The Central Bank of Nigeria (CBN) has launched the website for the operationalisation of its electronic currency, e-Naira. The website, which is to run under the https://enaira.com/ uniform resource locators (URL), was launched yesterday as part of the preparation of the formal commencement of the electronic currency in Nigeria and was accessed by our correspondent.
The CBN governor, Godwin Emefiele, had said the central bank’s digital currency is designed to help in attaining its goals of fostering greater inclusion using digital channels, supporting cross-border payments for businesses and firms as well as providing a reliable channel for remittances inflows into the country. When fully deployed, the e-Naira will ensure that Nigerians in remote areas can conduct financial activities using their digital as well as feature phone devices,” he stated.
As revealed on the website’s download link, Nigerians will be able to download the e-Naira app from either Google Play Store or App Store from 1st October to fund their e-Naira wallet using their bank accounts or with cash at a registered agent, location,” he said.
As reported earlier by Contriver Buzz, the e-Naira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender and will be used just like cash.
The e-Naira has many benefits, as it serves as both a medium of exchange and a store of value, offering better transaction prospects when compared to cash payments. The following benefits are captured on the CBN e-Naira’s website:
- Individuals – Diaspora payments, government aids, fast transactions, local payments, secure banking, financial inclusion.
- Financial Institutions – new market, customer synergy, security, data access, collaboration, restricts migration of users that might result in capital loss for financial institutions.
- Government – Increased financial inclusion, transparent taxing system, efficient social welfare programs, increased foreign exchange, reduced cash-handling costs, minimal fraudulent activities
- Businesses – Get government business support allowance, easy payment for customers, foreign business partnerships, a boost of e-commerce, unlocking new markets, sell across borders.
- Non-governmental organisations – International donations made easy, direct-to-beneficiary welfare aid, no more cash handling troubles, micro-donations for welfare projects, project financial reporting made easy, project funds securely used as purposed
Bitt Inc., a Barbados-based company, is CBN’s technical partner in digital currency operations.
The launch of the e-Naira on 1st October is not the destination of the digital currency but a journey to financial inclusion in Nigeria, and Contrivers Buzz is here to provide updates as they occur.