Is Nigeria Seeking to Create an eNaira Ecosystem?

The Central Bank of Nigeria is seeking further development around its recently unveiled CBDC, the eNaira.

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The Central Bank of Nigeria is seeking further development around its recently unveiled CBDC, the eNaira.

According to reports within the country, the apex bank has asked banks and fintechs to develop and introduce products based on the e-Naira.

The exact message can be attributed to a key employee at the bank from the Director of Information Technology Department (ITD), Mrs. Rakiya Mohammed, who was engaging financial stakeholders that included the banks and fintech.

Also present at the forum were representatives of:

  • The Chartered Institute of Bankers of Nigeria (CIBN)
  • The Nigerian Inter-Bank Settlement System (NIBSS)
  • Shared Agent Network Expansion Facilities (SANEF)
  • The Committee of eBanking Industry Heads

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SEE ALSO: The Central Bank of Nigeria (CBN) Releases the e-Naira Central Bank Digital Currency White Paper

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However, Mohammed clarified that the CBN was neither competing with the Deposit Money Banks (DMBs) nor other actors in the Nigerian payment system environment.

She explained that the engagement was in continuation of the apex bank’s strategy to bring all stakeholders on board what she described as a journey, noting that the CBN was open to suggestions and innovation aimed at adding value to the eNaira and improving the user experience.

She, therefore, urged the payment service providers (including the large community of fintech groups) to find more innovative ways to support members of the public, where possible, in the onboarding process and use of eNaira as well as develop solutions for offline eNaira functions including cards, wearables, USSD, among others.

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RECOMMENDED READING: Tanzania Has Already Begun Preparations to Have its Own CBDC, Says Governor, Bank of Tanzania

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