The Central Bank of Nigeria has announced a new USSD for subscribers of its digital currency, eNaira, to make financial transactions on the platform.
Another reason for this new sort code is to enhance its acceptability with a focus on deepening payment system.
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“I’m pleased and indeed delighted to inform you all today that by next week, Nigerians both banked and unbanked will be able to open an eNaira wallet and conduct transactions by simply dialing *997# from their mobile phones,” CBN Governor, Godwin Emefiele said yesterday at the grand finale of the eNaira Hackathon in Abuja.
Mr Emefiele also announced that between October 2021 when it was launched and now, the eNaira has reached 840,000 downloads.
There are also about 270,000 active wallets comprising over 252,000 consumer wallets and 17,000 merchant wallets.
The volume and value of transactions on the platform have been remarkable, reaching above 200,000 and N4 billion, respectively.
eNaira is expected to enhance financial inclusion, support poverty reduction, enable direct welfare disbursement to citizens, support a resilient payments ecosystem, improve availability and usability of central bank money, facilitate diaspora remittances, reduce the cost of processing cash, and reduce cost and improve efficiency of cross-border payment among others.