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Zenith Bank Transfer Code: How To Make Transactions Using The Code



zenith bank transfer code

Zenith Bank Transfer Code: How To Make Transactions Using The Code

Zenith bank transfer code has been launched. It is a mobile USSD banking solution created to make banking transactions with Zenith Bank easy and effortless for customers. The USSD of the bank is *996#.

It is fondly referred to as Eazybanking solution by the bank. The development of the Zenith bank transfer code is to complement the efforts of the Central Bank of Nigeria (CBN’s) efforts to build a cashless economy in Nigeria.

The idea is that you can carry out financial transactions on any mobile phone without going online or having to go to the bank. That is the implication or reality of the Unstructured Supplementary Service Data (USSD).

The convenience provided by this USSD banking solution is amazing. It is also an easy, fast and secure way to access your bank account anytime and at any day using the mobile phone. No data is required.

The services of Zenith bank transfer code can be used by all individual account holders with any type of phone with Nigeria network access. The 15 retail accounts are free and eligible to use this service except domiciliary, ZECA and Premium accounts.

Related: Internet banking in Nigeria

Everything you Need To Know About Zenith Bank Transfer Code

The process of opening an account

For those that are not Zenith Bank customers or customers who want to open another account with the bank, you can actually do that with the Zenith Bank transfer code without stress.

This is what you need to do. Dial 966*0# and follow through the onscreen prompts that will pop up. An account number will be created for you which you will get via SMS. This helps you avoid all the unnecessary bureaucracy and inconveniences you pass through at the bank.

Also read: Internet banking security tips in Nigeria

Registration Procedure

We want to assume you are a Zenith Bank customer or you want to help a Zenith Bank customer. For you to use that Zenith Bank transfer code, you will have to register. Below are the steps for registration but remember, you are expected to use the phone number that your account is registered with.

  • First of all, simply dial *966*00# with your mobile number where you do receive your alert.
  • You will get a prompt requesting that you to enter the last 4 digits of your Debit (ATM) card number. Please enter the pin.
  • The next prompt you will get will display your Account Name and you will tell you to create a 4 digit PIN. Please it is advisable to put 4-digit PIN that you can easily remember but that will be difficult for anyone to guess right. This is for security purposes.
  • Next, you will get another prompt to confirm the 4 digit PIN. Please reenter the PIN.
  • If the process is successful, you will get a message “ Retrieving your balance “
  • At this juncture, you will then receive an SMS containing your account balance.

How To Check Account Balance

From anywhere at any point in time, you can quickly and easily check your account balance to know how much you have left.

To check for balances on any of your accounts, you are expected to dial; *966*00# on your mobile phone and follow the on-screen prompts and your balance will be revealed to you.

Airtime Purchase

With the Zenith Bank transfer code, you can purchase airtime for your registered mobile number on which you get alert and you can recharge for friends and loved ones directly from your account.

To recharge for yourself, simply dial *966*amount# on your registered mobile number. For instance, if you want to recharge N1000 on your line, all you need to do is to simply dial *966*1000# and it will be recharged instantly while you also get alerts for the transaction.

To recharge for other people, simply dial *966*Amount*Mobile Number# on your phone. For example, if you want to recharge N1000 on 08030000000, simply dial  *966*1000*08030000000# and the person will be recharged while you also get transaction notification.

Fund Transfer

The Zenith Bank transfer code can also enable you to transfer money conveniently. To do this, simply dial *966*Amount*Account Number#. If you want to transfer N1000 to the account number 1234567890, dial *966*1000*1234567890# from the phone number you registered with Zenith Bank, then follow the on-screen prompts. The money will be sent to the person immediately.

Transaction Limit

There is a limit to the amount of money to be transferred if you are using the Zenith Bank transfer code. The cumulative money transfer limit is set at N100,000 (One hundred thousand Naira) per day while the cumulative transaction limit on the Airtime top-up part is set at N3,000.00 (Three thousand Naira) per day.

Enjoy this easy and quick banking style provided by Zenith Bank. Share to help a brother.




