June 2, 2023
News Today In the News

CBN Governor Expresses Concerns Over Challenges With USSD Payment

Godwin Emefiele, the Governor of the Central Bank , has expressed concerns over the recent challenges encountered by Nigerians in using the Unstructured Supplementary Service Data platform also known as the USSD Code.

 

The CBN governor who spoke at the launch of an e-learning platform by the bank as part of its financial literacy efforts in Abuja, explained that efforts have been in place to address the issues encountered in using the USSD recently.

 

Mr Emefiele noted that the apex bank will continue to support initiatives that will enhance financial inclusion, adding that the financial inclusion rate in the country currently stands at sixty-four (64) per cent which is far below the seventy (70) per cent target set for the year 2023.

READ ALSO: US Places Visa Bans On Persons Who Disrupted Elections In Nigeria

According to the CBN governor, the central bank has set a target of ninety-five per cent financial inclusion by January 2024, a target which he says is still on course.

 

The USSD Codes allow users without smart phones or internet connection to access mobile banking .

 

They can also be used for fund transfers, checking of account balance and the generation of bank statements.

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