CBN tasks financial institutions, FinTechs to develop eNaira-based products

*The Central Bank of Nigeria assures players in the country’s payments industry it is open to helpful suggestions or ideas that add value to the e-Naira, and can improve consumer experience in the financial services sector

Gbenga Kayode | ConsumerConnect

In a move to deepen adoption of the e-Naira in the country, the Central Bank of Nigeria (CBN) has challenged the players in the country’s payments industry to develop and help introduce financial products, based on its Central Bank Digital Currency (CBDC).

ConsumerConnect learnt the Bankers’ Bank has urged payment service providers, banks and other financial institutions as well as Financial Technology (FinTech) firms to develop and introduce products that are based on the e-Naira digital currency.

Mr. Godwin Emefiele, Governor of CBN

Rakiya Mohammed, Director of Information Technology Department at CBN, stated this development while addressing financial institutions and FinTech companies that attended the Bank’s one-day engagement session.

Mohammed reportedly reassured participants at the meeting, that the CBN is not competing against financial institutions or other players in the payments system ecosystem in Nigeria.

Instead, she noted that the CBN is open to suggestions or ideas that add value to the e-Naira or those that improve the user experience.

The Director of Information Technology Department was also quoted to have urged the payment service providers in the country to explore innovative ways to support members of the public with the onboarding process.

Mohammed encouraged service providers to develop solutions that support offline e-Naira functions, including cards, wearables, and USSD among others.

On CBN’s financial inclusion objective

In a related development, as the CBN is encouraging players in Nigerian payments industry to support the CBDC, Mr. Godwin Emefiele, Governor of CBN, is quoted to have said that more consumers are downloading the e-Naira wallet application.

He said almost 600,000 of the digital currency’s wallet apps had been downloaded since the launch of the e-Naira digital currency.

However, Emefiele suggested that support from the financial industry would be significant, if the CBN is to achieve its goal of hastening the adoption of the e-Naira by Nigerians who lack smartphones.

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