The Central Bank of Nigeria (CBN) became the latest governmental body to allow bill payments using digital currency when it approved the use of the upgraded version of its central bank digital currency (CBDC), eNaira, according to a Vanguard report Monday (May 9).
CBN said the decision is part of its push to increase the digital currency’s use, including sensitization campaigns in major markets across the country. Bariboloka Koyor, CBN branch controller, Lagos, announced this at the Kairo market in Oshodi Lagos in collaboration with Bizi Mobile, per the report.
“Starting from next week, there is going to be an upgrade on the eNaira speed wallet app that will allow you to do transactions such as paying for DSTV or electric bills or even paying for flight tickets,” Koyor said. “Also, the USSD code *997# is out and it is just for more people to be aware of it and begin to use it.
“With the eNiara speed wallet, compared to the internet banking that many are used to, it is fast and convenient and there are no charges.”
According to Koyor, CBN launched the USSD code for the eNaira to make it easier for people to register and use the digital coin.
“The eNaira will be an instrument that will be used going forward by the government to disburse funds that they want to give to alleviate poverty, so the advantage is for people to onboard early,” he continued. “This is a project that the CBN has rolled out to reach out to every Nigerian in terms of financial inclusion and in terms of efficiency, reliability and safety of banking transactions so that we can do banking transactions very easily and safely and the people in Nigeria can enjoy the benefit of the eNaira.
“It is a new project and the people in the market are excited about the project and accepted it and we are sensitizing people everywhere in the country.”
Related: Interswitch: Infrastructure Alone Won’t Fix Nigeria’s Un- and Underbanked Problem
Nigeria is home to about 38 million people, or 36% of adults, who are considered financially excluded. The government has set a target of 95% financial inclusion by 2024.
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