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:
- 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.
- 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.
- 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.
- 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.
- 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.
How to Use Kuda USSD Codes: Using Kuda USSD codes is as easy as 1-2-3:
- Dial the respective USSD code from your registered mobile number.
- Follow the prompts provided on your screen.
- 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.
Access Bank, Others Collect N154 Billion in Electronic Banking Fees in H1’23, a 16.7% YoY Surge
In the first half of 2023, customers of Nigeria’s top nine commercial banks paid a whopping N154 billion in fees for utilizing electronic banking services, reflecting a robust 16.7% year-on-year increase compared to H1’22’s N131.97 billion.
The data, extracted from the financial statements of these banks, underscores the escalating trend of Nigerians embracing electronic payment channels.
Leading the pack in revenue generation from these fees is Access Bank, amassing N43.9 billion, followed by United Bank for Africa Plc (N51.07 billion), Zenith Bank (N22.27 billion), Guaranty Trust Bank (N21.2 billion), and others like Stanbic IBTC (N2.14 billion), First City Monument Bank (N7.4 billion), Unity Bank (N1.96 billion), Fidelity Bank (N1.85 billion), and Wema Bank (N3.13 billion).
Electronic banking services encompass a gamut of options, including internet banking, mobile banking, ATMs, and Point of Sale (PoS) systems.
Recent data from the Nigerian Interbank Settlement System (NIBSS) for Q1’23 indicates a substantial surge in electronic transactions.
Transaction volume increased by 209% YoY to 4.7 billion, and transaction value grew by 48% YoY to N137.52 trillion.
The nine banks collectively raked in N66.7 billion in account maintenance fees and commissions during H1’23, reflecting a 14.7% YoY rise.
Zenith Bank led this category with N21.02 billion, trailed by Access Bank (N13.36 billion), Guaranty Trust Bank (N10.5 billion), and United Bank of Africa (N9.6 billion).
Overall, the banks’ cumulative net fees and commission income registered a substantial 20.7% YoY growth, reaching N448.47 billion in H1’23 from N371.43 billion in H1’22.
Access Holdings Posts 52.6% Profit for the First Half of the Year
Parent Company of Access Bank Celebrates Remarkable Financial Performance in H1’23
Access Holdings Plc, the parent company of Access Bank, has reported a 58.9 percent surge in gross revenue to N940.3 billion for the first half of 2023.
The financial services giant also recorded remarkable growth in Profit Before Tax (PBT) and Profit After Tax (PAT) at 71.4 percent and 52.6 percent, respectively, culminating in N167.6 billion for PBT and N135.4 billion for PAT during the same period.
These financial milestones were unveiled as part of Access Holdings’ Audited Consolidated and Separate Financial Statements for the period concluding on June 30, 2023.
The driving force behind this unprecedented growth can be attributed to a potent combination of factors. A 63.0 percent growth in interest income and a 51.9 percent increase in non-interest income fueled the surge in gross revenue.
Access Holdings also witnessed a 35 percent year-to-date growth in customer deposits, capping the first half of 2023 at an impressive N12.5 trillion. This remarkable achievement encompassed all business segments, reinforcing the Group’s status as Nigeria’s largest financial institution by total assets.
The company’s total assets grew by 39.0 percent year-on-year to N20.9 trillion while shareholders’ funds surged by 40.6 percent to N1.7 trillion.
These astounding figures underline the Group’s ability to generate value from a diversified business portfolio, spanning banking, asset management, and payment services.
Herbert Wigwe, the Group Chief Executive Officer of Access Holdings Plc, commented on the company’s positive performance, saying, “Our growth plans for the African continent remain firm and clear, driven by the strong long-term growth prospects and trade opportunities seen across many of the countries.”
He went on to emphasize the company’s commitment to its 5-year cyclical strategy, stating, “Our primary objective remains to transform Access Holdings Plc into a leading financial and ecosystem player, fostering opportunities for shared prosperity among all stakeholders.”
Central Bank of Nigeria Postpones 293rd Monetary Policy Committee Meeting
The Central Bank of Nigeria (CBN) has announced the postponement of its 293rd Monetary Policy Committee (MPC) meeting, originally scheduled for September 25th and 26th, 2023.
Dr. Isa AbdulMumin, the bank’s Director of Corporate Communications, released a statement on Thursday confirming the decision.
In the statement, Dr. AbdulMumin stated, “The Monetary Policy Committee of the Central Bank of Nigeria has deferred its 293rd meeting, which was initially planned for Monday and Tuesday, September 25th and 26th, 2023, respectively. A new date will be communicated in due course. We regret any inconvenience this change may cause our stakeholders and the general public.”
While the CBN did not provide an official reason for the postponement, some industry experts suggest it may be related to the pending approvals for the newly appointed governor and deputy governors of the bank.
President Bola Tinubu recently nominated Yemi Cardoso as the potential head of the CBN. Additionally, Tinubu has endorsed the nominations of four new deputy governors for the apex bank, who are expected to serve for an initial term of five years, pending confirmation by the Senate.
The nominated deputy governors are Emem Usoro, Muhammad Abdullahi-Dattijo, Philip Ikeazor, and Bala Bello. However, the appointment of the CBN governor is contingent upon Senate confirmation, which is currently on a yearly recess.
The CBN assures stakeholders and the public that the rescheduled MPC meeting date will be communicated promptly as soon as it is confirmed.
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