The Central Bank of Nigeria has launched the USSD channel for the Central Bank Digital Currency (eNaira) on the Bullnet platform to boost the usage of the platform.
The USSD channel was launched in Lagos on February 23, 2023 during an event to discuss the cash crunch.
During the launch, 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 the country transitioned from a cash-based economy to a cashless one.
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.
He also explained that, 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.
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 educating the masses about the concept of the CBDC and its benefits), he said.
Project Giant Team member Otaru Abdulkadir, who represented the coordinator, said the eNaira will improve financial inclusion in the states, increase cross-border transactions, diaspora remittances, and the like, 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 it 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.”
