Nigerians will be able to use their mobile phones’ Unstructured Supplementary Service Data code starting the next week to conduct transactions on the eNaira wallet, according to Central Bank of Nigeria (CBN) Governor Godwin Emefiele.
The Central Bank of Nigeria (CBN) has issued the eNaira as legal tender, a digital currency supported by the law.
It is the Naira’s currency in digital form.
Nigerians can open an eNaira wallet on any phone of their choosing; using the designated USSD code in addition to transacting, according to Emefiele.
He disclosed that all Nigerians will need to do to do transactions on their phones is call *997# from their phones. The CBN boss announced these at the Grand Finale of the 2022 eNaira Hackathon in Abuja on Thursday, August 18.
“Nigerians, both banked and unbanked, will be able to open an eNaira wallet and conduct transactions by simply dialling *997 from their phones.
“Shortly after this, both merchants and consumers with bank accounts can use the NIBSS Instant Payment (NIP) to transfer and receive eNaira to any bank account.
“This will further deepen the integration of the eNaira with the existing national payment infrastructure.
“The CBN will increase the level of Financial Inclusion in the country because just like the Naira; the eNaira is expected to be accessible to all Nigerians. It would provide more possibilities to bring in the unbanked into the digital economy”.
In May 11 2022, Emefiele had revealed that central banks across Africa; as well as other parts of the world are trying to study Nigeria’s eNaira project.
“We feel delighted with what we are doing in the area of the Central Bank Digital Currency, CBDC.
”What we are doing in the area of eNaira is attracting the interest of different countries in the world.”
Emefiele stated this during an experience-sharing tour of the CBN’s CBDC (eNaira) by officials of the Bank of Uganda. Further, he noted that the CBN had been receiving a lot of enquiries from central banks in Africa; in addition to other parts of the world who were trying to understand what the bank was doing.