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The Central Bank of Nigeria (CBN) has unveiled the Unstructured Supplementary Service Data (USSD) for its eNaira to enhance financial inclusion in the country.
The CBN Governor, GodwinEmefiele, said this during the inauguration of the USSD transaction code at a 5-day Northern eNaira fair, in Kano.
The theme of the fair is: “Implementation of eNaira Wallet Towards Job Opportunity and Economic Growth.”
The apex bank introduced the eNaira transaction code *997#, to engender financial inclusion and avail Nigerians opportunities to endless possibilities through financial services.
Emefiele, represented by the Deputy Governor Operations, Mr Folashodun Adenisi-Shonubi, described eNaira as a strategic initiative, which is in accordance with the bank’s mandate to preserve monetary and financial stability.
“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,” he said.
He said it would also facilitate diaspora remittances, reduce the cost of processing cash, and improve efficiency of cross border payments, among others.
According to him, approximately 45 per cent Nigerians do not have bank accounts, while 35.9 per cent are excluded from formal financial services.
