The Central Bank of Nigeria has launched a USSD channel for the Central Bank Digital Currency, dubbed the eNaira, on the Bullnet platform to increase platform usage.
It was launched in Lagos on Thursday during an event to discuss the cash crunch and how Bullnet’s services introduced on the eNaira’s USSD channel would solve the problem.
During the launch, Bayo Akintoye, Chief Executive Officer, of Bullnet Bulletin and Enquiries Networking Services, stated that the USSD with the code ∗997∗50# would alleviate the pain felt by Nigerians due to the current scarcity of cash as the country transitioned from a cash-based to a cashless economy.
“The CBN has collaborated with Chamsmobile Limited (a CBN-licensed Mobile Money Operator and Super-Agent) to address challenges faced primarily by the unbanked, underserved, and those on the other side of the digital divide by developing the service known as ‘eNairaeNhanced Services’ via the eNaira USSD channel (∗997∗50#), which is fully run and powered by the patented Bullnet Platform,” he said.
“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.”
He explained that the eNaira was established under the Project Giant initiative and launched by the President of Nigeria in October 2021, following the CBN’s cashless policy.
