By TechnocratMedia
The Central Bank of Nigeria has announced an Unstructured Supplementary Service Data (USSD) channel for its eNaira onboarding and transactions to further deepen financial inclusion in the country.
The apex bank launched the eNaira project in October last year by President Muhammadu Buhari.
According to the bank, eNaira is expected to support poverty reduction, enable direct welfare disbursement, support a resilient payments ecosystem, improve availability& usability of money, facilitate diaspora remittances, reduce the cost of processing cash& improve the efficiency of cross-border payment.
In a statement on Twitter, CBN said “the bank continues to show its commitment to inclusive and welfare-centred policies espoused in policy communication and action through various development finance initiatives under the leadership of the governor, Godwin Emefiele.
“The eNaira USSD channel in time would be used as a tool for interventions and welfare disbursements to Nigerians towards enhancing economic prosperity and improving the standard of living for all Nigerians.
“Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment solution will be available for eNaira transactions before the end of August 2022. This feature would allow eNaira users to seamlessly transact between the eNaira and any bank of their choice,” the statement reads.
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