CBN unveils USSD code for E-Naira transactions

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To increase financial inclusion in the nation, the Central Bank of Nigeria (CBN) has published the unstructured supplementary service data (USSD) code for the eNaira.

The CBN governor, Godwin Emefiele, launched the USSD transaction code on Thursday in Kano during the five-day Northern eNaira fair 2022.

To increase the adoption of the eNaira, the apex bank has already announced plans to issue a USSD code.

In order to promote financial inclusion and give Nigerians access to unlimited opportunities through financial services, the new code *997# was introduced.

Emefiele defined the eNaira as a strategic initiative created in compliance with the bank's responsibility to ensure monetary and financial stability, represented by Folashodun Adenisi-Shonubi, deputy governor of operations.

In addition, it would lower the cost of processing cash and boost the effectiveness of cross-border transfers, according to Emefiele.

He estimates that 35.9 percent of Nigerians do not have access to formal financial services, and around 45 percent do not have bank accounts.

However, he claimed that 86 million of Nigeria's 106 million adults, or nearly 81 percent, are mobile phone owners.

"There are 150 million mobile subscribers in Nigeria, according to NCC, June 2022. Therefore, eNaira seeks to leverage the huge opportunity mobile telecommunication presents, as a distribution channel, for the offering of digital services to the underserved and unbanked population," Emefiele said.

It captured the slogan ‘same naira, more possibilities’, and designed to positively impact lives of Nigerians, and transform the economy."

“The eNaira is expected to enhance inclusion, support poverty reduction, enable direct welfare disbursement to citizens, support a resilient payments ecosystem, improve availability and usability of central bank money.”

Central Bank of Nigeria - CBN
Central Bank of Nigeria - CBN
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