The USSD code for Nigeria’s eNaira digital currency has been unveilied by the Central Bank of Nigeria.
The bank claimed that because all transactions can be accessible through the code, *997#, it will further financial inclusion.
Kingsley Obiora, the deputy governor of the bank, had alluded to the change at the IMF African Department Speakers Series, which essentially took place in June.
The unveiling took place in Kano State on Thursday, August 25, 2022 with Folashodun Adenisi-Shonubi, the deputy governor of operations, representing CBN governor Godwin Emefiele.
The bank stated in a tweet that eNaira is anticipated to aid in the reduction of poverty, enable direct welfare disbursement, support a resilient payments ecosystem, improve the availability and usability of money, facilitate remittances from the diaspora, lower the cost of processing cash, and increase the effectiveness of cross-border payments.
To further widen financial inclusion, @cenbank unveiled the eNaira USSD channel, which uses the number *997# for both registration and transactions. twitter.com/SAtflvIxoY#CBN #enaira.
— myenaira (@myenaira) August 26, 2022.
“CBN continues to show its commitment to inclusive and welfare-centred policies espoused in policy communication and action through various development finance initiatives under the leadership of the Governor, Godwin I. Emefiele,” it said.
“The eNaira USSD channel in time would be used as a tool for interventions and welfare disbursements to Nigerians towards enhancing economic prosperity and improving the standard of living for all Nigerians.”
