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- The Central Bank of Nigeria is working to revive the eNaira project, aiming to increase access to digital financial services and promote financial inclusion
- At the CBN Fair in Lagos, officials highlighted the importance of alternative financial services in bridging gaps for underserved populations and fostering economic development
- Additionally, the CBN is enhancing consumer protection through initiatives like the Unified Complaints Tracking System and promoting policies that improve financial stability
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Central Bank of Nigeria (CBN) is reaffirming its commitment to fostering confidence and increasing access to digital financial services in the nation by striving to revive the eNaira project.
Source: UGC
Launched in October 2021 as part of Nigeria’s efforts to promote financial inclusion, the Central Bank Digital Currency (CBDC), or eNaira, has yet to gain much traction.
Reiterating its commitment to revitalising the payment system, The Nation reported that the apex bank attributed the low acceptance and usage to a lack of knowledge about its functions.
The CBN is taking action to ensure that more people are connected to the digital payment network, according to Sunday Daibo, Branch Controller in Lagos, who spoke yesterday at the CBN Fair in Lagos.
The event’s theme was “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development.”
He said:
“In a world where technology is reshaping economies and redefining how people interact with financial services, alternative financial services have emerged not as an option but as a necessity. They are the bridges connecting underserved populations to the formal financial system.”
“Today’s gathering brings together policymakers, financial institutions, FinTech innovators, merchants, and the public, all stakeholders in a single mission to make financial access available to everyone and ensure that every Nigerian, regardless of location or status, can participate in and benefit from our nation’s economic progress.”
“Over the years, we have seen our mobile money platforms, agency banking networks, USSD services, internet banking contracts, contactless payments, the Central Bank Digital Currency, and most recently, open banking break the barriers of distance, costs, and complexity.”
“These channels are more than just tools for transactions; they are instruments for empowerment,” he said. He characterized the event as a celebration of Nigeria’s shared dedication to national growth, financial inclusion, and economic stability.
Additionally, Mrs. Hakama Sidi Ali, CBN Acting Director of the Corporate Communications Department, stated that the apex bank’s management, led by Olayemi Cardoso, is committed to promoting financial inclusion and productivity, in addition to fulfilling its primary responsibility of maintaining price and monetary stability.
As a result, foreign investment inflows have increased significantly, trade balances have improved, and the rate of financial inclusion has risen dramatically in recent years.
She added that the ongoing recapitalisation of banks will enhance the banking sector’s resilience and global competitiveness, positioning it to support the $1 trillion economy. She also explained that the introduction of the Nigeria Foreign Exchange (FX) Code has improved governance in the management of the forex market.
According to Ali, the main goal of this engagement is to raise public awareness of how the bank’s innovations and policies can improve people’s lives and livelihoods while advancing the expansion and advancement of the Nigerian economy.
Source: Getty Images
She clarified that the CBN introduced the Unified Complaints Tracking System (UCTS) to streamline and enhance the handling of consumer complaints against financial institutions, safeguarding bank clients and ensuring they are not exploited. The system improves consumer safety and transparency in the Nigerian financial sector, especially when combined with a USSD code (*959#) for confirming regulated institutions.
“The core objective of this engagement, therefore, is to sensitize members of the public on how the Bank’s policies and innovations can enhance their lives and livelihoods and contribute to the growth and development of the Nigerian economy,” she said.
CBN speaks on releasing eNaira version 2
Legit.ng reported that the Central Bank of Nigeria (CBN) has stated that more eNaira would be accepted as payment for goods and services into government accounts.
This was mentioned in a recent press release from the CBN titled “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024–2025”.
Daily Trust reported that in the statement, the CBN said it would keep working to make it possible for payers to utilise their eNaira wallets or channels to deposit money into government accounts at the CBN.
Source: Legit.ng
