CBN unveils USSD code for eNaira

The Central Bank of Nigeria (CBN) 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 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.

The apex bank recently disclosed that the digital currency, eNaira has recorded 200,000 users and N4 billion worth of transactions since it debuted in 2021

Emefiele had earlier said “Since its inauguration, eNaira had reached 840,000 downloads, with about 270,000 active wallets comprising more than 252,000 consumer wallets and 17,000 merchant wallets. In addition, the volume and value of transactions have been remarkable reaching above 200,000 and N4 billion Naira respectively.

“The eNaira will make a significant positive difference to Nigeria and Nigerians. It was also developed to provide Nigerians with a cheap, safe and trusted means of payment. It is unlike the offline payments channels like agent networks, USSD, wearables, cards and near-field communication technology.”

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.

“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,” it said.

In October 2021, the CBN disclosed it minted N500 million eNaira and issued N200 million eNaira to banks.

Amidst complaints by some users that they still face challenges installing and using the eNaira speed wallet app, the CBN has been organizing roadshows across the country to create more awareness.

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