Mr. Kingsley ObioraDeputy Governor of Central Bank of Nigeria, CBN, Economic Policy
Mr. Kingsley Obiora, Deputy Governor of Central Bank of Nigeria, CBN, Economic Policy

eNaira will Enable Businesses Make Efficient, Reliable Payments – CBN Dep Gov

TECHDIGEST – The Deputy Governor of Central Bank of Nigeria, CBN, in charge of Economic Policies, Kingsley Obiora, has said that the eNaira launched by their apex bank will facilitate efficient, and reliable payments for electronic transactions.

He made this known while delivering his opening remark during the ‘Abuja eNaira Merchants Mega Events’ held at the Abuja Chambers of Commerce and Industry Conference Centre.

The event was organized by CBN, in collaboration with Arabatech, Pnail, and the Abuja chambers of Commerce and Industry, ACCI.

Amb. Olusegun Ajasegun, CEO, Araba Technology Ltd (Arabatech) addressing the Participants at Abuja eNaira Merchants Mega Events
Amb. Olusegun Ajasegun, CEO, Araba Technology Ltd (Arabatech) addressing the Participants at Abuja eNaira Merchants Mega Events

Obiora explained that the introduction of the eNaira by the CBN has immediately put Nigeria in the global spotlight as the first African country to launch the Central Bank Digital Currency (CBDC).

He said: “As a complement to the existing forms of CBN-issued legal tender currency, the eNaira serves as both a store of value and a medium of exchange, offering improved efficiency in Nigeria’s payment ecosystem.

Mr Kingsley Obiora, Deputy Governor CBN, Economy policy with CEO Arabatech, Amb. Olusegun Ajasegun
Mr Kingsley Obiora, Deputy Governor CBN, Economy policy with CEO Arabatech, Amb. Olusegun Ajasegun

“This event therefore seeks to bring together regulators, partners, merchants and other key stakeholders to further deepen the adoption of the eNaira, thereby enhance Nigeria’s quest for economic development that is supported by a world class payment system infrastructure”.

Cross-section of Merchants with Dignitaries
Cross-section of Merchants with Dignitaries

The apex bank Deputy Governor assured merchants that the CBN will continue to innovate and upgrade the eNaira platform to serve business and deepen the digital economy in Nigeria.

“Merchants such as petrol stations, supermarkets, e-commerce and other businesses not only have significant roles to play in driving the adoption of eNaira, but can also leverage on the opportunities offered by eNaira to improve cash management and make savings in operating the cost,” Obiora said.

He further disclosed that CBN has approved a reward scheme for merchants and other users of eNaira.

According to him, “This reward scheme includes providing merchants with the required promotional (marketing) materials, subsidizing the current merchant service charge by 50% and activation of a nationwide sensitization which early business adopters of eNaira can leverage on to market its wider adoption.

Registration and onboarding of Merchants during the event
Registration and onboarding of Merchants during the event

“Value added services on the platform includes branch/sub wallets, employees management (i.e roles and permissions) as well as interoperability with other enterprise applications.

“These services are provided in a secure environment as the eNaira platform was built using a very secure security protocol”.President,Abuja Chambers of Commerce and industry, Dr. Al-Mujtaba Abubakar

On his part, President of the Abuja Chambers of Commerce and industry, (ACCI), Dr. Al- Mujtaba Abubakar, highlighted the importance of the eNaira project, saying: “If fully embraced, there are several benefits attached to it’s for the business community. Some of the benefits include; speedy delivery, safe, simple trading, transactional opportunities to customers and end users”.

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