Banking
Clickatell to Boost eNaira Acceptance With *997# Short Code
By Adedapo Adesanya
One of Nigeria’s financial technology companies, Clickatell, has collaborated with the Central Bank of Nigeria (CBN) to launch a USSD channel for eNaira, the country’s 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 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 the gross domestic product (GDP) in the country by $29 billion over the next 10 years.
Speaking on this, Ms Uzo Nwani, Clickatell Commercial Director, West Africa, said, “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.”
CBN is working with partners who are committed to taking advantage of this new technology for continuous innovation toward delivering exciting new features
The new USSD channel allows Nigerians to use the *997# short code to create their eNaira wallet.
Through this short code, users can easily check balances and transfer funds. They will also be able to 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 pins, 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 committed to taking advantage of this new technology for continuous innovation towards delivering exciting new features,” the CBN Deputy Governor on Economic Policy, Mr Kingsley Obiora, said.
Due to the rapid growth of smartphones, most Nigerians 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 per cent 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. It has offered an incentive of N200 airtime for the first 100,000 users to onboard using the eNaira USSD feature.
Looking ahead, Ms 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 attract more customers.”
“There is no doubt that the CBN has set the benchmark for financial inclusion in Africa, and we look forward to being part of that journey,” she added.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
