Nigerians can pay their bills with CBDC eNaira

The Central Bank of Nigeria (CBN) has become the latest government agency to allow bill payment 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 move was part of its efforts to increase the use of digital currency, including awareness campaigns in major markets across the country. Bariboloka Koyor, CBN Branch Controller, Lagos announced it at Kairo Market in Oshodi Lagos in conjunction with Bizi Mobile, according to the report.

“Starting next week there will be an upgrade to the eNaira speed wallet app which will allow you to perform transactions such as paying DSTV or electricity bills or even paying tickets plane,” Koyor said. “Also the USSD code *997# has come out and it’s just for more people to be aware of it and start using it.

“With eNiara fast wallet, compared to internet banking that many are used to, it is fast and convenient and there are no fees.”

According to Koyor, CBN launched the USSD code for eNaira to make it easier to register and use the digital coin.

“The eNaira will be an instrument that will be used in the future by the government to disburse the funds they want to give to alleviate poverty, so the advantage is that people get on board early,” he said. he continued. “This is a project that the CBN has rolled out to reach every Nigerian in terms of financial inclusion and in terms of banking efficiency, reliability and security so that we can do banking transactions very easily and safely. and that Nigerians can enjoy the benefits of eNaira.

“It’s a new project and people in the market are excited about the project and have accepted it and we are raising awareness among people all over the country.”

Related: Interswitch: Infrastructure Alone Won’t Solve Nigeria’s Unbanked and Underbanked Problem

Nigeria is home to around 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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