By: Damian Okonkwo
The Central Bank of Nigeria (CBN) has launched the use of the USSD code for accessing the eNaira services on their mobile phones without using the internet.
With this new development, Nigerians will henceforth access the eNaira services on their mobile phones without using the internet. This will be made possible by dialing the Unstructured Supplementary Service Data (USSD) code peculiar to one's bank in Nigeria. This is intended to make the eNaira services accessible to all citizens removing the barrier for those who do not have strong internet connections in their areas.
Speaking during the inauguration of the USSD code for running the eNaira transactions at the eNaira summit in Kano last Thursday, the deputy CBN governor Folashodun Adenisi Shonubi remarked that the eNaira has been designed with the slogan 'same naira, more possibilities' would be expected to impact positively in the lives of Nigerians and enhance economic growth.
He, therefore, invited Nigerians to embrace the eNaira as it has been designed to lower the cost of Banking and boost the strength of the currency across borders.
According to the CBN, the decision to use the USSD code for accessing the eNaira services offline is based on a thorough understanding of the limitations in the Nigerian economic status, taking into consideration the fact that over 50 percent of the Nigerian adults today do not yet banking and therefore not eligible for formal financial services. A greater ratio too; are known to have unstable Internet connections. This makes the USSD codes the best option for national integration of the eNaira services across the country.
The CBN governor Emefiele had earlier highlighted that while the first phase of the eNaira adoption was focused on the Banking population, the second phase involving the USSD code has been specifically designed to support an all-inclusive monetary system easy access by the unbanked also.
The new USSD code therefore to access the eNaira services has been given as *997# across all networks.