With the launch of the USSD channel for eNaira, Nigeria’s Central Bank digital currency (CBDC) has been made available to users of feature phones.
The channel would allow users to deposit and withdraw money from the eNaira platform using USSD, an innovation that the scheme’s proponent claimed would hasten acceptance.
Bayo Akintoye, the chief executive officer of Bullnet, the organization that created the eNaira upgraded service, predicted that the innovation will bring millions of Nigerians who are now unbanked into the financial system.
According to him, the service would allow customers to withdraw money from an ATM without using their account debit cards, which will modify the way implementation is done.
Akintoye confirmed: “The CBN has collaborated with ChamsMobile Ltd 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, where the eNaira USSD channel *997*50# can be used to carry out all banking transactions.”
“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 putting in 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 need of a bank account or bank cards.”
He pointed out that the nation’s network of banking representatives will transform into eNaira extension agents who would be making money by profitably selling clients vouchers and onboarding new members.
In addition to instructing users on how to effectively use eNaira for transactions, he claims that the extension workers will also be educating the general public on the idea and advantages of the CBDC.
“The eNaira extension workers can buy and register SIMs and help customers that don’t have phones already to operate the wallet, even on their phones in case the customers are not able to buy their own phones. They can help them to keep physical ledgers for eNaira transactions in places, where there are no mobile services or network, ”he said.
The invention, which has won the support of MTN and 9mobile, would enable Nigerians living abroad to buy vouchers to load their wallets and send money back home, continued Akintoye.
Rakiya Mohammed, the director of the Central Bank of Nigeria’s (CBN) information technology department, praised Bullnet for developing a local invention and emphasized that eNaira was introduced to assist the conventional banking environment.
“The eNaira which was launched last two years, Oct. 25, 2021, was introduced not to come and replace your traditional banking or financial ecosystem, it was introduced to support what we already have there.”
“So, for your electronic payments and cash transactions, the eNaira just came in to create an environment that is more efficient and resilient when you are making transactions,” the director, who was represented by Otaru Abdulkadir, said.
