CBN unveils NIP on eNaira platform

Central Bank of Nigeria (CBN) has announced that the Nigeria Inter-Bank Settlement System (NIBSS) Instant Payment (NIP) is now available on the eNaira platform.

CBN which announced this via its verified Twitter handle (@cenbank), Tuesday, said customers can now transfer funds from their eNaira wallets to any bank account in the country using the NIBSS Instant Payment (NIP) feature on the eNaira platform.

It also urged customers to update their eNaira Speed Wallet via the Google Playstore or Apple App stores.

“You can now transfer funds from your eNaira wallet to any Bank account of your choice in Nigeria using the NIBSS Instant Payment (NIP) feature on the eNaira platform.

“To use the feature, Kindly visit your Google Playstore or Apple App store to update your eNaira Speed wallet or simply login to your wallet via the web.”

It would be recalled that, last week, the CBN in Kano State, also unveiled the e-naira USSD code.

Governor of the CBN, Mr. Godwin Emefiele who unveiled the code said the newly introduced e-naira short code will enhance financial transaction under the digital currency transaction initiative.

He said the introduction of the short code *997# will make financial transactions more easy and safe for the general populace.

“The aim is to enhance its acceptability with a focus on deepening payment system.

“I’m pleased and indeed delighted to inform you that Nigerians both banked and unbanked will be able to open an entire wallet and conduct transactions by simply dialing *997# from their mobile phones”.

He said between October 2021 when it was launched to date the eNaira has reached 840,000 downloads, with about 270,000 active wallets comprising over 252,000 consumer wallets and 17,000 merchant wallets.

According to him the volume and value of transactions on the platform have been remarkable, reaching above 200,000 and N4 billion, respectively.

“The CBN sets a self-imposed target of 8,000,000 active users based on estimations using the diffusion of innovation model” he said.

Emefiele said the Hackathon event was a forward leap in the implementation of eNaira to ensure all Nigerians receive the full benefits of a Central Bank Digital Currency (CBDC).

The CBN Governor was represented at the event by the Deputy Governor CBN, Mr Folashadun Adebisi Shonubi.

The Governor of Kano state Abdullahi Umar Ganduje represented by the special adviser on Cabinet Office, Alhaji Sagir Mohammed said the introduction of the new naira USSD code was a great development in the enhancement of financial transactions.

”My administration would ensure that beneficiaries of our empowerment programs must have eNaira wallet for easy transaction,” he said.

Ganduje urged the people of Kano and the nation at large to key into the entire financial transaction for easy and safe transactions.