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Unveiling the Magic: Kuda USSD Codes Simplified for Ultimate Banking Ease

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Kuda Microfinance Bank - Investors King

In the fast-paced digital era, where convenience is paramount, Kuda USSD codes have emerged as a transformative tool in the world of banking. If you’re unfamiliar with this term, don’t worry – we’ve got you covered.

In this article, we’ll demystify the realm of Kuda USSD codes and explain how they are revolutionizing banking for the better.

What are Kuda USSD Codes? Kuda USSD codes are short, easy-to-remember combinations that allow you to access a range of banking services using your mobile phone. USSD, which stands for Unstructured Supplementary Service Data, is a technology that enables quick communication between your device and your bank’s servers. In the case of Kuda, these codes grant you instant access to various banking functions without the need for an internet connection or a smartphone.

The Magic of Kuda USSD Codes:

  1. Balance Inquiry (Dial 895#): Curious about your account balance? Just dial 895# from your registered mobile number, and within seconds, your account balance will be displayed on your screen. No internet required, no queues to stand in – it’s banking at your fingertips.
  2. Funds Transfer (Dial *737*50*amount*416#): Need to send money to a friend or family member? Kuda USSD codes make it a breeze. Simply dial the appropriate code, enter the amount you wish to transfer, followed by the recipient’s account number, and confirm. Your transaction is complete, hassle-free.
  3. Airtime Top-Up (Dial *894*amount*Kuda account number#): Running low on airtime? With Kuda USSD codes, you can instantly recharge your phone without leaving your current location. Dial the code, specify the amount, and enjoy uninterrupted communication.
  4. Bill Payments (Dial *894*Biller Code*Amount#): Settle your bills in seconds using Kuda USSD codes. Whether it’s electricity, water, or any other bill, this feature simplifies the process and ensures your payments are made on time.
  5. Mini-Statement (Dial 899#): Keep track of your recent transactions effortlessly. Dial the provided USSD code, and a concise summary of your latest transactions will be at your fingertips.

Also read: Insider Loans Soar to N112.77 Billion: Union Bank, Stanbic IBTC, Sterling Bank, and Access Holdings Under Scrutiny

How to Use Kuda USSD Codes: Using Kuda USSD codes is as easy as 1-2-3:

  1. Dial the respective USSD code from your registered mobile number.
  2. Follow the prompts provided on your screen.
  3. Confirm your actions, and you’re done!

Security Considerations: While Kuda USSD codes provide incredible convenience, it’s important to prioritize security. Ensure you follow these guidelines:

  • Never share your USSD codes with anyone.
  • Only use your registered mobile number for transactions.
  • Regularly update your mobile banking PIN for an added layer of security.

In conclusion, Kuda USSD codes have transformed banking into a seamless, user-friendly experience. These codes empower you to perform essential transactions with utmost ease, making it a boon for those with limited internet access or without smartphones. Embrace the power of Kuda USSD codes – the future of banking is in your hands.

So, why wait in lines or stress over slow internet connections? With Kuda USSD codes, the world of banking is just a few keystrokes away. Embrace this innovative technology and revel in the newfound simplicity of managing your finances.

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Banking Sector

Jaiz Bank Boosts Chairman’s Income to N24m Amidst Strategic Expansion

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Jaiz Bank

Jaiz Bank has announced a 20% increase in its chairman’s annual income to N24 million.

This decision was unveiled in a recent statement filed with the Nigeria Exchange Limited, highlighting the bank’s commitment to rewarding leadership amidst its expansion plans.

The bank, renowned for its pioneering role in non-interest banking in Nigeria since 2012, also approved a remuneration package of N20 million for each non-executive director.

The announcement was made by the bank’s secretary, Mohammed Shehu, highlighting the importance of competitive compensation for board members who provide crucial oversight and strategic guidance.

Shareholders at the Annual General Meeting (AGM) expressed confidence in the board’s leadership by approving the resolution on directors’ fees.

This move aligns with Jaiz Bank’s ongoing efforts to enhance its capital base to N70 billion by the end of 2024.

The bank also announced a dividend of 4 kobo per share, which will be distributed to shareholders on July 16, 2024.

This dividend declaration was welcomed as a testament to the bank’s operational success in a challenging economic climate.

Also, the AGM saw the re-election of Muhammadu Indimi and Muhammad Abdulmutallab as non-executive directors, reaffirming shareholder trust in their leadership capabilities.

