Governor of CBN

CBN reveals 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.

A strategic project created in accordance with the bank’s responsibility to maintain monetary and financial stability, he added, is the eNaira.

“It encapsulated the slogan’s name naira, more options,’ and was created to have a beneficial influence on Nigerians’ lives and alter the economy.

The eNaira is anticipated to improve inclusion, aid in the eradication of poverty, permit direct welfare payments to citizens, support a robust payments ecosystem, and increase the accessibility and usability of central bank funds.” Emefiele added.

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.

Godwin Emefiele, Governor of the Central Bank of Nigeria

Emefiele declared;

“In addition, the NCC estimates that there are 150 million mobile customers in Nigeria as of June 2022.

In order to provide digital services to the underserved and unbanked population, “eNaira intends to utilize the enormous possibility mobile communications affords, as a distribution channel.”

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