Digital Currency: CBN to reward consumers for adopting eNaira

*The Central Bank of Nigeria discloses the Bankers’ Bank is introducing incentives as part of efforts at making  eNaira adoption more acceptable to Nigerian consumers for transactions

Isola Moses | ConsumerConnect

In a move to accelerate the adoption of the platform in the country’s economy, the Central Bank of Nigeria (CBN) has said the Bankers’ Bank is intensifying efforts at making eNaira more acceptable to Nigerian consumers for transactions.

ConsumerConnect gathered CBN’s digital currency is yet to attain the expected level popularity that trailed the launch of the financial inclusion initiative, in 2021, by President Muhammadu Buhari in Abuja, FCT.

Incentives for merchants, other users

The CBN has created incentives for merchants and other users of its digital currency in order to boost the number of users PAY.

Subsequently, the apex bank has approved a reward scheme for eNaira consumers including merchants, according to report.

It was learnt the Bank planned to use the incentive as part of efforts as promoting the adoption of the eNaira in Nigeria.

Kingsley Obiora, Deputy Governor, Economic Policies at CBN, announced the reward scheme weekend at the eNaira merchants mega event in Abuja, FCT.

The CBN organised the forum in collaboration with Araba Technologies Limited, PNAIL and Abuja Chambers of Commerce and Industry (ACCI) for Nigerian business community, report stated.

Additional incentives for eNaira consumers

Some of the rewards requiring merchants with the required promotional materials, subsidising the current Merchant Service Charge by 50 percent and activation of a nationwide sensitisation that early business adopters of eNaira can leverage to market its wider adoption.

Obiora also confirmed that the eNaira platform can now facilitate payments using QR Codes, USSD, Wallet ID and eNaira Wallet tag.

The CBN Deputy Governor, Economic Policies, also assured consumers: “Value-added services on the platform include branch/sub wallets, employee management as well as interoperability with other enterprise applications.

“These services are provided in a secure environment as the eNaira platform was built using very secure security protocol.”

Other innovative services on the eNaira platform are expected to be rolled out by the CBN in collaboration with financial institutions and Fintechs that are already leveraging on the eNaira technology,” he noted

Obiora further said: “With the eNaira, the CBN seeks to enable businesses and households across and outside the country to make fast, efficient, and reliable payments.”