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CBN Unveils Plans to Introduce USSD Code to Improve eNaira

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By Derrick Bangura

The Central Bank of Nigeria (CBN) has said it is set to introduce the Unstructured Supplementary Service Data (USSD) code as part of steps to improve the Central Bank Digital Currency (CBDC).
This development is coming as the National Pension Commission (PenCom) disclosed that Pension Fund Administrators (PFAs) registered 93,114 Retirement Savings Accounts (RSAs), in the first quarter (Q1) of 2022.

CBN’s Deputy Governor, Dr Kingsley Obiora, disclosed the apex bank’s efforts to improve eNaira at the IMF African Department Speakers Series held virtually at the weekend.
The series was focused on “CBDC and Private Digital Payments in Kenya and Nigeria: Challenges and Opportunities for Sub-Saharan Africa.”
The CBN inaugurated the CBDC, also known as the eNaira, on October 25, 2021, aimed at making financial transactions easier and seamless for every stratum of society.
Obiora said the introduction of the USSD code became necessary to improve financial inclusion in the country and to ensure people without smartphones could still transact on the eNaira platform.

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“We have made serious progress in the last seven to eight years because when the current governor resumed in 2014, one of the pillars of his vision was to significantly improve financial inclusion.
“So at the time, we were at 48 per cent of our population within the financial system and given several policies that he conceived and implemented, we are almost at 70 per cent.
“That still leaves us with about 30 per cent of our population out of the financial system and we believe the CBDC can help reduce that number even more.

“A lot of people might not have smartphones but that is essentially the next step of our improvement in the CBDC, to introduce the USSD code, so those that do not have smartphones can still transact,” Obiora said.
The CBN deputy governor said that the barrier to entry on the CBDC platform was low, which, he said made it possible for everyone with a Bank Verification Number (BVN) to be onboarded into the eNaira platform in a few minutes.

Obiora said the value of the country’s digital payments grew from $324 billion in 2008 to about $2.4 trillion presently, adding that Nigerians were now used to digital payments.
“As you know, within the continent we have one of the largest Fintech companies, Futterwave, Paystack, etc,” the apex bank boss added.

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He said that the CBDC had significant benefits for Nigeria, which was why the CBN decided to introduce it.
Obiora listed the benefits to include rapid financial inclusion, reducing the cost of processing cash, enabling direct welfare payments to citizens, and reducing the informal economy.
Others are improving tax collection, boosting cross-border trade and remittances, reducing the cost and improving the efficiency of payments and just endearing economic growth in general.
He, however, listed some of the key risks to CBDC to include banking sector disintermediation, operational risks of knowing that there is non-stop service, cyber security risks, internet disruptions and financial literacy.
Obiora said that Nigeria was doing well based on a PwC report, which showed that the country was number one in terms of adoption, adding that the CBN would keep growing and improving on the system.

Speaking on adopting cryptocurrency in Nigeria, the deputy governor said for now it would not become part of the country’s financial system because of the volatility that it could create for the system.
Commenting on the high cost of food and fuel in Nigeria caused by the war in Ukraine, he said that the problem was more political than economic.
“We hope that world leaders will sort this out as quickly as possible because ordinary people who have no egos and did not cause this problem are the ones that are suffering the most.
“Within Nigeria what we are seeing is that farm gate food prices have either stabilised or reduced, whereas in the market it has increased.”

Obiora said a lot of the problems with rising food inflation were due to logistic problems and the issue of higher prices of fuel and transportation.
“We are trying to deal with that by investing a bit in a commodity exchange so that they can stabilise prices.
He said, “within the monetary policy committee, rates will be raised at least to signal that we will continue to keep an eye on inflation and stand ready to do whatever it takes to turn it around.”
According to the moderator, Director, African Department, IMF, Mr Abebe Selassie, the series is a platform where Africa’s pressing economic policy issues are discussed and organised by the IMF’s African Department.

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Selassie said the series provided an opportunity for policymakers, academics, and analysts to offer their perspectives on economic and policy issues relevant to the IMF’S African constituency.

