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E-Naira: Central Bank introduces USSD code to boost Digital Currency

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E-Naira: The Apex Bank in Nigeria has introduced the use of USSD has part of effort to promote the CBDC-Central Bank Digital Currency.

The was revealed by Kingsley Obiora, the CBN Deputy Governor on Friday at the IMF African Department Speakers Series held virtually

The News Agency (NAN) publishes that the series was popnted on “Private Digital Payments in Kenya and Nigeria and CDBC: Opportunities and Challenges for Sub-Saharan Africa

Recall that ENaira was inaugurated on 25th of October last year to make financial marketings easier.

Obiora explained the introduction of the Unstructured supplementary code became essential to boost financial inclusion in the nation and to ensure people without android phones could still transact on the e-Naira program.

We have made significant progress in the last seven to 8 years because when the present governor resumed in 2014, one of the pillars of his idea was to relatively expand financial inclusion.

“So at the time, we were at 48% of our population within the monetary system and given various strategies that he developed and executed, we are almost at 70%.

“That still leaves us with about 30% of our population out of the economic system and we believe the e-Naira can help lessen that number even further.

He added that obstacle of entry into e-Naira platform is very low, with BVN anyone can enter the platform.

Nigeria digital payments in 2018 was 324 billion dollars and now grow to 2.4 trillion dollars.

recorded the advantages to contain quick financial inclusion, lessening the cost of cash processing, facilitating direct welfare payments to citizens, and decreasing the casual economy.

Others are enhancing tax collection, improving cross-border trade and remittances, lessening the cost and boosting the efficiency of payments and just endearing economic growth.