CBN To Upgrade eNaira Wallet With USSD Services
The Central Bank of Nigeria (CBN) says it has upgraded its eNaira speed wallet application to adopt, USSD (Unstructured Supplementary Service Data) tool – which allows users to pay for DStv and buy recharge cards amongst other services.
The USSD is a Global System for Mobile Communications (GSM) protocol that is used to send text messages.
According to the apex bank, within this week and next, users of the eNaira App will get an update which provides a myriad of services on the wallet, adding that users can use 997 as the USSD code to get more benefits from the app.
“Any moment from now, there is an update coming, you will see an update on your e-Naira application asking you to update your speed wallet, once you update, those services you ask for would be there, whereby you can pay for DStv, buy recharge cards, you can pay for airline and others. Within this week or next, you would get an update on your app, asking you to update and those services would be available to you,” the CBN said.
“Even if you don’t have an account, you can still make use of the e-Naira, because we are also going to have the USSD, whereby you can make transactions. The USSD code is 997, like I said, it’s coming with the update. When you get the update you will receive these services,” the apex bank added.
The regulator stated this Thursday during sensitization and activation of the e-Naira Wallet event held at Kairo market, Oshodi Lagos in collaboration with Bizi Mobile and Oshodi Market Leader.
Speaking at the event, the Lagos Branch Controller of CBN, Baribholkai Godfred Oyoh, said the eNaira is constantly being worked on to meet the need of Nigerians.
“The eNaira is designed for you, to suit you. It’s designed with you in mind. And for those of us that have been looking for an opportunity like this, here it is. Now there is enough room for every one of us to enjoy very reliable and efficient banking services. It’s easy and simple for everyone to be able to benefit from and enjoy,” he said.
The eNaira is designed with the best security integrated and management procedure that will help to mitigate against fraud. So there will be no fraudulent transaction, no fraudulent alert, and nobody can deceive you with eNaira transactions. It’s full proof and we are working on it more snd more. The eNaira is 100 per cent local and 100 per cent global.
“It’s made in Nigeria, for Nigerians and it can interface with any application and any banking system all over the world both for the individual transactions as well as for corporate. The eNaira is very fast for transactions and also for diaspora remittances.
On how many accounts can be deployed by a user on the eNaira app, the CBN explained that the wallet can only accommodate one bank account from a user to prevent fraud.
“Currently as you have it now, you can only use one account on the e-Naira speed wallet. The reason for that is for security reasons. We want a situation where if you want to convert your naira into e-Naira, you log on to your banking application which you registered with. Also, if you want to remove money from your e-Naira back to your account it can only go through that savings account.”
“So what it means is that even if I have access to your E-wallet, I cannot transfer money into my own account. It can only go through that singular account which you registered with.”
In his remarks, the Secretary of the Oshodi market Association, Obinna Umeh lauded the CBN for the initiative, noting that the market executives have fully embraced the eNaira.
“Everywhere is going electronic, everything is now on the internet. So when I was intimated about the programme, I was very happy. Because as a leader in the market we spend more time resolving disputes, which range from transferring money to him but refusing to release the goods to me because he has not seen the alert. So almost on a daily basis, we handle these kinds of issues and it takes our time.
“So when the eNaira, I was so happy that the CBN considered Oshodi to be the first place to come to initiate the programme. Thank you very much and we appreciate you. This programme is very food for us the executive in the market because we usually have issues with fake alerts. Somebody will issue you a fake alert and carry goods and go. We settled the matter and we keep on settling the matter.
“So when I got the information that the CBN is coming to sensitize us on the e-naira, I was so happy. And when I communicated it to the market, everybody was so happy about it because it’s a way of reducing fraud and other hitches that come with e transfer. So we say thank you and we appreciate you. We assure you that all things being equal we will key into it,” he said.
The CBN had in October 2021 unveiled the eNaira apps- eNaira speed wallet and eNaira speed merchant wallet to boost financial inclusion among individuals and merchants.
As of March 2022, the eNaira wallet downloads stood at 756,000 since its launch in October 2021, according to the CBN.
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