s tax revenue from 11% to 18% of Gross Domestic Product (GDP) within three years.
Spearheading this transformation is Taiwo Oyedele, who leads a panel appointed by President Tinubu.
Oyedele articulated the primary objectives of the reform, saying “We aim to make the rich pay what is fair and protect those in poverty.”
This move is crucial in a country where extreme wealth disparities persist, with only a small fraction of the population enjoying immense riches.
Notably, the plan also includes a reduction in the corporate income tax rate, which currently stands at an effective rate of over 40%.
The aim is to benchmark this rate against Nigeria’s international peers, fostering a more business-friendly environment.
Nigeria’s tax system has long been plagued by complexity, with nearly 70 different taxes and overlapping jurisdictions.
The reform initiative seeks to simplify this by streamlining tax structures and drastically reducing the number of taxes to single digits.
Also, a tax amnesty is under consideration, aimed at encouraging tax compliance and offering relief for past debts. The hope is that by fostering transparency and accountability, more Nigerians will willingly contribute to the country’s fiscal health.
In a nation where government debt has surged dramatically in recent years, this tax revolution is seen as a pivotal step towards reducing the deficit and ensuring sustainable economic growth.
Federal Government’s $3 Billion Rescue Plan to Bolster Naira Stability
The National Economic Council (NEC) has confirmed the deployment of the $3 billion emergency loan-for-crude oil, secured by the Federal Government in August, for the stabilization of the national currency.
The naira’s value has been under siege, with fluctuations in the Investors & Exporters’ window and a parallel market rate that briefly hit N1000/$ this month.
Addressing reporters following the 136th NEC meeting at the Aso Rock Presidential Villa, Nasarawa State Governor Abdullahi Sule expressed confidence in the plan.
He stated, “With the plan that will come out and with all these items that have been listed on the improvement of revenue, the $3 billion shall be useful to us down the line.”
The emergency loan, secured from Afrexim Bank, was initially intended to relieve pressure on the naira, facilitate the settlement of taxes and royalties in advance, and provide the Federal Government with vital dollar liquidity for naira stabilization.
The recent nomination of Olayemi Cardoso as the new Central Bank of Nigeria (CBN) governor by President Bola Tinubu has already shown promise.
The naira experienced a boost in the black market, strengthening by N10 against the dollar, closing at N990/$1.
Governor Sule indicated that the implementation of the intervention would require careful planning and time.
He emphasized the need for the new CBN team to devise effective strategies. In response to inquiries about a supplementary budget, Sule stated that there is no immediate need for one, as the situation does not warrant it.
As Nigeria’s economic landscape faces evolving challenges, the NEC’s decision to harness the $3 billion loan offers a glimmer of hope for a more stable naira in the near future.
Former FIRS Chairman Muhammad Nami Accused of Controversial N6 Billion Payments After Sudden Exit
Documents reveal questionable approvals and alleged backdating, raising concerns over financial misconduct
Muhammad Nami, the former chairman of the Federal Inland Revenue Service (FIRS), is under scrutiny for approving payments totaling N6 billion to contractors and consultants just days after his abrupt removal from office.
Documents obtained by TheCable shed light on these controversial transactions.
Nami, who was succeeded by Zacchaeus Adedeji, greenlit the payments on September 16, two days after his removal on September 14.
Sources privy to the situation, although not authorized to speak publicly, claim that Nami directed staff to work over the weekend to finalize these transactions.
Additionally, files were allegedly moved from the FIRS headquarters to his residence, where they were purportedly “backdated and signed.”
Perhaps the most eyebrow-raising revelation is that Nami transferred approximately N5 billion from the FIRS account to the Joint Tax Board (JTB) without apparent justification.
It is reported that the FIRS director of finance and accounts reluctantly approved these payments after warning Nami about potential repercussions.
Nami allegedly reassured his subordinates that the incoming FIRS chairman would remain oblivious to these approvals.
Also, documents indicate that Nami approved significant payments, including N1.4 billion for a ‘Business Case for Strategic Leadership’ retreat, N250 million for FIRS Data Mining Management and Analytics in Taxation Course, and N221 million for a ‘Skill Development and Management Improvement Workshop Training.’
Curiously, Nami also appropriated over N81 million for a study visit to the Inland Revenue of Malaysia.
The FIRS, when contacted for comment, remained tight-lipped about the situation. Spokesperson Abdullahi Ismaila stated that he had no knowledge of the payments, while Tobi Johannes, Nami’s former media aide, distanced himself from the matter, emphasizing that his role ceased when Nami’s tenure ended.
These revelations have ignited concerns about financial misconduct within the FIRS and have raised questions about the oversight and accountability of government agencies. The full extent of these allegations is yet to be determined as investigations into the payments and their legitimacy continue.
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