CBN Adds New Features to eNaira, Enables USSD Operations, Use of Vouchers to Fund Wallets
- The Central Bank of Nigeria has announced new features enabled on its digital currency, the eNaira
- According to the statement, the bank said it has also added GSM-like vouchers to use and send cash to wallets
- The feature was developed by Bullnet Platform and operates on MTN and 9Mobile
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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.
Source: Getty Images
Bank customers can fund eNaira wallets with vouchers
Additionally, customers can fund their eNaira wallets with vouchers purchased with cash, like recharge cards or from a bank account.
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The Founder and Chief Executive Officer of Bullnet Platform, Bayo Akintoye reported the development at a media briefing on Thursday, February 23, 2023, in Lagos.
The Bullnet boss said that 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,” NAN 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 authorised 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.’’
New features available only on two networks
TheCable reports that CBN’s Director of the Information Technology Department of CBN, 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,” Mohammed said.
“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.”
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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,” Mohammed said.
“We are already speaking to Airtel and Glo, and soon we will have them onboard with the eNaira.”
CBN invites US tech company to revamp eNaira, proposes $800m transfer to poor Nigerians
Recall that Legit.ng reported that the Central Bank of Nigeria (CBN) seeks to revamp and drive the mass adoption of its digital currency, the eNaira and has contacted a New York-based tech company, R3, to help rebuild the CBDC and its underlying technology.
A report by Bloomberg states that the apex bank is in talks with new tech partners to develop a unique and enhanced system to manage the digital naira.
The report stated that the new software would allow the CBN to have more control of the eNaira.
Source: Legit.ng
