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Nigerians Can Use e-Naira Without Internet – CBN

Nigerians Can Use e-Naira Without Internet – CBN

The Central Bank of Nigeria (CBN), has announced that Nigerians can use e-naira without using internet-enabled phones.

According to the GSMA, about 47 per cent (210 million people) in sub-Saharan Africa do not use mobile internet.

In a report filed by BUSINESS HALLMARK, CBN disclosed this in a document with the title ‘Design paper for the eNaira’.

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The CBN stated, “To mitigate this risk, the bank factored in the need for inclusiveness as part of the core design principle of the eNaira. This principle has enabled the bank to focus on simplicity and ease of use, ensuring that Nigerians without Internet-enabled phones can access the service”. Jamb Result

BUSINESS HALLMARK reports that the CBN said the digital currency, eNaira would complement existing options available via the Point of Sale terminals, USSD, mobile banking apps, quick response code, and Internet banking, among other channels. Information Guide Nigeria

According to BUSINESS HALLMARK, the CBN said, “The account-based CBDC model at its core mirrors the progress made on the National Financial Inclusion Strategy which enables access to financial services by leveraging last-mile networks to identify users and to provide banking services through channels such as PoS and USSD.

“Specifically, identity frameworks such as the NIN will enable access for the financially excluded as they can be uniquely identified, thereby enabling the provision of financial services. These identity systems will help ensure a robust KYC framework positioned to enable access for all Nigerians.”

The CBN seeks to identify individuals and corporate entities by leveraging BVN, NIN, TIN, etc.

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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