CBN Introduces USSD Code For eNaira

In order to enhance financial inclusion in Nigeria, the Central Bank of Nigeria (CBN) has unveiled the Unstructured Supplementary Service Data (USSD) for its eNaira. 

Godwin Emefiele, the CBN Governor, revealed this during the inauguration of the USSD transaction code at a five-day Northern eNaira fair, Kano 2022.

The theme of the fair is: 'Implementation of eNaira Wallet Towards Job Opportunity and Economic Growth.'

According to the News Agency of Nigeria (NAN), the apex bank introduced the eNaira transaction code *997#, to engender financial inclusion and avail Nigerians opportunities to endless possibilities through financial services.

Folashodun Adebisi-Shonubi, Deputy Governor Operations, who represented Emefiele, represented by the Deputy Governor Operations, described eNaira as a strategic initiative, in accordance with the bank’s mandate to preserve monetary and financial stability.

“It captured the slogan ‘Same Naira, More Possibilities’, and was designed to positively impact the 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,” he said.

According to him, the USSD code enhances diaspora remittances, reduces the cost of processing cash, and improves the efficiency of cross-border payments, among others.

He also revealed that about 45 per cent of Nigerians do not have bank accounts, while 35.9 per cent are excluded from formal financial services.

“In addition, 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,” he said.