The Governor of Central Bank of Nigeria, Godwin Emefiele, said over 1.4m transactions have passed through the eNaira platform. He disclosed this at the 34th Finance Correspondent Association of Nigeria (FICAN) and Business Editors Seminar, with the theme “Implementing a Robust Payment Architecture: Prospects, Opportunities and Challenges” in Calabar, Cross River State.
He explained that since its introduction, the CBN has continued to modify its features to make it more accessible to a wide range of users. “Today, one does not need a smartphone to use the eNaira as it has become compatible with all generations of mobile devices old and new”.
According to him, “the advent of the Corona Virus pandemic (COVID-19) no doubt triggered rapid advancements in financial technology leading to speedy digitisation of money and finance. The CBN took advantage of the opportunity by launching the eNaira in October 2021. The eNaira was developed to broaden the payment possibilities of Nigerians, foster digital financial inclusion, with potential for fast-tracking intergovernmental and social transfers.
The CBN Governor pointed out that “in many climes, the acceleration of digital payment options has caused brick-and-mortar offices to give way to electronic channels. Some of these channels include the automated teller machines (ATM), point of sales (PoS) terminals, internet banking, mobile banking, unstructured supplementary service data (USSD), and contactless payments. These products are designed to meet customers’ expectations of ease and speed, coupled with consideration for safety”.
“The Nigeria payment system landscape has particularly continued to record significant changes and development. We are all witnesses to the transformation that has taken place in the Nigeria payment system in the last decade. From heavy reliance on cash and daily visits to brick-and-mortar banks, we are now in largely cash-less era, a project that commenced since 2012.”
“As a deliberate policy towards ensuring easier, cheaper and faster means of payments, the CBN has continued to collaborate with relevant stakeholders in the adoption of payment system instruments and channels, such as, the Bank Verification Number (BVN), the Real Time Gross Settlement System (RTGS), Regulatory Sandbox, Open Banking and the CBN Digital Currency (CBDC), the eNaira. Nigeria is currently the first country in the Continent and second in the world to have fully launched a live CBDC”.
“We remain proud that the Nigerian payments and financial services sector is ranked among the best in terms of innovation, regulation and resilience. To sustain the successes achieved, the support of all financial institutions and stakeholders is imperative. In this regard, the CBN stand ready to continue to strengthen the institutional and regulatory frameworks that would encourage further development of the payments system and promote the usage of secure and credible electronic products as stipulated in the PSV 2025 strategic plan”.
