diff --git a/multiversx_sdk/abi/code_metadata_value.py b/multiversx_sdk/abi/code_metadata_value.py
index de1d5835..be17ea7e 100644
--- a/multiversx_sdk/abi/code_metadata_value.py
+++ b/multiversx_sdk/abi/code_metadata_value.py
@@ -33,8 +33,18 @@ def set_payload(self, value: Any):
             self.value = CodeMetadata.new_from_bytes(value).serialize()
         elif isinstance(value, CodeMetadata):
             self.value = value.serialize()
+        elif isinstance(value, dict):
+            self.value = self._extract_value_from_dict(value)
         else:
-            raise ValueError(f"cannot set payload for code metadata (should be either a CodeMetadata or bytes, but got: {type(value)})")
+            raise ValueError(f"cannot set payload for code metadata (should be either a CodeMetadata, bytes or dict, but got: {type(value)})")
+
+    def _extract_value_from_dict(self, value: dict[str, str]) -> bytes:
+        hex_value = value.get("hex", None)
+
+        if not hex_value:
+            raise ValueError("cannot get value from dictionary: missing 'hex' key")
+
+        return bytes.fromhex(hex_value)
 
     def get_payload(self) -> Any:
         return self.value
diff --git a/multiversx_sdk/abi/code_metadata_value_test.py b/multiversx_sdk/abi/code_metadata_value_test.py
index 9d9c01d5..9e52e3ec 100644
--- a/multiversx_sdk/abi/code_metadata_value_test.py
+++ b/multiversx_sdk/abi/code_metadata_value_test.py
@@ -25,9 +25,16 @@ def test_set_payload_and_get_payload():
     value.set_payload(CodeMetadata(upgradeable=True, readable=True, payable=True, payable_by_contract=True))
     assert value.get_payload() == bytes([0x05, 0x06])
 
+    # From dictionary
+    value = CodeMetadataValue()
+    value.set_payload({
+        "hex": "0500"
+    })
+    assert value.get_payload() == bytes([0x05, 0x00])
+
     # With errors
-    with pytest.raises(ValueError, match=re.escape("cannot set payload for code metadata (should be either a CodeMetadata or bytes, but got: <class 'dict'>)")):
-        CodeMetadataValue().set_payload({})
+    with pytest.raises(ValueError, match=re.escape("cannot set payload for code metadata (should be either a CodeMetadata, bytes or dict, but got: <class 'int'>)")):
+        CodeMetadataValue().set_payload(5)
 
     with pytest.raises(ValueError, match="code metadata buffer has length 4, expected 2"):
         CodeMetadataValue().set_payload(bytes([0, 1, 2, 3]))
diff --git a/pyproject.toml b/pyproject.toml
index 6f647745..dae7cf51 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -7,7 +7,7 @@ allow-direct-references = true
 
 [project]
 name = "multiversx-sdk"
-version = "0.16.2"
+version = "0.16.3"
 authors = [
   { name="MultiversX" },
 ]