The Central Bank of Nigeria (CBN) has upgraded the CBDC – residents will now be able to pay their utility bills, TV subscriptions and airline tickets using eNaira.
The Nigerian government is upgrading the central bank digital currency (CBDC). By the end of May, the ability to use eNaira to pay for a wide range of goods and services will be added. This was announced by CBN Deputy Director Bariboloka Koyor, the national publication Voice of Nigeria reports.
Koyor said that the USSD code *997# update is part of measures to increase the use of the CBDC among the population and companies involved in securing the country’s major markets. The CBDC update is primarily aimed at popularizing the nation’s financial product.
Through a partnership with mobile banking firm Bizi Mobile, the updated eNaira will allow Nigerians to pay DSTV subscriptions, utility bills and book airline tickets using the CBDC. Koyor emphasized that the eNaira wallet has a lot of advantages over classic online banking, highlighting the lack of fees and high transaction speed.
The CBN is ready to start using the CBDC to allocate funds for poverty alleviation. Koyor added that in the future, eNaira will be the only way to get financial assistance from the government.
Nigeria became the second country in the world, after the Bahamas, to successfully deploy a central bank digital currency (CBDC). Since its launch in October 2021, more than 400,000 customers have used the eNaira Speed Wallet app, and the eNaira Speed Merchant Wallet app is used by more than 40 banks in the country. More than $200 million worth of eNaira has been issued to financial institutions nationwide.
The CBDC adoption process is gaining momentum around the world. Recent surveys have shown that 90% of central banks are studying CBDCs in the context of their practical application.
