Central Bank of Nigeria to Add USSD Support and Investment Opportunities Around the e-Naira

Yusuf noted that the CBN is going into the second phase of the e-Naira onboarding adding that the first phase focused on people with existing bank accounts.

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According to a top official of the Central Bank of Nigeria, an upcoming update of its CBDC wallet will allow USSD transactions with the code 997.

A Unstructured Supplementary Service Data (USSD) code is a code that is programmed into your SIM card or your cell phone to make it easier to perform certain actions. When you know the code for what you want to do, you can run it with a few simple taps.

The addition is just one new feature in an upgrade that will also allow Nigerians to use the eNaira wallet to pay utility bills and other payments, such as:

  • DSTV renewals
  • Recharge card payments
  • Air travel ticket payments

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SEE ALSO: Is Nigeria Seeking to Create an eNaira Ecosystem?

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Speaking on the new USSD deployment, Yusuf Abdul Jelil, e-Naira Project Representative, said:

Within this week or early next week, you will get an alert asking you to update on your app and once you update, all these will be available.

Even if you do not have an account, we are also going to have a USSD whereby you can make transactions. The USSD code is 997. It is coming with the update.”

– e-Naira Project Representative

According to top newspapers in Nigeria, Yusuf Abdul Jelil, an ENaira project representative, revealed this in Lagos at a sensitisation and activation of e-Naira Wallet event organised by the CBN.

Yusuf noted that the CBN is going into the second phase of the e-Naira onboarding adding that the first phase focused on people with existing bank accounts.

According to Jelil, while ‘any money left in your wallet is non-interest bearing because it is as good as cash in your pocket,‘ banks may offers staking services that users can rely on to earn interest.

He said the CBN has told banks and fintechs to create investment opportunities around the e-Naira.

“What this means is that we have given them the liberty but we are monitoring them. They are not doing it on their own, we are monitoring them. Before they can push out any product we would have certified that it is original.

– e-Naira Project Representative

The fintechs and the banks will come up with ‘interesting features that will make you keep money in your e-Naira,’ he said.

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RECOMMENDED READING: [WATCH] The Nigerian eNaira Central Bank Digital Currency – The First CBDC in Africa – Goes Live

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