PFAs Registered 93,114 Retirement Savings Accounts in Q1, Says PenCom
In another development, the PenCom has disclosed that PFAs registered 93,114 Retirement Savings Accounts (RSAs), in the first quarter (Q1) of 2022, according to a statement posted on its official website at the weekend.

The report showed that the PFAs registered 93,114 RSAs during the quarter under review, which brought the cumulative RSA registrations from inception to 9,621,979 as of March 31.
The report stated that the total RSA Transfer was 7,663, which was concluded in the first week of April 2022.
“This covered RSA transfer requests, submitted by PFAs between January 1, and March 31, which were eligible for RSA transfer in the first quarter of 2022.
“Out of the total RSA transfers initiated, 5,543 RSAs were transferred to their new PFAs, along with their associated pension assets, while 2,120 transfer requests failed.
“The failed submissions by PFAs could be attributed to their internal processes, as all the PFAs recorded some failed RSA transfer request submissions,” the report said.

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Also, the report stated that PenCOM received an application from the Nigeria Social Insurance Trust Fund (NSITF), to transfer NSITF contributions, on behalf of 218 NSITF contributors during the quarter under review.
“Approval was granted to transfer N11.53 million to the RSAs of 213 contributors; on a similar note, the commission approved monthly pensions in the sum of N40.47 million to 2,304 NSITF pensioners,” it said
The report also stated that the compliance by state governments to the status of Implementation of the CPS and other Schemes as of Q1 2022 is impressive.

“25 States of the Federation had enacted pension laws on the CPS, while eight states are at the bill stage, four states adopted the Contributory Defined Benefits Scheme (CDBS).”
PenCom added that it received 11,200 applications from private sector organisations for the issuance of Pension Clearance Certificates (PCCs).
“Out of this number, PCCs were issued to 10,541 organisations, while 659 applications were in the approval process as of March 31.
“The records showed that the 10,541 organisations’ actions had remitted a total sum of N59,39 billion into the RSAs of their employees, totalling 45,170,” it added.

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Noble Ladies Champion Women’s Financial Independence at Grand Inauguration in Abuja

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Women from diverse backgrounds across Nigeria and beyond gathered at the Art and Culture Auditorium, Abuja, for the inauguration and convention of the Noble Ladies Association. The event, led by the association’s Founder and “visionary and polished Queen Mother,” Mrs. Margaret Chigozie Mkpuma, was a colourful display of feminine elegance, empowerment, and ambition.

The highly anticipated gathering, attended by over 700 members and counting, reflected the association’s mission to help women realise their potential while shifting mindsets away from dependency and over-glamorization of the ‘white collar job.’ According to the group, progress can be better achieved through innovation and creativity. “When a woman is able to earn and blossom on her own she has no reason to look at herself as a second fiddle,” the association stated.

One of the association’s standout initiatives is its women-only investment platform, which currently offers a minimum entry of ₦100,000 with a return of ₦130,000 over 30 days—an interest rate of 30 percent. Some members invest as much as ₦1 million, enjoying the same return rate. Mrs. Mkpuma explained that the scheme focuses on women because “women bear the greater brunt of poverty” and the platform seeks “to offer equity in the absence of economic equality.”

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Education is also central to the Noble Ladies’ mission, regardless of age. Their mantra, “start again from where you stopped,” encourages women to return to school or upgrade their skills at any stage in life. The association believes that financial stability is vital in protecting women from cultural practices that dispossess widows of their late husbands’ assets, while also enabling them to raise morally and socially grounded families.

Founded on the vision of enhancing women’s skills and achieving financial stability, the association rests on a value system that discourages pity and promotes purpose. “You have a purpose and you build on that purpose to achieve great potentials and emancipation,” Mrs. Mkpuma said.

A criminologist by training and entrepreneur by practice, she cautions against idleness while waiting for formal employment. “There are billions in the informal and non-formal sectors waiting to be made,” she said, rejecting the “new normal of begging” and urging people to “be more introspective to find their purpose in life and hold on to it.”

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Mrs. Mkpuma’s management style keeps members actively engaged, focusing on vocational skills and training to prepare them for competitive markets. She is exploring “innovative integration of uncommon technologies” and is already in talks with international franchises to invest in Nigeria, with Noble Ladies as first beneficiaries.