Ossi Samuel is a mafian thinker, an avid reader and writer, and political analyst. Am a humanitarian and fun loving person. I love Tech by the way and will always have your time if you have any ideas. I can be reached on Facebook

Banks & Banking

Requirements For Starting And Running A Microfinance Bank In Nigeria



Starting any business is not difficult if you have the required skills and orientation and how to go about it. So, if your interest is starting a microfinance bank in Nigeria, then, you are in the right place as I am just about to discuss with you the steps on how to achieve that. You will get to find out Requirements For Starting And Running A Microfinance Bank In Nigeria. Here, I will be discussing with you the requirements as well as the paperwork which is needed in setting up a microfinance bank in Nigeria.

Microfinance Bank In Nigeria: Meaning and Functions

By Microfinance bank, I am referring to a company which is licensed by the Central Bank of Nigeria (CBN) to offer both financial and non-financial services to the Nigerian population. Microfinance banks (MFB) are into the provision of loans and other forms of securities such as fund deposits and domestic money transfers. They are targeted at citizens such as the youths, the employed and the unemployed, farmers and artisans, fishermen, non-skilled as well as non-salaried workers in the informal sectors and formal sectors of the Nigerian economy.

The volume of loans provided by microfinance banks is dependent on the cash-flow density of the business as well as the loan recipient’s character. As such, most of the loans provided by microfinance banks in Nigeria are termed, “unsecure”.

Nature Of Loans Offered By MFBs

Loans offered by microfinance banks have a short-term repayment plan. Some can last 6 months, while others can last up to 12 months. The maximum loan repayment timeframe in Nigeria is 24 months. In most scenarios, loans given by microfinance banks do not exceed N500, 000 or an equivalent of one percent (1%) of the shareholders’ liquidity.

Types Of Microfinance banks In Nigeria

Microfinance banks in Nigeria are three types and you may choose to operate any of the following: Unit microfinance bank, State microfinance bank and National microfinance bank.

Unit microfinance bank requires at least 20 million naira in capital to start and operate and are not allowed to operate branches or cash centers except the main bank office.

State microfinance banks, on the other hand, require a startup capital base and under approval by the central bank of Nigeria hands the states his residence in the federal capital territory as its target base heat and how it operates branches or cash sentence under approval by the central bank of Nigeria.

Finally, National microfinance banks require a capital base of two billion naira (N2b) and such microfinance banks can cover all the states in the federation as well as the federal capital territory under approval by the Central Bank of Nigeria. Each new cash center or branch can be set up in all over the country.

Requirements For Microfinance Bank Licensing In Nigeria:

(A) A written application to the Governor of the Central bank of Nigeria (CBN) indicating which of the 3 categories of microfinance bank listed above you or your company is interested in is required. This application should be accompanied by:

  1. An Application fee of N50,000 for unit microfinance bank, N100,000 for state microfinance bank, N250,000 for national microfinance bank in bank draft or e-payment in favor of the CBN.
  2. A deposit of the already mentioned capital requirement of the MFB in an MFB share capital escrow account with the CBN. This will be released with interest to the promoters after license issuance.
  • Evidence that the capital requirement which was paid is acceptable to the CBN and does not come from illegal sources such as laundered money, or money from illicit trades, etc.
  1. Detailed microfinance bank feasibility report
  2. Certificate of capital importation in case of foreign capital.
  3. A copy of your company’s memorandum of association as well as the articles of association.

(B) A Letter of intent to pay for the subscribed shares of the proposed MFB by its subscribers.

(C) A list of your promoters/proposed shareholders, together with their address and the names & address of their bankers.

(D) Particulars of the proposed board of directors.

Granting of The Approval in Principle (AiP)

The CBN will properly vet the steps mentioned above and proceed to issue an approval in principle (AiP). The CBN will, however, interview the microfinance bank promoters and after this stage is passed, the AiP shall be granted by the CBN if it is satisfied with the overall quality within 3 months of receipt of the application.

Having the AiP is however not an automatic permission to immediately commence operation of a microfinance bank in Nigeria, pending the grant of a final license. The final operating license shall be granted a microfinance bank which has been granted the AiP after the following conditions have been satisfied by the MFB in Nigeria. The MFB may, therefore, commence full operation after satisfying the following:

Required Documents To Be Submitted By The MFB promoters To the CBN:

  1. A copy of the shareholders’ register
  2. A copy of the share certificate of each shareholder
  3. Form CAC 2 (return of allotment) filed with the corporate affairs commission (CAC).
  4. Form CAC 7 (particulars of directors)
  5. Memorandum of association as well as articles of association filed with the corporate affairs commission.
  6. Opening statement of affairs audited by an approved firm of accountants practicing in Nigeria.
  7. Certified true copies and the original copy of the certificate of incorporation.
  8. A copy of the letter of offer and acceptance of employment by top management staff as well as confirmation that the management team as approved by the CBN is in place.
  9. A letter of undertaking to comply all rules and regulations guiding the microfinance banks
  10. Form CAC 3 showing the location and address of the head office and branches where applicable.

