• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Nigeria’s Central Bank to introduce USSD code to boost eNaira

3 years ago
in Banking & Finance, Business, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
87
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s Central Bank to introduce USSD code to boost eNaira

The Central Bank of Nigeria plans to introduce the Unstructured Supplementary (USSD) code as part of steps to improve the Central Bank Digital Currency (CBDC).

This was disclosed by the Deputy Governor of the CBN, Kingsley Obiora, at the IMF African Department Speakers Series held virtually on Friday.

Obiora said that Nigeria was doing well based on a PwC report which showed that Nigeria was number one in terms of adoption, adding that the CBN would keep growing and improving on the system.

What CBN is saying

Obiora said the introduction of the USSD code became necessary to improve financial inclusion in the country and to ensure people without smartphones could still transact on the eNaira platform.

He said “We have made serious progress in the last seven to eight years because when the current governor resumed in 2014, one of the pillars of his vision was to significantly improve financial inclusion. So at the time, we were at 48 per cent of our population within the financial system and given several policies that he conceived and implemented, we are almost at 70 per cent.”

“That still leaves us with about 30 per cent of our population out of the financial system and 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,” Obiora added.

RelatedPosts

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

The CBN deputy governor said that the barrier to entry on the CBDC platform was low, which made it possible for everyone with a Bank Verification Number (BVN) to be onboarded into the eNaira platform in a few minutes.

Obiora stated that the USSD code was introduced to increase financial inclusion in the country and to ensure that those without cellphones could still interact on the eNaira platform.

”As you know, within the continent, we have one of the largest Fintech companies, Futterwave, Paystack, etc,“ the apex bank boss added.

He stated that the CBDC would provide enormous benefits to Nigeria, which is why the CBN opted to implement it. Obiora cited the benefits as rapid financial inclusion, lower cash processing costs, direct welfare payments to citizens, and a reduction in the informal sector.

Others include increasing tax collection, increasing cross-border trade and remittances, lowering payment costs and enhancing payment efficiency, and simply encouraging economic growth in general.

He did, however, mention some of the primary dangers of establishing the CBDC, which include banking sector disintermediation, operational risks associated with knowing that there is continuous service, cyber security concerns, internet outages, and financial literacy.

What you should know
  • Africa’s first digital currency, eNaira, has been ranked No 1 global retail CBDC, and app downloads have jumped to 756,000 from 700,000 seen in December 2021.
  • PwC disclosed the ranking in its 2022 CBDC Global Index and Stablecoin Overview. The eNaira has also recorded 700,000 downloads as of December 2021, while over 35,000 transactions have been conducted on the platform
  • The report also gave Nigeria’s eNaira a retail index value of 95 while the country also ranked number one in Africa. The index is based on a BIS working paper, the World Bank, and PwC analysis.
  • The IMF has warned about the potential expansion of the use of the eNaira for cross-border fund transfers and agency bank networks could lead to new money-laundering and terrorism financing risks.

Tags: Central Bank Digital Currency (CBDC).Central Bank of NigeriaNigeriaUnstructured Supplementary (USSD) code
No Result
View All Result

Highlights

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

Banking Sector Soundness Remains Robust in 2024 Amid Strong Profitability, Adequate Capital Buffers

Sha’Carri Richardson Withdraws from US Trials Following Arrest

From Singuluma to El Kaabi: Can CHAN 2024 Unleash the Next Hat-trick Hero?

Ghana to Welcome King’s Baton Relay on August 8 Ahead of 2026 Commonwealth Games

Trending

Features

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes

August 2, 2025

Parliament Adjourns Sine Die After Intense Legislative Session Marked by Reform Calls and Tributes Parliament has adjourned...

GACL Terminates Evatex Revenue Assurance Contract Amid OSP Probe

August 2, 2025

Cyber Security Authority Flags Rising Mobile Data Scam, Cautions Public

August 2, 2025

Gov’t Reopens Talks With PayPal to Restore Full Service Access in Ghana

August 2, 2025
Bank of Ghana

Financial Sector Assets up 34.6% in 2024 to GHS 525.59 Billion

August 2, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.