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CBN announces designated USSD code for eNaira transaction

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The Central Bank of Nigeria (CBN) has announced that Nigerians will from next week use USSD code for eNaira transactions.

USSD is a code programmed into your SIM card or cell phone to make it easier to perform certain actions.

CBN believes the move would help boost eNaira acceptability among Nigerians.

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele announced the new feature on eNaira at the Grand Finale of the 2022 eNaira Hackathon in Abuja on Thursday.

Read also:EXPLAINER: How CBN’s new savings interest rate affects Nigerians

Speaking on USSD benefits, Emefiele said, “Nigerians, both banked and unbanked, will be able to open an eNaira wallet and conduct transactions by simply dialling *997 from their phones.

“Shortly after this, both merchants and consumers with bank accounts can use the NIBSS Instant Payment (NIP) to transfer and receive eNaira to any bank account”.

“This will further deepen the integration of the eNaira with the existing national payment infrastructure”.

The CBN Governor reiterated his “promise to increase the level of Financial Inclusion in the country because just like the Naira, the eNaira is expected to be accessible to all Nigerians and would provide more possibilities to bring in the unbanked into the digital economy”.

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