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Nigeria’s e-Naira initiative surpasses 1.4 million transactions.
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This was revealed at CBN’s 34th Seminar for Finance Correspondents and Business Editors in Calabar.
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The e-Naira had been developed to foster digital financial inclusion and broaden payment possibilities for Nigerians, with potential for fast-tracking intergovernmental and social transfers.
EKO HOT BLOG reports that the Central Bank of Nigeria (CBN) has announced that transactions on its e-Naira initiative have surpassed 1.4 million as of March 31, 2023.
Speaking at the CBN’s 34th Seminar for Finance Correspondents and Business Editors in Calabar, Cross River State, the Governor of the bank, Mr Godwin Emefiele, revealed that the e-Naira had been developed to foster digital financial inclusion and broaden payment possibilities for Nigerians, with potential for fast-tracking intergovernmental and social transfers.
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He noted that the CBN had continued to modify its features to make it more accessible to a wide range of users and was now compatible with all generations of mobile devices.
The e-Naira was launched in October 2021, with the CBN taking advantage of COVID-19 and other developments in-country to drive electronic payment channels.
The Governor of the bank stated that the pandemic had triggered rapid advancements in financial technology leading to the speedy digitisation of money and finance. The e-Naira was one of the initiatives the CBN launched to ensure an efficient payment system in the country.
Mr Emefiele went on to speak about the Open Banking initiative, which he said was aimed at expanding the cache of customer data warehoused in the financial sector for use in developing innovative products to service the needs of the public.
He said that the CBN would ensure that the data exchange would be done in a way to safeguard the privacy and concerns of the customers who own the data. The Governor explained that the initiative could help reduce the cost of funds, as banks would compete for customers in terms of interests.
The CBN boss identified weak social infrastructure, activities of unlicensed entities, and cyber threats and fraud as major challenges facing the nation’s payment system.
To tackle these challenges, the CBN has put in place strategies, including the establishment of the Nigeria Electronic Fraud Forum (NeFF), Payment Card Industry Data Security Standard, and the Financial Industry Cybersecurity Fusion Centre.
In his speech, the Governor emphasized the critical role of the CBN in the achievement of its primary mandate of price and monetary stability conducive for inclusive and sustainable economic growth. He stated that the payment system regulation and management role of the CBN was also essential in ensuring a stable, safe, and efficient financial system in Nigeria.
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Mr Emefiele concluded that the CBN would continue to ensure a healthy balance between the adoption of the latest innovations and development of reliable mitigants to the associated inherent and operational risks to both the payments system and the rest of the economic sectors in Nigeria.
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