The Central Bank of Nigeria (CBN) has unveiled the unstructured supplementary service data (USSD) code for the eNaira to enhance financial inclusion in the country.
Godwin Emefiele, CBN governor, represented by Folashodun Adenusi Shonubi, deputy governor operations, inaugurated the USSD transaction code at the on-going Northern eNaira fair 2022, in Kano.
The new code, *997#, according to the apex bank, is to engender financial inclusion and avail Nigerians opportunities to endless possibilities through financial services.
Emefiele described the eNaira as a strategic initiative developed 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,” he said.
“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.”
Emefiele said it would also facilitate diaspora remittances, reduce the cost of processing cash, and improve the efficiency of cross-border payments, among others.
