By Ijeoma UKAZU
To cushion the pain currently being faced by Nigerians, due to the cash crisis, the Central Bank of Nigeria has launched an Unstructured Supplementary Service Data, USSD, code for eNaira on the bullnet platform.
The USSD channel of the Central Bank Digital Currency, CBDC, on Bullnet technology is targeted at boosting customer usage of the platform.
Speaking during the launch in Lagos, the Chief Executive Officer of Bullnet Bulletin and Enquiries Networking Services, Bayo Akintoye, said the USSD with the code *997*50#, would soothe the pain felt by Nigerians given the current scarcity of cash as it transitioned from cash-based economy to a cashless one.
He said the Bullnet technology is aimed to proffer solutions to peculiar needs and requirements of the Nigerian masses as it adopts and uses the CBDC as the main medium for payments, settlements, and remittances.
The Bullnet CEO further added that, “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.
“It is expected that Nigerians will proudly associate with this innovation and register to have the eNaira wallet. These wallets can be funded directly with cash-purchased vouchers (like the GSM recharge cards) or from funded bank accounts using bank cards via the web portal or using electronic payment with any authorized agent.
“Users can also transfer eNaira from one wallet to another simply by inputting the recipient’s phone number. The 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 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.
“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 eNaira adoption agents would now become eNaira extension workers who would 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). These agents will guide users on how to efficiently use the eNaira to suit their purposes and circumstances,” he explained.
Akintoye called on the media to educate and advocate for the mass adoption of the eNaira quickly and swiftly, stating that “the army of eNaira extension workers will be instrumental in achieving mass acceptance and quick adoption in the local and remote areas and solving users’ problems. (For instance, they can buy and register SIM cards, help with operating the wallets on their mobile phones, help to keep physical ledgers for eNaira transactions communities without mobile services, etc.).”
On his part, the eNaira Project Giant Team, Otaru Abdulkadir, who represented the Co-ordinator, eNaira, Central Bank of Nigeria, Rakiya Mohammed said, the eNaira was introduced to improve financial inclusion in the states, increase cross-border transactions, diaspora remittances and the likes and also complement our payment infrastructure.
“As it is today, we are able to transact on the eNaira with four methods; you can scan to pay, you could use your wallet ID that is when you onboard, and the eNaira gives you a 10 digit number. And of course, you can use USSD strength, and it is for everyone. It is available for everyone with a mobile phone. It doesn’t have to be a smartphone or any data phone.”
Reeling out the benefits of the eNaira, Abdulkadir adds that the platform brings a lot of features, which include: your instant settlement – meaning that you get value for your money instantly. The transaction is swift, with no network failure, no reverse transaction, or truncated transaction.
Also speaking during a panel discussion, the president of Balogun Business Association, Mr. Oscar Odogwu said, “This initiative is a welcome development as it would enhance our trade and businesses as well as shorten the hassles we go through visiting the banks for transactions. With this eNaira, it would go a long way to improve our businesses and at the same time curtail theft as most business people move around with large sums of cash in the market.”
In line with the cashless policy instituted by the CBN, the eNaira was established under the Project Giant initiative and launched by the President of Nigeria in October 2021.