Zenith Bank Nigeria Plc has recorded an impressive 30.8% and 76.4% YoY rise in its USSD banking transaction value and volume respectively, for the year ended 2019.
This is according to the bank’s recent report tagged “Zenith Bank Plc – 2019 Sustainability Report,” made available on the Nigerian Stock Exchange platform.
- Based on the report, the bank’s USSD transaction value grew from N380.25 billion in 2018 to N497.29 billion, indicating a 30.8% rise.
- Also, its USSD transaction volume rose from 29.65 million in 2018 to 52.30 million in 2019, indicating an increase of 76.4% Y-o-Y.
Other financial inclusion highlights
- The bank deployed additional 118 Automated Teller Machines (ATMs) from 1,817 in 2018 to 1,935 in 2019.
- The bank increased its physical branches by 76, from 529 branches in 2018 to 605 branches in 2019.
- It also increased its POS terminals by 95% from 16,425 in 2018 to 32,027 in 2019.
- The bank increased the number of its branches accessible to physically challenged persons from 30 in 2018 to 35 in 2019.
- In 2019, the bank facilitated financial literacy workshops in 35 schools across the country, impacting 13,418 students which comprises of 6,601 boys and 6,817 girls.
- Between 2018 and 2019, the bank recorded a positive growth in its retail accounts product by an additional 1,457,581 indicating an increase of 144.4% Y-o-Y.
What this means
The growth in the bank’s USSD transaction value and volume is a positive indicator of a surge in mobile banking and financial inclusion, especially for under-banked and unbanked individuals.
Corroborating this assertion is a part of the report which explicitly stated that the bank recorded a 36.87% increase in the number of unbanked individuals who received financial services from Zenith Bank in 2019. From 538,910 individuals in 2018 to 737, 628 in 2019, indicating a growth of 36.87% Y-o-Y.
What you should know
Unstructured Supplementary Service Data (USSD) allows users without a smartphone or data/internet connection to use mobile banking at a cost-effective rate.
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It is similar to SMS (Short Messaging Service) – but unlike SMS, USSD transactions are effective when a particular code is dialed on the phone and instructions are promptly followed.