CBN enhances eNaira features amid new notes scarcity

The Central Bank of Nigeria (CBN) in collaboration with ChamsMobile Ltd. and Super Agents have developed eNaira enhanced services to address challenges faced by the unbanked and the underserved.

Mr. Bayo Akintoye, Founder/ Chief Executive Officer of Bullnet platform, unveiled the new innovation at a media parley on Thursday in Lagos. He said that the service, fully run and powered by the Bullnet platform, was employed to suit the pains felt by Nigerians, given the current scarcity of cash in the country.

Akintoye said, “The CBN has collaborated with ChamsMobile Ltd., CBN licensed mobile money operator and Super Agents 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.

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“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 the need of a bank account or bank card

“The users can also send eNaira to a designated account for savings or further transactions.’’

He said the network of banking agents across the country such as the Chamsmobile, Super Agents and other mobile money agents, POS agents among others, would become eNaira extension workers and would be selling vouchers to customers at a profit as well as onboarding new users.

Akintoye added that the new innovation would allow Nigerians abroad purchase vouchers to fund their wallets and send funds directly to their loved ones who in turn could spend eNaira directly and conveniently no matter their location within Nigeria.

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Mrs Rakiya Mohammed, Director of Information Technology Department, CBN, who commended Bullnet for coming out with a homegrown innovation stressed that the eNaira was introduced to support the traditional banking ecosystem.

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Mohammed, represented by Mr Otaru Abdulkadir, eNaira Project Giant Team, said eNaira was introduced with the mandate of reaching out to the financially excluded, hence, the need to introduce the USSD code.

She said that with Bullnet, CBN was able to find ways where people with limited internet services could fund their eNaira wallet and have a safe wallet.

Mr. Oscar Odogwu, President, Balogun Business Association, who described the innovation as a welcome development, promised his members would key into the laudable innovation.

“It’s a welcome development from the Bullnet; I believe the eNaira will be of help to traders as it will enhance our trade/business and shorten the hassles we are currently going through.