Inspection and Commencement of Full Business Operation

After due completion of the above processes, the CBN will write to the MFB to commence full business operation after physical inspection of the MFB’s structures. The MFB will also need to inform the CBN of its date of full commencement of business.

Other Fees

There are some other fees aside from the ones statutorily required and stated above. So, if you wish to set up an MFB in Nigeria, you should take cognizance of the following “other fees”:

  1. Application fee for unit MFB N50,000;
  2. Application fee for state MFB: N100,000;
  3. Application fee for National MFB N250,000.
  4. Licensing fee for unit MFB N100,000;
  5. Licensing fee for state MFB: N250,000;
  6. Licensing fee for National MFB: N1million.
  7. Change of name for unit MFB: N20,000;
  8. Change of name for State MFB: N50,000;
  9. Change of name for National MFB: N100,000.

But what happens if the CBN is not satisfied with the structures and securities and other requirement parameters of the would-be microfinance bank? It will refuse to issue a license to such MFB and upon doing so, will simply return to the share capital as well as the interest element to the MFB promoters.

Caution for Licensed Microfinance Banks In Nigeria

It is against the ethics and operating principles of MFB in Nigeria to engage in the activities listed below upon granting of the final operating license by the CBN and once it commences business operations:

  1. Accepting of public sector deposits except for some permissible activities.
  2. Collection of third party cheques as well as other instruments for the purpose of clearing.
  3. Dealing in land business for speculative reasons and agendas.
  4. Dealing in real estate
  5. Engagement in international corporate financing
  6. Engagements in an international electronic funds transfer.
  7. Financing of illegal activities like smuggling, gambling, firearms etc.
  8. Involvement in Clearing house activities
  9. involvement in financial transactions which involves international commercial papers
  10. Involvement in foreign exchange transactions.
  11. sales/purchases as well as leasing or renting of any kind with the officers and/or directors, employees or persons without the written approval and permission of the CBN

Any MFB involved in any of the kinds of transaction listed above or as stipulated in the supervising guidelines regulating microfinance banks in Nigeria will have its license revoked. It is also regulated by provisions in the banking and other financial institutions act (BOFIA) as amended,1990.

Once all the guidelines mentioned above have been duly adhered to and comprehensively followed by anyone intending to establish a microfinance bank in Nigeria, with due consideration of the cautions stated and as reflected in the banking and other financial institutions act (BOFIA) as amended,1990 and the CBN is absolutely satisfied, the microfinance bank will be set up and ready to commence full business operations.

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Banks & Banking

Fixed Deposit Vs. Treasury Bill In Nigeria: What Is The Difference?



Many Nigerians find it hard to differentiate between fixed deposit and treasury bill in Nigeria If you are one of them, then worry no more because in this post I discuss the main difference between fixed deposit and treasury bills in Nigeria.

First, What is a Fixed Deposit (FD)?

A fixed deposit usually abbreviated “FD” is a type of investment account that pays a fixed rate of interest to investors over and until a given date. While the fixed deposit runs, the investor would not be allowed to withdraw his or her funds.

Because of the higher rate of interest when compared with savings account, many people tend to put their monies in fixed deposits. Besides this, fixed deposits provide other advantages like tax benefits, safe investment, flexibility, and liquidity. All these intrigue many investors to prefer using a fixed deposit to an ordinary or augmented savings accounts.

But as we all know, whatever have advantages must have disadvantages and fixed deposit account is no exception. The most known risks that fixed deposit faces are inflation risk, default risk, reinvestment risk, liquidity risk, and interest risk.

Fixed Deposit Vs. Treasury Bill In Nigeria: What Is The Difference?, fixed deposit and treasury bill

Fixed Deposit Vs. Treasury Bill In Nigeria: What Is The Difference?

What is a Treasury Bill?

Treasury bills in Nigeria are debt instruments issued by The Central Bank of Nigeria (CBN) and are guaranteed by the government. The central bank of Nigeria (CBN) uses treasury bills as a way to control the money supply in the country’s economy.

