Central Bank of Nigeria granted Nigerian payment technology firm an approval for its Unstructured Supplementary Service Data technology product.
The organisation said in a statement that the CBN’s approval would enable its enterprise and retail customers to lay their products on the USSD infrastructure.
The Head, USSD Product Engineering, Flutterwave, Dayo Okesola, said he was excited to introduce the new payment solution to the market.
He said the innovation was a confirmation of the firm’s commitment to staying true to its promise to provide modern payment infrastructure that would empower Africans.
Okesola added that the payment channel offered Africans the benefits of security and convenience in their day-to-day transactions.
He said, “The CBN’s nod affirms the validity of these provisions, especially for this product. The USSD technology has been adapted in recent times to reduce the number of banking hall visits made by the average Nigerian. Funds are transferred between parties instantly via a GSM device with no Internet access or smartphone functionality required.”