CBN Releases USSD Code For e-Naira Transaction

According to the Central Bank of Nigeria (CBN), the Unstructured Supplementary Service Data (USSD) code for the eNaira is *997#.

the USSD code was revealed ten months after the eNiara’s debut.

The CBN said that the *997# eNaira USSD code would improve remittances from Nigerians living abroad, allow for direct welfare payments to residents, and increase the availability of central bank funds, all of which would increase financial inclusion.

Since its launch on October 25, 2021, the eNaira has received 840,000 downloads, and its 270,000 active wallets, which include 252,000 consumer wallets and 17,000 merchant wallets, have processed N4 billion in transactions.

The CBN Governor, Godwin Emefiele, was represented by the apex bank’s Deputy Governor of Operations, Folashodun Adenisi-Shonubi, during the five-day Northern eNaira expo 2022, where the USSD transaction code was unveiled on Thursday.

Emefiele claimed that the eNaira, a Central Bank Digital Currency (CBDC), will expand the ways in which Nigeria’s currency can be used, enhancing the quality of life for the populace.

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The CBN is relying on the 150 million mobile subscribers and 81 million adult mobile phone users in Nigeria for the eNaira’s adoption.

He further explained that:

“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.”

This information was first published on nyscinfo.com DMCA PROTECTED.

Source: Nyscinfo

Updated: August 26, 2022 — 11:37 am

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Stephen Adoga

Stephen Adoga is a trained journalist, researcher, creative writer, content creator, video editor and freelancer. He studied Mass Communication at the Lagos State Polytechnic, Ikorodu, where he acquired requisite training for the practice of journalism. He loves the media. His interest mostly lies in the print medium where his creative writing skill makes him a perfect fit.

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