CBN Launches USSD Code For eNaira Transactions

CBN Launches USSD Code For eNaira Transactions

To promote greater financial inclusion in the nation, Godwin Emefiele, Governor of the Central Bank of Nigeria, launched the eNaira’s USSD code on Thursday, August 25.

At a five-day Northern eNaira fair 2022 in Kano, Emefiele, who was represented by Folashodun Adenisi-Shonubi, the CBN’s Deputy Governor of Operations, said the new code, *997#, was introduced to promote financial inclusion and provide Nigerians with limitless opportunities through financial services.

He added that eNaira is a strategic project created in accordance with the bank’s responsibility to maintain monetary and financial stability.

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.”

The CBN Governor revealed that approximately 45 percent of Nigerians do not have bank accounts, while 35.9 percent are not eligible for formal financial services. He also expressed hope that the eNaira would facilitate diaspora remittances, lower the cost of processing cash, and increase the effectiveness of cross-border payments, among other things.

He also mentioned that 86 million of Nigeria’s 106 million adults, or nearly 81 percent, own mobile phones.

Emefiele said; “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.”

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