Banking regulator urges consumers to embrace cashless economy, lists benefits of eNaira

*The Central Bank of Nigeria explains eNaira is a stress-free alternative means of financial transaction to cash, with lots of ‘benefits to Nigerians in tackling financial crime, money laundering, giving visibility for monetary policies in the country

Isola Moses | ConsumerConnect

As the West African country moves to raise the ante in promoting cashless transactions, the Central Bank of Nigeria (CBN) has urged Nigerians to embrace the digital payment channel (eNaira) to further enhance its cashless policy implementation.

Maxwell Okoroafor, Port Harcourt Branch Controller of CBN, made the call Thursday, April 27, 2023, at a sensitisation workshop in Port Harcourt, Rivers State capital.

The theme of the workshop, jointly organised by CBN and Zenith Bank, was: “Roadmap to eNaira Adoption: Understanding the Workability of the E-Naira and its Implications on the Cashless Policy”.

Okoroafor disclosed the workshop was aimed at providing important information about eNaira for students and lecturers of the University of Port Harcourt (UNIPORT) and Ignatius Ajuru University of Education (IAUE), agency report said.

Benefits of eNaira in activating cashless policies

The CBN Branch Controller also noted: “The eNaira is an alternative means of financial transaction to cash, and is designed to make transactions stress-free as well as improve the nation’s economy.

“It is cheap and comes with a lot of benefits to Nigerians in tackling financial crime, money laundering and also gives visibility for monetary policies in the country.”

Okoroafor further said: “It will also be beneficial to the institutions in the area of payment of fees while also helping them to reduce the cost of policy management.”

According to him, the CBN digital currency has the same value as the Naira notes in the pockets and wallets of Nigerian consumers.

The CBN top official as well threw more light on e-payments system, and stated: “The whole world is going digital, hence the CBN is also responding to the innovation by introducing a lot of cashless policies – of which one of the policies is the eNaira.

“Incidentally, we are the first Central Bank in Africa to introduce eNaira, and only the second in the world.”

Likewise, Collins Onuosa, Head of Information and Clients Services at CBN, said the banking regulator has targeted students because they are more in tune with emerging technologies in the country’s digital ecosystem.

Onuosa also disclosed the CBN had engaged organisations, groups, institutions and students to ensure that everyone is brought on-board the eNaira and other digital payment platforms.

Speaking at the forum, Vice Chancellors of UNIPORT, Prof. Owunari Georgewill; and his IAUE counterpart, Prof. Okey Onuchukwu, noted both universities would work with the Bankers’ Bank to implement its cashless policies in both universities.