These bills are sold bi-weekly by auctions conducted by the Central Bank of Nigeria, and you can buy these bills from any official dealer or through banks’ Treasury bill applications. The Treasury bill is a safe form of investment that is fully backed by the Federal government of Nigeria.

Treasury bills have a lot of investment advantages and upper-hand. Few among them are:

  1. Treasury bills serve as good investment outlets,
  2. are non-taxable,
  3. they can be used as collateral, and
  4. can be converted to cash quickly.

Don’t get too engrossed, we’re talking about the difference between fixed deposit and treasury bill.

The Remarkable Differences Between Fixed Deposit And Treasury Bill In Nigeria

Below are some of the key differences.

  1. Fixed deposits are fixed for an allotted period and are sold daily by banks to their customers while treasury bills are sold bi-weekly.
  2. Fixed deposits are primarily sold and managed by small banks while treasury bills are managed only by the Central Bank of Nigeria although you can buy them through commercial banks in the country.
  3. In a fixed deposit, depositors invest their money with a bank and will be given interest at a given time. In Treasury Bills, an investor borrows money to the Central Bank of Nigeria (CBN) for an allotted period in exchange for interest.
  4. While fixed deposits are done for one month, six months, or a year, treasury bills are usually for a period of 91 days, 182 days, or a year.
  5. Fixed deposits are fully taxable while treasury bills are non-taxable; you only pay a bank fee for the rendered service.
  6. The interest gained in treasury bills is far higher than the one offered by banks in fixed deposits.
  7. Treasury bills allow more liquidity than fixed deposits because they are done for the short, semi-long and long term.
  8. Treasury bills are regarded as the safest and risk-free investments because the government can never run out of funds while fixed deposits are only secured as long as the bank is functioning.
  9. The Central Bank of Nigeria (CBN) always puts a limit to the number of treasury bills it will sell while there is no limit to the fixed deposits that are sold by banks.
  10. Treasury bills money are used by the Central Bank of Nigeria to control the supply of income in the economy while fixed deposits are used by banks for investments.
  11. Fixed deposits can be rolled over by banks as it is a way of saving and investing at the same time while treasury bills cannot be rolled over.
  12. The flexibility in fixed deposits is far more than the one in treasury bills. Because in fixed deposits, you can easily get your cash anytime you want it and you will get the interest you earned for that time, while in treasury bills if you have wanted to withdraw your money before the allotted time, you have to sell the rights of the treasury bills to another person or a bank.
  13. Treasury bills are accepted by all banks in Nigeria as collateral because they are considered risk-free while some banks do not accept fixed deposits as collateral because they do not consider the other banks as strong ones.


Both fixed deposit and treasury bill are good forms of investing. While fixed deposits allow you to withdraw your money at any time, treasure bills do not allow that, but they are considered safer because the government cannot go out of funds. While there is a high possibility of a bank going out of funds thereby dissolving your money in fixed deposits that is not the case with Treasury bills! So, if you are cautious of risks, then you should opt for treasury bills over fixed deposits.



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Banks & Banking

How to Start a Bank



In a vast and fast-growing county like Nigeria, we are faced with an ever-increasing population which has variegated financial needs. This creates the need for the establishment of more banks to meet these needs and/or which can solve the issues inherent in present-day banking activities. For some people, the issues relate to certain banking polices while for others it is trust issues. These drive their patronage to other banks. As a smart business investor, you should key into this situation, see it as an opportunity and start a bank in Nigeria as soon as possible.

The establishment of banks nationwide is something that cannot run out of significance because of the population of businesses and financial transactions. According to statistics, 43% of citizens living in Nigeria either operate an account or intend to do so. Different banks cater to different interests. Some of these interests may be on an individualist level or a corporate level.

Before I give you full details on how to start a bank, let me tell you the different categories of banks available today.

Categories Of Banks In Nigeria

Amidst the numerous banks scattered across the country, we can classify them into three distinct categories. These categories have all been permitted to carry out operations in Nigeria by the BOFIA (Banks and Other Financial Institution).

They include:

  1. Merchant banks,
  2. Commercial Banks, and,
  3. Specialized Banks, some of which includes non-interest Banks, mortgage banks Microfinance Banks and Development Banks.

All the categories mentioned are licensed to operate under the guidelines of the Central Bank of Nigeria (CBN). They may be owned privately or by the government.

