Naira Scarcity: CBN Introduces USSD Code For eNaira to Ease Transactions

The Central Bank of Nigeria, CBN on Thursday, introduced a USSD code for its digital currency, eNaira amidst naira scarcity.

Investors King reports that the USSD code given as *997*50# for the eNaira will be active and used on Bullnet platform.

Launching the USSD system in Lagos, the Chief Executive Officer, Bullnet Bulletin and Enquiries Networking Services, Bayo Akintoye stated that the new initiative will solve the cash crunch issue.

According to Akintoye, the introduction of the USSD code for eNaira will ease the suffering of the citizens until the country fully actualises its laid down cashless policy and economy. 

He noted that the system will be helpful to those without bank accounts as they would only require their phone numbers to register and enjoy the services.

The CEO enjoined Nigerians to embrace the USSD eNaira system while stressing its benefits and easy usage for transactions.

“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 ‘eNairaeNhanced 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,” Akintoye explained.

Also speaking, the Project Coordinator, eNaira Project Giant Team, Otaru Abdulkadir, who represented the Coordinator of eNaira, CBN explained that the eNaira, if well utilised will enhance financial inclusion across all states, improve cross border transactions, international transactions and boost the economy. 

Investors King recalls that the eNaira was launched in October, 2021 as part of CBN’s measure to implement its cashless policy and move from a cash-based economy.