1 Clickatell (https://www.Clickatell.com), a CPaaS innovator and Chat Commerce leader, has partnered with the Central Bank of Nigeria (CBN) (https://www.CBN.gov.ng) to offer fast and simple services.
2 and cost-effective eNaira banking services for all Nigerians using the USSD channel, eliminating the need for data and available on all phones.
3 Clickatell has collaborated with CBN to launch a USSD channel for its central bank digital currency eNaira (CBDC) (www.eNaira.gov.ng) as part of the country’s push to make basic banking accessible to all Nigerians, which will ultimately drive financial inclusion.
4 eNaira was launched in October 2021 as Nigerian President Muhammadu Buhari said Africa’s first central bank-backed digital currency would help boost remittances, encourage cross-border trade and help his government make welfare payments.
6 With financial inclusion at the core of eNaira’s goals, President Buhari also said that he believed the CBDC would increase the country’s GDP by $29 billion over the next 10 years.
7 “The introduction of the USSD short code allows unbanked Nigerians, many of whom do not have smartphones, to access cashless banking services and is a major victory for the stated goals of providing meaningful financial inclusion.
8 Clickatell’s role in making this a reality has been one of the most significant achievements of our engagements in Nigeria,” comments Uzo Nwani, Clickatell’s Commercial Director, West Africa.
9 The new USSD channel allows Nigerians to use the short code *997# to create their eNaira wallet.
10 Once done, they can easily check balances and transfer funds, as well as securely purchase airtime or data for themselves or their friends and family.
11 Protecting their wallets is also easy on the channel and users can check and update their information, change and reset their pin or even lock the wallet if needed.
12 “The USSD channel is a vital part of our journey towards realizing our vision of financial inclusion.
13 We see eNaira as a leap forward in the evolution of money.
14 Therefore, CBN is working with partners who are committed to leveraging this new technology for continued innovation and to deliver exciting new features,” comments CBN Deputy Governor for Economic Policy, Dr. Kingsley Obiora.
15 Unstructured Supplementary Service Data, or USSD, is a communications protocol that is supported by 99% of GSM phones.
16 It remains particularly relevant in developing communities where it is used to provide services at much lower cost and can be used without the need to access the user’s SIM card.
17 Despite the rapid growth of smartphones, the majority of Nigerians (https://bit.ly/2HRLANU) are now using feature phones, making an excellent case for USSD’s offering.
18 The CBN is counting on the new channel to make rapid strides in bringing most of the 30% of unbanked Nigerians into the formal banking system.
19 As part of its efforts, CBN is working hard to increase awareness and education around the new digital currency and has offered an incentive of 200 eNGN airtime for the first 100,000 users to use the eNaira USSD feature.
20 Looking ahead, Nwani says the Clickatell solution ideally positions the system for new and collaborative additions to help power eNaira’s services.
21 “Our Chat Flow product provides a strong platform to support rapid innovation.
22 Digital currencies provide measurable customer benefits, including lower costs and a simple user experience, and adding new innovative features over time will definitely attract more customers.
23 There is no question that CBN has set the benchmark when it comes to financial inclusion in Africa, and we look forward to being a part of that journey,” says Nwani.
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