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Business News of Tuesday, 23 November 2021

Source: www.sunnewsonline.com

CBN, PSPs, fintech collaborate to deepen eNaira adoption

Governor of the Central Bank of Nigeria (CBN) Godwin  Emefiele Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele

With over 488,000 consumer wallets, 78,000 merchant wallets, 17,000 transactions amounting to over N62 million, the Central Bank of Nigeria (CBN) and key stakeholders in the payments ecosystem are working on further deepening eNaira adoption in Nigeria.

Arising from a one-day engagement session in Lagos on Monday November 22,2021, the apex bank, Payment Service Providers (PSPs) and a large community of fintech groups resolved to work together to ensure more adoption of the recently launched Central Bank Digital Currency (CBDC), the eNaira as it remains the game changer in the commerce ecosystem.

Speaking at the licensed PSPs Engagement Session, as part of further interaction with a broader category of industry players, the Director, Information Technology Department (ITD) at the CBN, Mrs. Rakiya Mohammed, clarified that the CBN was neither competing with the Deposit Money Banks (DMBs) nor other actors in the Nigerian payment system environment. 

Mrs. Mohammed explained that the engagement was in continuation of the 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 on boarding process and use of eNaira as well as develop solutions for offline eNaira functions including cards, wearables, USSD among others.