The Central Bank of Nigeria has launched the USSD channel for the eNaira, its Central Bank Digital Currency, on the Bullnet platform to increase usage. The launch took place in Lagos on Thursday during an event focused on the cash crunch and how Bullnet’s USSD services for the eNaira could address the problem.
At the event, Bullnet’s Chief Executive Officer, Bayo Akintoye, explained that the USSD code *997*50# will alleviate the pain Nigerians are feeling as the country shifts from a cash‑based to a cashless economy. He noted that the CBN has partnered with Chamsmobile Limited—a licensed Mobile Money Operator and Super‑Agent—to tackle challenges faced by the unbanked, underserved, and those on the digital divide. Together they have developed “eNaira Enhanced Services” via the eNaira USSD channel (*997*50#), which is fully powered by the patented Bullnet platform.
Akintoye said Nigerians are expected to adopt the innovation and register for an eNaira wallet. These wallets can be funded directly with cash‑purchased vouchers (similar to GSM recharge cards), from bank accounts using bank cards via the web portal, or through electronic payments with any authorized agent. Users can transfer eNaira to another wallet simply by entering the recipient’s phone number. The service also allows users to cash out by sending eNaira from their wallets to an ATM and withdrawing the cash equivalent without needing a bank account or card, or to send eNaira to a designated bank account for savings or further transactions.
He added that, in line with the CBN’s cashless policy, the eNaira was created under the Project Giant initiative and launched by the President of Nigeria in October 2021. The network of banking agents across the country—including Chamsmobile Super Agents, other mobile‑money agents, POS agents, and emerging eNaira adoption agents—will become eNaira extension workers. Their roles will involve selling vouchers to customers at a profit, onboarding new users, and conducting education and advocacy to raise awareness of the CBDC and its benefits.
Project Coordinator of the eNaira Project Giant Team, Otaru Abdulkadir, representing the CBN’s eNaira coordination, said the eNaira was introduced to improve financial inclusion, increase cross‑border transactions, facilitate diaspora remittances, and complement existing payment infrastructure. He highlighted that today users can transact on the eNaira in four ways: scanning to pay, using a wallet ID (a 10‑digit number assigned at onboarding), employing the USSD channel, and through other methods. The service is available to anyone with a mobile phone, not just smartphones or data‑enabled devices.
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