Clickatell, a CPaaS innovator and Chat Commerce leader, has partnered with the Central Bank of Nigeria (CBN) to deliver fast, simple, and cost effective eNaira banking services to all Nigerians using the USSD channel, eliminating the need for data and available on all handsets.
Clickatell has collaborated with the CBN to launch a USSD
channel for its eNaira Central Bank Digital Currency (CBDC) as part of the country’s drive to make basic banking accessible to all
Nigerians, ultimately driving financial inclusion.
The eNaira was launched in October 2021 when the Nigerian
President, Muhammadu Buhari, said Africa’s first central bank-backed digital
currency would help boost remittances, foster cross-border trade, and help his
government make welfare payments more easily. With financial inclusion at the
heart of the eNaira goals, President Buhari also said that he believed the CBDC
would increase GDP in the country by $29 billion over the next 10 years.
“Introducing the USSD short code allows non-banked
Nigerians, many of whom do not have smartphones, to access cashless banking
services and is a big win for the stated goals of delivering meaningful
financial inclusion. Clickatell’s role in making this a reality has been one of
the most important achievements of our engagements in Nigeria,” comments Uzo
Nwani, Clickatell Commercial Director, West Africa.
The new USSD channel allows Nigerians using the *997# short
code to create their eNaira wallet. Once this is done, they can easily check
balances and transfer funds, as well as safely buy airtime or data for
themselves or friends and family. Safeguarding their wallets is also easy on
the channel and users can check and update their information, change and reset
their pin, or even block the wallet if necessary.
“The USSD channel is a vital part of our journey towards
realizing our financial inclusion vision. We see the eNaira as a leap forward
in the evolution of money. Thus, CBN is working with partners who are committed
to taking advantage of this new technology for continuous innovation towards
delivering exciting new features,” comments the CBN Deputy Governor Economic
Policy, Dr. Kingsley Obiora.
Unstructured Supplementary Service Data or USSD, is a
communications protocol that is supported by 99% of GSM handsets. It remains
particularly relevant in developing communities where it is used to provide
services at a much lower cost and can be used without requiring access to the
user’s SIM card.
Despite the rapid growth of smartphones, the majority of
Nigerians (https://bit.ly/2HRLANU) are currently using feature phones, making
an excellent case for the USSD offering. The CBN is counting on the new channel
making rapid inroads towards getting most of the 30% of unbanked Nigerians into
the formal banking system.
As part of its efforts, the CBN is working hard to boost
awareness and education around the new digital currency and has offered an
incentive of 200eNGN airtime for the first 100,000 users to onboard using the
eNaira USSD feature.
Looking ahead, Nwani says the Clickatell solution ideally
positions the system for new and collaborative additions to help boost the
eNaira services.
“Our Chat Flow product provides a robust platform to support
rapid innovation. 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. There is no doubt that the
CBN has set the benchmark when it comes to financial inclusion in Africa, and
we look forward to being part of that journey,” Nwani says.
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