Business
CBN introduces new eNaira features amid naira scarcity
The Central Bank of Nigeria (CBN) has announced the development of eNaira enhanced services to address challenges faced by unbanked Nigerians.
The initiative enables customers to use the unstructured supplementary service data (USSD) code 99750# to carry out all banking transactions.
Also, customers are able to fund their eNaira wallets with cash-purchased vouchers like GSM recharge cards or from a funded bank account.
Bayo Akintoye, founder/chief executive officer of Bullnet platform, announced the development at a media parley on Thursday in Lagos.
Akintoye said that the service, fully run and powered by the Bullnet platform, was aimed at soothing the pains felt by Nigerians, given the current scarcity of cash in the country.
“The CBN has collaborated with Chamsmobile Limited (a CBN-licensed mobile money operator and super-agent) to address challenges faced primarily by the unbanked, 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 (99750#) which is fully run and powered by the patented Bullnet Platform,” NAN quoted Akintoye as saying.
“This wallet can be funded directly using this platform with cash purchased vouchers like GSM recharge cards or from a funded bank account using bank cards via the web portal that has been provided or using electronic payments with any authorised agents.
“Users can also transfer eNaira from one wallet to another simply by putting in the recipient’s phone number.
“This 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 need of a bank account or bank card.
“The users can also send eNaira to a designated account for savings or further transactions.’’
Also speaking at the event, Rakiya Mohammed, director of information technology department, CBN, commended Bullnet for coming out with a homegrown innovation.
Mohammed was represented at the event by Otaru Abdulkadir, eNaira Project Giant Team.
“As it is today, we are able to transact on the eNaira with four methods; you can scan to pay, you could use your wallet ID that is when you onboard, and the eNaira it gives you a 10 digit number,” Mohammed said.
“And of course you can use USSD, and it is for everyone. It is available for everyone with a mobile phone. It doesn’t have to be a smartphone or any data phone.”
She disclosed that the apex bank is in talks to include other telcos on the eNaira platform to widen its adoption and acceptance nationwide.
She said that eNaira transactions are only enabled on MTN and 9mobile networks at the moment but that would soon change.
“We are still in the process of getting more telcos to buy into the USSD. We have a third-party service and they were able to get us MTN and 9Mobile,” Mohammed said.
“We are already speaking to Airtel and Glo as well and soon we will have them onboard with the eNaira.”
Business
Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS
The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.
The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.
Business
Dangote refinery reduces ex-depot price of petrol to N970 for oil marketers
The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of premium motor spirit (PMS), also known as petrol, to N970 per litre for oil marketers.
This is a cut from the refinery’s N990 ex-depot price announced earlier this month, according to a statement on Sunday.
The slash would help marketers save about N20 on each litre of petrol bought from the Lekki-based plant.
Anthony Chiejina, Dangote Group’s chief branding and communications officer, said the move is the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.
“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement reads.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Business
Allegation of missing fund untrue, says Access Bank
Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.
The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.
“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.
“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.
“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.
“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.
“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.
“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.
“We remain committed to serving our customers.”
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