Development of a USSD-based Electronic Wallet System

Recently, electronic wallets have emerged as a primary catalyst in driving the growth of cashless and electronic payment systems. Electronic wallets contribute to financial inclusion by providing banking services to unbanked populations and enabling easier access to financial tools without the need for physical bank branches, thereby enhancing the global shift toward cashless societies. This work designed, implemented, and evaluated a Unstructured Supplementary Service Data (USSD) based electronic wallet system aimed at promoting financial inclusion in Nigeria. The system was designed using Unified Modeling Language (UML) tools and implemented with Python, Django, PostgreSQL, and Africa’s talking. A user-centered approach was adopted, emphasizing simplicity, easy navigation, and language accessibility, with support for English and Yoruba to ensure inclusivity. Key usability testing metrics, including task completion rates, error rates, and user satisfaction, were employed to evaluate the system's effectiveness. Results indicated an 80% task completion rate, a 20% error rate, and a high user satisfaction score of 4.7 out of 5. These findings highlight the system’s capability to bridge the digital divide by providing essential financial services with no or less internet access. The USSD-based electronic wallet facilitates account creation, fund transfers, receiving payments, multilingual support and airtime purchases, making it accessible via feature phones. This study underscores the potential of USSD technology to support underserved populations, advancing financial inclusion for individuals who may lack access to smartphones or stable internet connectivity. The implementation of such a system represents a crucial step towards achieving seamless, secure financial transactions in Nigeria, ultimately fostering greater economic empowerment among marginalized communities.