Nigeria’s Financial Inclusion Target Continues to Wobble Amid Crisis in USSD Code Usage

Nigeria’s Financial Inclusion Target Continues to Wobble Amid Crisis in USSD Code Usage

Nigeria’s financial inclusion target is shaky even as crisis rocks the use of the Unstructured Supplementary Service Data platform also known as the USSD Code.

The Governor of the Central Bank (CBN), Mr Godwin Emefiele confirmed that there are challenges encountered by Nigerians in using the USSD. 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.

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 per cent which is far below the seventy per cent target set for the year 2023.

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.