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‘Poverty reduction’ CBN unveils USSD code to improve access to money

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‘Poverty reduction’ CBN unveils USSD code to improve access to money

The Central Bank of Nigeria has unveiled the USSD code for the country’s digital currency, eNaira.

The bank said the code, *997#, will help deepen financial inclusion as all transactions can be accessed through the channel.

The bank’s deputy governor, Kingsley Obiora, had hinted of the move at the IMF African Department Speakers Series held virtually in June.

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The unveiling took place in Kano State on Thursday where the CBN governor, Godwin Emefiele, was represented by the deputy governor of operations, Folashodun Adenisi-Shonubi.
In a tweet, the bank said eNaira is expected to support poverty reduction, enable direct welfare disbursement, support a resilient payments ecosystem, improve availability usability of money, facilitate diaspora remittances, reduce the cost of processing cash & improve the efficiency of cross-border payment.
“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.”

In October 2021, the CBN disclosed it minted N500 million eNaira and issued N200 million eNaira to banks.
Some users say they still face challenges installing and using the eNaira speed wallet app.

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