CBN Says More Nigerians Are Using eNaira Announces Designated USSD Code for Transactions

CBN Says More Nigerians Are Using eNaira Announces Designated USSD Code for Transactions

  • The Central Bank of Nigeria (CBN) has praised the popularity of the eNaira since it became available to Nigerians
  • The CBN also promised to maintain improving the eNaira platform and to ensure adaptability and smooth transactions
  • A new designated USSD code for eNaira transactions has been announced, and it will begin to be effective from the last week of August

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said that eNaira has reached 840,000 downloads with 270,000 active wallets comprising 252,000 consumer wallets and 17,000 merchant wallets since its launch.

Emefiele disclosed this at the grand finale of the “eNaira Hackathon” held in Abuja on Thursday, 19 August 2022, the Nation reports.

In his presentation, the CBN governor highlighted the fact that more Nigerians are signing up for the platform and enjoying its benefits, saying that over N4 billion worth of transactions had already taken place.

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eNaira gets USSD code
President Buhari launched eNaira on October 25, 2021 Credit: Presidency
Source: Facebook

CBN governor list eNaira benefits

Explaining the benefits of eNaira, Emefiele said that the digital currency would enhance financial inclusion, support poverty reduction, enable direct welfare disbursement to citizens, support a resilient payments ecosystem and improve the availability and usability of money.

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He said:

“The eNaira will also facilitate diaspora remittances, reduce the cost of processing cash, and also reduce cost and improve efficiency of cross-border payment.”

Emefiele stressed that the eNaira was the same Naira with far more possibilities.

"Nigeria and Nigerians will benefit significantly from the eNaira. It was also created to give Nigerians access to a low-cost, secure, and reliable form of payment.
“It is unlike the offline payments channels like agent networks, USSD, wearables, cards and near field communication technology.
“The eNaira would give access to financial services to underserved and unbanked segments of the population."

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eNaira USSD code

The Vanguard reports that Emefiele while speaking on USSD benefits, expressed excitement that both banked and unbanked Nigerians will be able to open an eNaira wallet and conduct transactions by simply dialling *997# from their phones.

He added:

“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."

CBN: New eNaira updates will support utility bills payment, air travel and USSD transactions

Recall reported that Nigeria’s apex bank, the Central Bank of Nigeria, has issued a new directive mandating bank customers to pay indemnity on bank transfers above N1 million for individuals and N10 million for corporate organizations.

The CBN pegged an upper limit on the amount transferable at N25 million and N250 million for individuals and corporate customers respectively.

The new directive is to absolve the banks and put liabilities for any breach or risks arising from such transfers on the bank customers.


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