In the past, when there was little or no technology, people seemed to be coping with every situation they find themselves in, no matter how inconveniencing it is. But with the Advent of development and technology, life have been made easier, and less stressful. We can get anything we want at the comfort of our home.
Today, I'm going to enlighten you guys on the advantages and disadvantages of recharging both airtime and data, directly from your bank. before you proceed, please click the follow button, to read my articles once they are published.
Since the introduction of mobile banking and automated banking in Nigeria in 2015, many Nigerians formed the habit of doing almost every bank transactions from their mobile phones and devices. One of the tools used by many banks to enable convenient banking is USSD.
USSD, which is an abbreviation for Unstructured Supplementary Service Data, is a short unique code introduced by banks to be used by customers to ease transaction process. The bank USSD codes, can be used to transfer funds, buy airtime, and even get a card, because they have been linked to your mobile number and BVN.
As I have explained the USSD codes, now you understand what it's all about, so as not the bore you, I'll go straight to giving you the advantages of buying airtime from banks.
Advantages of buying airtime from banks
1. Convenience: Buying airtime and data from bank, is quite convenient, because you don't need to move an inch. Just dial the relevant code and follow the query, and that's it.
2. Emergency: In time of emergency and panic, you can easily buy airtime and make an urgent call. An example of a situation, is at midnight.
Now, I believe you all understand the advantages of buying airtime from banks. But now, I'll drive into the main topic which is The Disadvantages. Everything that has advantages must have Disadvantages. In as much as the advantages of buying airtime from banks, has vast advantages, let's not be misled, for the disadvantages causes more damages. Below are the disadvantages.
Disadvantages of Buying Airtime From Banks.
1. Prone to hackers: As I explained the concept of USSD above, here is the dark side of USSD codes. Messages over USSD are not encrypted, meaning that they are vulnerable to hackers. When thieves steal phones, their main profit is not just the phone itself. Thieves steal phones to access the SIM card, which is already connected to the victims bank account. They can generate the victims Bank Verification Number (BVN) and wipe the account.
They do it by first, they'll purchase a recharge card using USSD code of the victims bank, so they'll know their bank balance. Second, they take out that SIM card, put it in their phone, and obtain the last digits of the victims BVN to make a transfer. They dial the short code for obtaining the BVN number which is *565*0#. After these steps, they can wipe the victims account.2. SIM swap theft: SIM swap is when a network user replaces their SIM card with a new one, moving their data to the new SIM, including bank informations. The problem there is when someone that doesn't own he phone, goes to a mobile center for a SIM swap, and access the owners data including their bank informations. And note: a SIM card must be inactive for six months, before the number is reassigned.
3. Unemployment and reduction in sales: You might be wondering why this is a disadvantage. It is because, since the inception of mobile banking and USSD purchase of recharge card, these self employed youths have closed down their recharge card businesses. Although some are still selling, but you can commonly find them, along roadsides and rural areas. People who owned these kiosks are now into SIM cards registration and activation. Even people who still sell recharge cards in hardcopy, merged it with with another business. You can't find a person who sells only recharge cards. So let's get this business booming again, because it is one of the affordable businesses, one can venture into in Nigeria.
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