USSD Retail Payment is a solution which enables instant payments to merchants’ accounts with FirstBank using a simple USSD short-code. The transactions are consummated via a mobile phone technology using text based interaction between a mobile device and an application platform or financial host.

Simply put, this involves the use of a string of numbers to make payment for goods and services using a mobile device. The string of numbers consists of codes, unique IDs and details of the transaction being consummated.

  • A merchant code is generated by the Bank and tied to the merchant account number for receipt of funds
  • Customer dials Bank USSD syntax e.g. *894*89400000*Amount# for payment from FirstBank or *402*89400000*Amount# (mCash) from other banks
  • The session returns for the customer to input his/her customer ID and PIN number
  • After successful authentication, debit is passed to customer account and instant credit to merchant account
  • Merchant will get a push message on the mobile number registered to the merchant notifying merchant of transaction status
  • The fee charged to merchant is graduated based on the value of transaction. Customers/payers however are charged N20 per transaction.

Benefits to the Merchant;

  • Wider acceptance: Merchant can receive payment if cash and debit/credit cards are not available
  • Instant settlement to merchants’ account
  • Increased security of payments
  • Reliability/close to zero failure rate

Benefits to the Customer;

  • Convenient way to make payments
  • Increased security of payments
  • Reliability/close to zero failure rate
  • Increased speed of transaction

FBN QR is designed for Micropayment hence, most payments are retail based. The target market for this product includes:

  • Religions Organizations: e.g. Churches, Mosque and other places worship for payment of tithe, offering, etc.
  • Retail Stores: e.g. Supermarket, Grocery Stores, Chain Outlets, Pharmacies etc.
  • Eatery and Entertainment Outlets E.g. Restaurants, Eateries, Bars & Lounges
  • Movie Entertainment: Film House, Cinemas etc.
  • Education Sector: Privates Schools, Tertiary Institutions
  • HealthCare Sector: Hospitals, Clinics, Care Centers or Homes
  • Luxury and Indulgence: Spa, Beauty Salon, Hair Salon, Fashion shops
  • Lodging: Hotels & Motels
  • Delivery Outlets
  • Service providers that receive payments
  • Online retailers
Amount Customer Fee Merchant Fee
< N5,000 N20 Free
N5,001 – N10,000 N20 N25
N10,001 > N20 N50