Traders at Kairo Market in Oshodi, Lagos, lauded the Central Bank of Nigeria (CBN) on Thursday for introducing the digital currency, e-Naira.
The retailers were recognized at an awareness program hosted by the major bank in partnership with Bizi Mobile, an e-Naira wallet agent.
Mr. Obinna Umeh, secretary of the Oshodi market union, praised the CBN for providing a long-term solution to the many false alarms received by traders, which he said had hampered their operations.
“The CBN could not have come at a better time to educate us on e-Naira; there isn’t a day that goes by that we don’t have to settle disputes over false alerts, time that we could be putting to better use.”
“I want to thank the CBN for bringing this to Oshodi; as we all know, once e-Naira is operational in our market, other large and small markets will follow suit.” Don’t forget that Oshodi is the commercial hub of Lagos State.
“I am pleased that e-Naira is assisting us in finding long-term solutions to our problems.” “We have a lot of questions, but I’m confident we’ll get them all answered,” she said.
Alhaji Ado Dansudu, chairman of the Arewa United Consultative Forum, requested the central bank to provide e-Naira in indigenous languages in order to increase participation.
“Language can be a barrier, so the information must be translated into our indigenous languages, or else the purpose of this program will be defeated,” he stated.
According to Aminu Bizi, CEO of Bizi Mobile, a CBN licensed agent merchant aggregator, e-Naira is unquestionably the best way to do any business transaction.
“Mark my words, POS operators will be out of business very soon because e-Wallet is the main thing and it is very easy to use,” he told those interested in becoming agents.
“CBN pays you for every open wallet, unlike POS, you can sit in your comfort zone and trade with ease.”
While shedding further light on how e-Naira works, Yusuf Abutuvelili, spokesperson of the e-Naira project, stated that, unlike traditional banking transactions, which occasionally did not go through, e-Naira operated well.
According to him, the introduction of the e-naira has made it easier for Nigerians, including those who do not have a bank account, to open an e-wallet account.
“Those who have experienced financial isolation will benefit from electronic wallets once they open and fund their wallets.”
“Unlike banks, they don’t have to have millions to open their wallets, and they don’t have to have any specified account balances.”
“We are committed to ensuring that fraud is proven and that customer funds are safe as a result of the necessary precautions taken by the CBN,” he said.
Bariboloka Koyor, the controller of the e-Naira CBN brand, told businesses that their money would be safe with the usage of the e-wallet, adding that it would also prevent the spread of counterfeit bills.
“The process was designed with the best-integrated security system to protect against fraudulent alerts or transactions; it is a full test, and we are working to improve it on a daily basis.”
“The e-Naira is fast and cheap for diaspora and local transfers; for businessmen and women, it is the best in terms of preventing the spread of counterfeit bills.”
“Then, with this digitized mode of payment, the risk associated with carrying large amounts of cash is eliminated, because the cash does not have to travel,” he explained.
According to the Nigerian News Agency, the Central Bank of Nigeria’s digital currency, e-Naira, will be released in October 2021.
When opposed to cash payments, the eNaira acts as a means of exchange and a store of value, providing better payment prospects in retail transactions.
The e-Naira has a remarkable operational structure that is unlike any other kind of central bank money.
NAN further reports that Nigerians can utilize the USSD code 997 for onboarding and that helplines 08000myenaira and firstname.lastname@example.org have been established to better serve users.