How The FIRSTBANK USSD or mCASH Retail Payment works

Have you heard about this USSD payment platform from First bank? The retail Payment is a solution which enables FirstBank customers to receive instant payments from anyone 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.

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

Now, everyone can receive payments with a unique USSD code. Dial *894*99# to begin.
It’s easy, it’s safe, it’s instant. Get coded now! Follow the simple steps to see how it works.

How It Works
• A unique USSD code is generated by the Bank and tied to your account number for receipt of funds.

• To self-enroll and receive payments with the FirstBank USSD code, dial *894*99# and follow the prompts or enroll through the FirstMobile app; click on Merchant Services, USSD and follow the prompts. Alternatively, you can visit any of our FirstBank branches nationwide to enroll.


• Your unique USSD code is generated immediately after enrollment and you are now ready to receive payments from FirstBank and other banks instantly.

• To make payments, customer dials FirstBank USSD syntax 894 your USSD code*Amount# e.g. 894*89400000*5000# for payment from FirstBank; or the mcash syntax *402 your USSD code*5000# e.g. *402*89400000*5000# to make payments from other banks.


• The session returns for the customer/payer to input their 5-digit USSD PIN number

• After successful authentication, debit is passed to customer/payer account and instant credit to receivers account


• Receiver will get a push message on the mobile number registered notifying of the transaction status.

• The fee charged to receiver is graduated based on the value of transaction. Customers/payers however are charged N20 per transaction.

What then are some of the benefits outlined
• Wider acceptance: Anyone can receive payment if cash and debit/credit cards are not available
• Instant settlement to account
• Zero fee on payments below NGN5,000.
• Increased security of payments
• Reliable means of transacting business

Benefits to the Payer
• Convenient way to make payments
• Increased security of payments
• Reliable means of transacting business
• Increased speed of transaction

You see I read this up on the internet and decided to share with you