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NovThe Central Bank of Nigeria (CBN), payment service providers (PSPs), and other financial technology (fintech) stakeholders gathered in Lagos Wednesday to discuss ways to promote e-Naira use. At the conclusion of the discussion, the parties agreed to collaborate in order to accelerate the adoption of the central bank’s digital money (CBDC). Many stakeholders believe that the adoption rate is slow. According to data from the apex bank, 17,000 transactions totaling over N62 million had been processed, with the average transaction costing approximately N3, 800. The International Monetary Fund (IMF) noted last week that the CBDC promises to increase remittances to […]
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OctBuhari claims that the e-Naira will make payments faster, safer, easier, and cheaper. President Muhammadu Buhari anticipates that the Central Bank Digital Currency (CBDC) would boost Nigeria’s GDP by $29 billion over the next ten years. After an initial delay, he officially introduced Nigeria’s digital currency, e-Naira, in Abuja on Monday, October 25, 2021. He claims that the currency can boost economic growth by increasing remittances, improving financial inclusion, and making monetary policy more effective. According to the president, he approved the e-Naira project because the usage of physical cash in conducting business and making payments is declining, necessitating the[…]
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OctFollowing President Muhammadu Buhari’s inauguration of the eNaira, the CBN’s digital currency application is now accessible for download. CBN stated that the programs had acquired over 5,000 downloads within hours of their release. This comes as the apex bank issued regulatory guidelines stating that costs for transactions originating from the eNaira platform will be waived for the first 90 days beginning Oct. 25. Following this period, applicable charges listed in the Guide to Charges by Banks, Other Financial, and Non-bank Financial Institutions shall take effect. As of 4 p.m., the eNaira speed wallet app for individuals had received over 5000[…]