In today’s article, you will learn more about USSD lending, what it is, and how you can benefit from it.
USSD stands for unstructured supplementary service data.
And as you can guess, it sounds so technical, which is true.
But don’t be fooled, it isn’t as hard as its sounds.
In fact, you have been using USSD codes everyday.
Whenever you dial anything that starts with * and ends with #, you are using USSD.
When purchasing internet data, you often dial *544#.
You are using USSD codes.
And when it comes to lending, USSD is a godsend.
It is the best communication channel linking mobile financial services to low-income earners around the globe.
Apart from MPESA, other mobile financial services (MFS) within most of the developing countries leverage USSD lending codes to facilitate communications with the clients and the mobile lending platforms.
It has to do with how easy it is to implement this strategy.
Additionally, no need for special infrastructure, after all, the USSD codes work on any mobile device (whether internet-enabled or not).
Looking for USSD codes to dial when looking for loans in Kenya?
Here is a list of Kenyan lenders already using USSD lending technology.
1. Chase Bank of Kenya – *275#
2. CFC Stanbic – *208#.
3. Barclays Bank Kenya (Timiza Loan USSD) – *224#.
4. Bank of Africa(BOA) – *987#.
5. Commercial Bank of Africa – *654#.
6. Co-operative Bank of Kenya – *667#.
7. Credit Bank of Kenya – *669#.
8. Diamond Trust Bank(DTB) – *385#.
9. Ecobank – *335#.
10. Equatorial Commercial Bank(ECB) – *286#.
11. Equity Bank of Kenya – *247#.
12. Family Bank of Kenya – *325#.
13. Faulu microfinance DTM – *339#.
14. First Community Bank (FCB) – *342#.
15. Gulf African Bank – *399#.
16. Housing Finance Company (HF Whiz Loan App USSD Code) – *231#.
17. I & M Bank Limited – *458#.
18. Jamii Bora Bank – *344#.
19. Kenya Commercial Bank. (KCB Mobi loan USSD Code) – *522#.
20. K-REP BANK – *527#.
21. Kenya Women Finance Trust(KWFT) – *378#.
22. Musoni Microfinance Institution(MFI) – *279#.
23. National Bank of Kenya (NBK) – *625#.
24. NIC Bank Limited (NIC NOW USSD Code) – *488#.
25. Post Office Savings Bank(Post bank) – *498#.
26. Rafiki Microfinance bank DTM – *366#.
27. SMEP DTM – *741#.
28. Standard Chartered Bank(SCB) – *722#.
29. Transnational Bank of Kenya – *862#
As you already understand the impact of having USSD codes for your lending business, here are steps you can take now to obtain your own.
This is how can I get a USSD code from Safaricom;
First, download an application form here.
Again, find more information here.
After securing your USSD lending codes, your next step is to get a system to help manage your clients.
Lucky for you, Jisort is currently offering a 30-day free trial.
Get in and test-drive the system now.