Steps to Start a Bank

Steps to Start a Bank in Nigeria

Gain Sufficient Knowledge Of The Financial Service Sector

Unlike other sectors, the financial sector is quite a complex aspect to deal with. You need to gain relevant knowledge of money and what it takes to run a system as complex as that. By doing so, you arrive at a higher level of financial knowledge to help you satisfy your customers and meet their demands.

There are a lot of rules guiding the operation of the banking sector. You need to arm yourself with these relevant information before you set out to start a bank. What am I saying here? I am saying that you need to be well-vested in the running of a bank. This you can get by studying Banking and Finance at a Tertiary Institution in Nigeria or Overseas, especially a University.

Obtain the Appropriate Banking Experience

To be able to operate and handle a bank, you need as much experience as you can get. It is not as simple as you can have in coffee shops, supermarkets, or even schools. You need a wide range of encounters in and out of the system to build your survival rate in this sector.

You need to make comparisons with other banks and understand how they are being run. As you would notice, there are some sensitive details you won’t get until you get hands-on experience or have someone share with you what exactly operating a bank entails.

This is why you won’t find bank owners who haven’t served in the system. As they grew in ranks and experience, they were able to set up theirs.

To help you build a solid and adequate knowledge-base, you need to have passed through series of educational trainings and certifications. This alone doesn’t guarantee that you are well-equipped to handle the pressure from the provision financial and non-financial services in a bank. You would also need managerial and business skills to plow your way to success.

Decide On The Type Of Bank You Want To Operate

Earlier, I established that there are different types of banks that are established in the country. You need to know which one of them that you would love to open. The different bank types have their unique requirements and demands. The level of preparation and procedures for establishment and operation of each of them is also not the same. You need to know what category you are ready to embark on.

Conduct Thorough Feasibility Study Based On Your Category

Having the desire to establish something doesn’t automatically mean it would turn out fine. The major reason why a lot of businesses fail is that there are no accompanying researches and studies done to know the areas of strength. Every business comes as a solution to a pitfall or limitation of another.

To make your bank successful in customer satisfaction, you need to understand what financial service(s) customers complain of in other banks and how you can solve this challenge in your bank. This means most of your findings would revolve around the customers.

Raise The Necessary Capital and Partners

Since you’ll be in charge of people’s funds and resources, you need to be able to convince accreditation bodies that irrespective of whether there are flops in the amount of capital generated, you can still disburse what the customers have entrusted into your hands.

Your customers are looking forward to having their money multiply in their accounts. It is now up to you to determine how this money will be used to generate more funds either through loans, investment and so on. This is why you are required to provide a huge amount of startup fines amounting to thousands and millions of dollars.

After successfully meeting up the target to begin with, you need to start scouting out for partners. Their duty is to invest in your bank and receive a percentage as return or profit. The partners who invest with you must have a well-defined financial means to avoid incrimination.

Obtain Your License From

Now, proceed to the Central Bank of Nigeria (CBN) for accreditation and issuing of licenses. While this process takes a stipulated time, you must ensure that you provide maximum security for the money entrusted into your hands by your customers. This will be well vetted by the licensing department of the CBN and any other regulating institution.

Get A Suitable Location For the Business

Properly siting a business is sine qua none to business success. Hence, from the early stages you must give proper consideration to where to intend to establish your bank. You might have a couple of addresses in mind to choose from. However, you must select a place that matches your business needs.

Whether the land is purchased or leased, you cannot afford to make mistakes with your choice of location. The location of your bank should be at a place that is easily accessible and safe. Customers will not patronize you if the bank is in a hidden area.

Engage in Aggressive Marketing and Advertisement

Banks experience so much competition from other banks who desire to have as many customers as possible. It is now left for you to draft out a means to reach out and inform others of the service you offer and how your services would benefit them the more compared to other banks.

This can be easily achieved through professional marketing and advertising campaigns. Your presentation of your bank services to the public will determine if they see you as one who thy can do business with or not.

Maximize tools like the Social media, Television, Radio, Newspapers and Publishing Houses to spread your information. You can also spread word on the streets and marketing centers through special campaigns that bring you closer to those who would need financial services.

Thank you for taking the time to go through this article on how to start a bank. I hope that you learn from this and use the information contained herein to your maximum advantage. Have a pleasant day!



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