Share this article
Nigeria Is Altering eNaira Model to Promote Use of the Digital Currency: Central Bank
For many citizens, the central bank digital currency isn't easy to use.
Updated Jul 26, 2023, 6:41 p.m. Published Jul 26, 2023, 9:27 a.m.
Nigeria is changing its eNaira model to encourage more use of the central bank digital currency (CBDC), Central Bank of Nigeria (CBN) Acting Governor Folashodun Shonubi said Wednesday according to a post on the bank's Twitter account.
The west African country has been working to push for broader adoption of the currency, which was introduced in October 2021. Even though the number of eNaira wallets jumped more than 12-fold to 13 million between October 2022 and March this year, that's a small number for a country with a population of close to 224 million.
STORY CONTINUES BELOW
To boost the service offering and make it more user friendly, CBN upgraded its eNaira app to enable contactless payments, local news outlet The Sun reported earlier in July. The bank didn't provide details of planned changes to the eNaira model and hadn't responded to a request for more information by publication time.
For many, using the eNaira isn't straightforward. In March, the central bank said the value of eNaira transactions up to that point in the year was 22 billion naira ($48 million at the time). The country has a $220 billion informal economy that thrives on cash and has too few merchants and little infrastructure for extensive eNaira use.
Read more: Why Nigerians Aren't Turning to the eNaira Despite Crippling Cash Shortages
Más para ti
Fintech and Crypto Firms Seek Bank Charters Under Trump Administration: Reuters
Financial technology and crypto firms are increasingly applying for state or national bank charters, despite the community’s historical resistance to centralized banking.
Lo que debes saber:
- Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
- Becoming a bank allows firms to accept deposits and lower borrowing costs but brings stricter oversight.
- Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.
Top Stories
