CBN accepts failures, fine-tunes eNaira to revive acceptability
At a time cash crunch is biting Nigerians harder due to the sudden currency swap of the federal government and in consideration of the observed rejection and or poor penetration rate since its introduction in October 2021 by the Central Bank of Nigeria (CBN), fresh revival drive is underway to increase uptake by both the underserved and unbanked as a time cashless policy is being pursued by force nationwide.
Already, the apex bank has sealed partnership with ChamsMobile Ltd. and Super Agents to come up with the eNaira enhanced services to address challenges that are frustrating uptakes.
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.
The News Agency of Nigeria (NAN) reports that the Central Bank Digital Currency (CBDC) the eNaira, established under the project Giant Initiative, was launched by President Muhammadu Buhari in Oct. 2021.
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.
“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 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.
He said they would also be involved in educating the masses about the concept of the CBDC and its benefits and guide users on how to efficiently use the eNaira to suit their purposes and circumstances.
He said they would be instrumental in achieving mass acceptance and quick adoption in the local and remote areas and solving user’s problems.
“For instance, the eNaira extension workers can buy and register SIMs and help customers that don’t have phones already to operate the wallet, even on their phones in case the customers are not able to buy their own phones.
“They can help them to keep physical ledgers for eNaira transactions in places, where there are no mobile services or network,
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.
The Bullnet CEO said, “It is expected that Nigerians will proudly associate with this innovation and register to have the eNaira wallet as much as possible. For now, the eNaira is operational only on the 9mobile and MTN network.’’
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.
