Home Business Banking & Finance eNaira: CBN improves features, enables USSD, vouchers wallet funding

eNaira: CBN improves features, enables USSD, vouchers wallet funding

5 min read

The Central Bank of Nigeria (CBN) has announced the development of new and enhanced features for the eNaira to address challenges faced by unbanked Nigerians.

The initiative allows customers to utilise the Unstructured Supplementary Service Data (USSD) code *997*50# to perform all banking transactions.

Additionally, customers can fund their eNaira wallets with vouchers purchased with cash, like recharge cards or from a bank account.

At a media briefing on Thursday in Lagos, the Founder/Chief Executive Officer of Bullnet Platform, Bayo Akintoye said the service is fully powered by his firm and aimed at soothing the sufferings Nigerian have accessing cash due to the recent scarcity in Nigeria.

He said: “The CBN has collaborated with Chamsmobile Limited (a CBN-licensed mobile money operator and super-agent) to address challenges faced primarily by the unbanked, the underserved, and those on the other side of the digital divide by developing the service known as ‘eNaira enhanced services’ via the eNaira USSD channel (*997*50#) which is fully run and powered by the patented Bullnet Platform”, the News Agency of Nigeria quoted Akintoye as saying.

“This wallet can be funded directly using this platform with cash-purchased vouchers like GSM recharge cards or from a funded bank account using bank cards via the web portal that has been provided or using electronic payments with any authorized agents.

“Users can also transfer eNaira from one wallet to another simply by using the recipient’s phone number.

“This service also 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 needing a bank account or bank card.

“The users can also send eNaira to a designated account for savings or further transactions”.

CBN’s Director of the Information Technology, Rakiya Mohammed commended the company for coming out with a homegrown innovation.

She said: “Today, we can transact on the eNaira with four methods; you can scan to pay, you could use your wallet ID when you onboard, and the eNaira gives you a 10-digit number.

“And, of course, you can use USSD, which is for everyone. It is available for everyone with a mobile phone. It doesn’t have to be a smartphone or any data phone”.

According to her, the CBN is in talks with telecommunication companies to expand the adoption and acceptance of the new feature nationwide.

She stated that the new feature is only available to MTN and 9Mobile users in Nigeria.

She said: “We are still in the process of getting more telcos to buy into the USSD. We have a third-party service and they were able to get us MTN and 9Mobile.

“We are already speaking to Airtel and Glo, and soon we will have them onboard with the eNaira”.

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One Comment

  1. vorbelutrioperbir

    8 March 2023 at 6:21 am

    There is noticeably a bunch to identify about this. I consider you made various nice points in features also.


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