The Central Bank of Nigeria (CBN) has collaborated with financial technology firms and super agents like BULLNET eNaira eNhanced Services, and Chamsmobile Limited, to introduce eNaira USSD code, which offers unlimited access to cash.
The USSD channel of the eNaira can be employed to soothe the pain felt by Nigerians given the current scarcity of cash, according to Bayo Akintoye, founder/CEO, BULLNET.
Users can also transfer eNaira from one wallet to another simply by inputting the recipient’s phone number.
The service makes it possible for users to cash out by sending the eNaira directly from their wallets to an ATM and withdrawing the cash equivalent without the need for a bank account or bank card. The user can also send eNaira to a designated bank account for savings or further transactions.
Akintoye said the network of banking agents across the country such as the Chamsmobile Super Agents and other mobile money agents, the PoS agents and the growing army of eNaira adoption agents will now become eNaira extension workers who will be involved with eNaira agency (selling vouchers to customers at a profit and onboarding new users) education and advocacy (creating awareness and education to the masses about the concept of the CBDC and its benefits).
He said they would be guiding users on how to efficiently use the eNaira to suit their purposes and circumstances.
“eNaira was introduced to complement the already vibrant payment infrastructure out there,” said Rakiya Mohammed, director of the information technology department, at the CBN.
Represented by Otaru Abdukadir, project coordinator for eNaira, at a media parley in Lagos, she said the eNaira was introduced to improve financial inclusion in the states, increase cross border transactions, diaspora remittances and the likes and also complement the payment infrastructure.
Read also: Naira redesign: Evaluating the effectiveness of CBN’s communication
“We are able to transact on the eNaira using four methods – you could come to pay, you could use your wallet ID. That is when you onboard an eNaira it gives you a 10-digit number and of course, you could use the USSD string, which is *997#. It is available for everyone with a mobile phone. It does not have to be a smartphone,” she said.
She added that “the voucher is based on the product introduced by BULNET, the organisers of this programme. It is the USSD code, *997*50#. With this, people are able to follow the procedure, effectively, either cash in or cash out unto their eNaira wallet. They are actually introducing recharge cards so that way you can get the value for the amount you would like to have in your wallet.”
Oscar Odogwu, president, Balogun Business Association, said the eNaira was a welcome development that would enhance their trade/business.
“It will ease the hurdle we go through. It will curtail theft. We will key into the programme. We will sensitise traders on how to use the eNaira. We will do our best to key into the system and make sure the cashless policy is sustained, Odogwu said.
