TECHDIGEST – The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has announced that Nigerians will from next week use USSD code for eNaira transactions.

The apex boss revealed the new feature on eNaira at the Grand Finale of the 2022 eNaira Hackathon in Abuja recently, believing that the move would help boost eNaira acceptability among Nigerians.

USSD is a code programmed into your SIM card or cell phone to make it easier to perform certain actions.

Speaking on USSD benefits, Emefiele says, “Nigerians, both banked and unbanked, will be able to open an eNaira wallet and conduct transactions by simply dialing *997 from their phones.

“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”.

Additionally, he “promise to increase the level of Financial Inclusion in the country because just like the Naira, the eNaira is expected to be accessible to all Nigerians and would provide more possibilities to bring in the unbanked into the digital economy”.

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TECH DIGEST– From N3.56 trillion in the first seven months of 2021 to N4.61 trillion in 2022, transactions processed by Point of Sales (PoS) terminals across Nigeria increased by N1.05 trillion. Nigeria Inter-Bank Settlement Systems reported  this (NIBSS)

At the same time, NIBSS disclosed that its Instant Payment platform handled transactions worth N204.5 trillion in Nigeria between January and July of this year (NIP).
In comparison to the N145.8 trillion recorded during the same period last year, this demonstrates a 40% growth in e-payments in the nation.

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The rise in electronic transactions indicates that more Nigerians are adopting the Central Bank of Nigeria’s cashless policy (CBN).

In 2011, NIBSS created the NIBSS Instant Payments (NIP), an account-number-based, real-time online Inter-Bank payment service.

It is the preferred cash transfer mechanism in the financial sector since it provides beneficiaries with immediate benefit.

A 31% increase from N22.4 trillion last year to N29.3 trillion this year was also seen in the July figures.

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