The association’s core values include mutual respect, innovation, forward-thinking, equal opportunity, and financial emancipation. With plans underway to establish a secretariat in the heart of Abuja, the group aims to expand its impact.

The event drew high-profile guests, including former Inspector General of Police, Mike Okiro, and a host of VIPs, marking a significant milestone in the association’s drive for women’s empowerment.

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NEPZA, FCT agree to create world-class FTZ environment

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NEPZA, FCT agree to create world-class FTZ environment

The Nigeria Export Processing Zones Authority (NEPZA) has stepped in to resolve the dispute between the Federal Capital Territory Administration and the Abuja Technology Village (ATV), a licensed Free Trade Zone, over the potential revocation of the zone’s land title.
Dr. Olufemi Ogunyemi, the Managing Director of NEPZA, urged ATV operators and investors to withdraw the lawsuit filed against the FCT administration immediately to facilitate a roundtable negotiation.
Dr. Ogunyemi delivered the charge during a courtesy visit to the Minister of the Federal Capital Territory, Barrister Nyesom Wike, on Thursday in Abuja.
You will recall that the ATV operators responded to the revocation notice issued by the FCT administration with a lawsuit.
Dr. Ogunyemi stated that the continued support for the growth of the Free Trade Zones Scheme would benefit the nation’s economy and the FCT’s development, emphasizing that the FCT administration recognized the scheme’s potential to accelerate industrialisation.
Dr. Ogunyemi, also the Chief Executive Officer of NEPZA, expressed his delight at the steps taken by the FCT minister to expand the economic frontier of the FCT through the proposed Abuja City Walk (ACW) project.
Dr. Ogunyemi further explained that the Authority was preparing to assess all the 63 licensed Free Trade Zones across the country with the view to vetting their functionality and contributions to the nation’s Foreign Direct Investment and export drives.
“I have come to discuss with His Excellency, the Minister of the Federal Capital Territory on the importance of supporting the ATV to succeed while also promoting the development of the Abuja City Walk project. We must work together to achieve this for the good of our nation,” he said.
On his part, the FCT Minister reiterated his unflinching determination to work towards President Bola Ahmed Tinubu’s Renewed Hope Agenda by bringing FDI to the FCT.
“We must fulfil Mr. President’s promises regarding industrialization, trade, and investment. In this context, the FCT will collaborate with NEPZA to review the future of ATV, a zone that was sponsored and supported by the FCT administration,” Wike said.
Barrister Wike also said that efforts were underway to fast-track the industrialisation process of the territory with the construction of the Abuja City Walk.
The minister further said the Abuja City Walk project was planned to cover over 200 hectares in the Abuja Technology Village corridor along Airport Road.
According to him, the business ecosystem aimed to create a lively, mixed-use urban center with residential, commercial, retail, hospitality, medical, and institutional facilities.
He added that the ACW would turn out to be a high-definition and world-class project that would give this administration’s Renewed Hope Agenda true meaning in the North-Central Region of the country.
Barrister Wike also indicated his continued pursuit of land and property owners who failed to fulfil their obligations to the FCT in his determination to develop the territory.

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Benue IDPs block highway, demand return to ancestral homes

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Vehicular movement along the Yelwata axis of the Benue–Nasarawa highway was brought to a standstill on Wednesday as Internally Displaced Persons, IDPs, staged a protest, demanding immediate return to their ancestral homes.

The protesters, believed to be victims of persistent attacks by suspected herdsmen, blocked both lanes of the busy highway for several hours, chanting “We want to go back home”.

The protest caused disruption, leaving hundreds of motorists and passengers stranded.

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Eyewitnesses said the displaced persons, many of whom have spent years in overcrowded IDP camps, are expressing deep frustration over the government’s delay in restoring security to their communities.

“We have suffered enough. We want to return to our homes and farms,” one of the protesters told reporters at the scene.

Security personnel were reportedly deployed to monitor the situation and prevent any escalation, though tensions remained high as of press time.

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Efforts to reach the Benue State Emergency Management Agency, SEMA, and other relevant authorities for comment were unsuccessful.

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