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Nigerian Central Bank states country’s payment industry to launch products e-naira

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Indrani bose Follow

INDIA

Nov, 30 2021

Nov, 30 2021

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In a speech made in the central bank’s one-day session by the director of the Information Technology Department of Central Bank of Nigeria (CBN) Rakiya Mohammed requested payment service providers, financial institutions, and financial technology companies to launch and develop and products based on the central bank’s digital currency, e-naira. This step was taken to deepen the adoption of electronic naira.

As per reports, in this conference, Rakiya Mohammed said CBN is open to suggestions or ideas regarding improvement of the user experience and adding more value to e-naira. In this plea, Mohammed reassured participants that the central bank would not compete with financial institutions or any other players in the country’s payment industry. To support members of the public with the onboarding process, Mohammed requested the country’s payment service providers to look for further innovative ways. She encourages offline e-naira functions, along with cards, wearable devices, USSD, etc and so supports service providers to build up solutions

Bank’s anti cryptocurrency president, Godwin Emefiele, said that CBN is focussing on speeding up the adoption and acceptance of the e-naira by Nigerians who lack smartphones ad to do that support from the financial industry will be important. According to the report Godwin Emefiele claimed that a number of more people are downloading the e-naira payment wallet application. He said since the CBDC’s launch over a month ago, around 600,000 of the digital currency’s wallet apps have been downloaded.


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Indrani bose

CBW - External Analyst

INDIA

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