Jaiz Bank’s financial performance has been impressive, with a 67% increase in profit before tax, reaching N11.1 billion in 2023.

Gross earnings also rose by 42% to N47.2 billion from the previous year, showcasing the bank’s successful growth strategy.

As Jaiz Bank continues to expand its services, the enhanced remuneration package signals a commitment to maintaining strong governance and leadership, paving the way for future achievements in ethical banking.

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Banking Sector

Nigeria Plans 50% Windfall Tax on Banks’ Currency Profits

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Central Bank of Nigeria (CBN)

Nigerian President Bola Tinubu has announced a one-time 50% tax on windfall profits that banks reaped from currency gains following last year’s naira devaluation.

This decision was part of the government’s strategy to navigate the ongoing cost-of-living crisis.

The naira, which has depreciated by about 70% against the dollar since foreign exchange rules were relaxed in June 2023, allowed banks holding dollar assets to significantly boost their income.

However, the Central Bank of Nigeria had advised lenders to retain these profits as a buffer against potential future losses.

The proposed tax will apply to the 2023 financial year, with non-compliance resulting in hefty fines.

The move has already impacted the NGX Banking Index, which fell by 1.3% as of midday trading in Lagos. Notable declines were seen in FBN Holdings Plc and Zenith Bank Plc, dropping 3.2% and 2.5% respectively.

This initiative mirrors similar actions in Europe, where countries like Italy and Hungary have imposed taxes on banks to address what they view as excessive profits during periods of high inflation and interest rates.

European banks have criticized these measures, warning of potential impacts on economic growth due to constrained lending capabilities.

President Tinubu’s administration believes this tax will help manage Nigeria’s fiscal challenges while addressing social needs.

Lawmakers are expected to support the measure, alongside a proposal to increase government spending by 6.2 trillion naira ($3.8 billion).

While banks have benefited from currency revaluations, many customers, particularly manufacturers with dollar-denominated loans, faced significant losses as they struggled with the weaker naira.

The new tax policy highlights the government’s broader efforts to stabilize the economy and attract foreign investment, aiming to ensure a more equitable distribution of financial gains.

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Banking Sector

Unity Bank Customers Win Over N4 Million in Cashtoken Rewards Promo

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Unity Bank customers have claimed over N4 million in cash rewards in its ongoing loyalty programme recently rolled out with Cashtoken, a Cash Reward-as-a-Service company.

The winners included no fewer than 40 customers who adopted and transacted on the Bank’s digital banking platforms, including the UniFi mobile banking application, the *7799# USSD platform or activated their Unity Bank Verve Card to transact on e-payment terminals across Nigeria.

Beginning from onboarding in our customer lifecycle journey, the Unity Bank Cashtoken Partnership commenced as a loyalty and reward scheme to reinforce the benefits of e-banking platforms. To begin, Customer transactions earn cash tokens, which are then redeemed to qualify for the monthly Cashtoken Rewards draw. Consequently, winners emerge from the draws to claim the cash prizes.

Recall that the retail lender announced the ongoing Cashtoken Rewards loyalty programme in December 2023 in partnership with Cashtoken Rewards Africa to empower customers and improve customer satisfaction. The partnership with Cashtoken Rewards also provided an opportunity for the Bank to migrate customers—old and new—to a platform that will continually create exciting rewards and appreciation for loyalty.

Eghomware Iyamu, Unity Bank’s Head of E-Business, commenting on the success of the Cashtoken Rewards loyalty program, stated: “We are excited to see our customers win over N4 million in cash rewards through our partnership with Cashtoken. This initiative demonstrates our commitment to recognizing and rewarding the loyalty of our customers”.

“By leveraging our digital banking platforms, including the Unifi mobile banking application and the *7799# USSD platform, we are not only enhancing customer experience but also providing life-changing opportunities. The Cashtoken Rewards program is a testament to our dedication to improving customer satisfaction and creating meaningful rewards along our customer lifecycle journey. We look forward to seeing more of our customers benefit from this exciting program as we continue to innovate and deliver exceptional value to them.”

Unity Bank has robust electronic banking products which include mobile and digital banking channels, including ATM, PoS, or any digital payment channels which support retail product transactions across the country. New-to-Bank customers are invited to open a Unity Bank account, onboard onto the digital platforms and begin transacting on the various platforms to earn cash token rewards and cash prizes while existing customers are encouraged to onboard and transact to win even more rewards and cash prizes.

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