The reach of banking services has been broadened by FBC Bank through the launch of a virtual banking service. In a statement, the bank announced that it is now offering individuals a facility to open full bank accounts through mobile, via USSD (*220#) or the FBC Bank app.
This is something similar to what we have seen before. Steward Bank announced in 2018 a similar facility on their *236# USSD platform.
What makes this development from FBC different, however, is that these aren’t lite accounts, these are full KYC Accounts. Lite accounts are hampered by limits and strict restrictions. A full KYC Account isn’t anywhere near as restricted as a lite account.
What type of accounts is FBC offering via mobile?
FBC Bank are offer are offering 5 account types:
- Current Account
- FCA Account
- Savings Acccount
- Improved Instant Card
- Digital Wallet