The Central Bank of Nigeria has developed a USSD channel for the eNaira, the central bank’s digital currency. it was unveiled in Lagos as part of a discussion on the cash shortage and how Bullnet’s services for the eNaira’s USSD channel will address the issue.
Users can also transfer eNaira by simply entering the recipient’s phone number from one wallet to another. Also, the service enables users to withdraw cash equivalents from ATMs by transmitting eNaira directly from their wallets to the machine without the requirement for a bank account or bank card.
In accordance with the cashless strategy.
The eNaira was created as part of Project Giant and introduced by the President of Nigeria in October 2021 in accordance with the CBN’s cashless policy.
The country’s network of banking agents, including the Chamsmobile Super Agents and other mobile money agents, the POS agents, and the expanding eNaira adoption agents, would now transform into eNaira extension workers who would be involved with eNaira agency (selling vouchers to customers at a profit and onboarding new users), education, and advocacy (raising awareness and educating the general public about the concept of the CBDC and its advantages).