CBN advises merchants, traders to embrace e-Naira 

The Central Bank of Nigeria (CBN) has asked merchants and traders across the country to embrace the Central Bank Digital Currency (CBDC)- the eNaira.

Speaking during media parley on eNaira in Lagos,  eNaira Project Giant Team, Otaru Abdulkadir, said wides use of the eNaira platform will ease the pains and difficulty associated with ongoing cash scarcity. 

Abdulkadir, who represented the eNaira  Project Co-Ordinator, Mrs. Rakiya Mohammed, said  the eNaira will support trade and compliment the naira as a means of settling transactions.

He said the CBN will continue to educate the populace on the major benefits that come with using the eNaira. 

According to him, the USSD platform is very safe, and the development of the as “eNaira eNhanced Services” via the eNaira USSD channel (*997*50#) will make the services available to larger population including those at the grassroots. 

In his presentation, Chief Executive Officer, Bullnet Bulletin & Enquiries Networking Services, Bayo Akintoye, said the eNaira has what it takes to reduce the difficulties faced by Nigerians over cash scarcity.

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.

Akintoye said  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 said the eNaira can be employed to soothe the pain felt by Nigerians given the current scarcity of cash as we transition from a predominantly cash-based economy to a cashless one.

She said the eNaira was established under the Project Giant initiative and launched by the President of the Federal Republic of Nigeria in October 2021. 

“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,” he said.

“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 added.

Also speaking, President, Balogun Business Association, Oscar Ikechukwu, said the campaign to take eNaira to the grassroots and markets will enhance the acceptance of the payment platform.

He promised to work with the CBN, and other stakeholders to ensure that the payment channel is embraced by traders.

He said the fact that the USSD does not require internet to function effectively, will make its acceptance easy for the people.