CBN asks merchants, traders to embrace e-Naira

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Mrs. Rakiya Mohammed

Speaking during media parley on eNaira in Lagos, a staff of the eNaira Project Giant Team, Otaru Abdulkadir, said wider use of the eNaira platform would ease the pains and difficulty associated with ongoing cash scarcity. Abdulkadir, who represented the eNaira Project Co-Ordinator, Mrs. Rakiya Mohammed of the Central Bank of Nigeria, said the eNaira would support trade and complement the naira as a means of settling transactions.

He said the CBN would continue to educate the populace on the major benefits that come with using the eNaira. According to him, the USSD platform is very safe, and the development of the “eNaira eNhanced services” via the eNaira USSD channel (*997*50#) would make the services available to a larger population including those at the grassroots. 

In his presentation, Chief Executive Officer, Bullnet Bulletin & Enquiries Networking Services, Bayo Akintoye, said the eNaira had what it took to reduce the difficulties faced by Nigerians over cash scarcity. He said the CBN had collaborated with Chamsmobile Limited (a CBN licensed Mobile Money Operator and Super-Agent) to address challenges faced primarily by the unbanked. 

Akintoye said the underserved and those on the other side of the digital divide by developing the service known as “eNaira eNhanced Services” via the eNaira USSD channel (*997*50#) which is fully run and powered by the patented BULLNET Platform. He said the eNaira can be employed to soothe the pain felt by Nigerians given the current scarcity of cash as we transition from a predominantly cash-based economy to a cashless one.

She said the eNaira was established under the Project Giant initiative and launched by the President of the Federal Republic of Nigeria in October 2021. “It is expected that Nigerians will proudly associate with this innovation and register to have the eNaira wallet. These wallets can be funded directly with cash-purchased vouchers (like the GSM recharge cards) or from funded bank accounts using bank cards via the web portal or using electronic payment with any authorized agent,” he said. 

“Users can also transfer eNaira from one wallet to another simply by inputting the recipient’s phone number. The 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 the need for a bank account or bank card. The user can also send eNaira to a designated bank account for savings or further transactions,” he added. 

Also speaking, President, Balogun Business Association, Oscar Ikechukwu, said the campaign to take eNaira to the grassroots and markets would enhance the acceptance of the payment platform. He promised to work with the CBN, and other stakeholders to ensure that the payment channel is embraced by traders. He said the fact that the USSD does not require internet to function effectively, will make its acceptance easy for the people. 

Prof. Umar Danbatta

 

In another development and in view of the importance attached to the ongoing Presidential Election, the Nigerian Communications Commission (NCC) has dedicated its Consumer Toll-Free Number 622, to serve as 2023 Presidential Election Incident Hotline to enable voters and members of the public across Nigeria to report any issues that may affect them, or others, during the elections on February 25. 

This step was to support the Independent National Electoral Commission (INEC), in its patriotic commitment, towards the conduct of hitch-free elections in Nigeria. In a notice signed by the Executive Vice Chairman, NCC, Prof. Umar Danbatta, the toll-free number 622 is the second-level complaints centre through which consumers of telecommunications services are allowed to make calls directly to the Commission, to resolve issues concerning their telecommunications services, which the service providers are unable to do.

However, NCC said in consideration of the critical nature of this election and to alleviate emergent issues that may arise at the voting centres, or any parts of Nigeria thereof, it (commission) considered it expedient to dedicate the toll-free number 622 to accommodate all types of complaints on Election Day. The commission said this is with a view to resolving such issues by contacting and conveying such to relevant agencies, authorities, or organisations for timely resolution. The telecoms regulator said the 622 Election Incident Monitoring Centre would be manned by top management officials of the NCC. It added that the hotline was open to the public from 8.00 a.m. to 6.00 p.m. during the Presidential and National Assembly elections. 

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