CBN to Launch eNaira USSD to Boost CBDC Acceptance
The Central Bank of Nigeria plans to introduce the Unstructured Supplementary (USSD) code for the eNaira.
The apex bank is hoping that the eNaira USSD will boost financial inclusion in the country.
USSD will allow people without smartphones to transact on the eNaira platform.
The Central Bank of Nigeria has announced plans to introduce the Unstructured Supplementary (USSD) code to facilitate acceptance of the central bank’s digital currency.
The decision was disclosed by the Deputy Governor of the CBN, Kingsley Obiora while he was speaking at the IMF African Department Speakers Series held virtually on Friday.
Obiora revealed that Nigeria was doing well based on a PwC report which showed that Nigeria was leading in terms of adoption. He also added that the CBN would keep growing and improving the system.
Obiora said the introduction of the eNaira USSD code was necessary to improve financial inclusion in the country. It will give people without smartphones an opportunity to transact on the eNaira platform.
A part of his statement reads:
“…We believe the CBDC can help reduce that number even more. A lot of people might not have smartphones but that is essentially the next step of our improvement in the CBDC, to introduce the USSD code, so those that do not have smartphones can still transact,”
Nigeria’s digital currency, eNaira, has been ranked No 1 global retail CBDC and the app has racked up 756,000 downloads since being launched last year.
PwC disclosed the ranking in its 2022 CBDC Global Index and Stablecoin Overview.