Launched in October 2021 as part of Nigeria’s efforts to promote financial inclusion, the Central Bank Digital Currency (CBDC), or eNaira, has yet to gain much traction. Reiterating its commitment to revitalising the payment system, The Nation reported that the apex bank attributed the low acceptance and usage to a lack of knowledge about its functions. Read more: https://www.legit.ng/business-economy/money/1669109-cbn-boost-financial-inclusion-enaira-alternative-payment-channels/
The CBN is taking action to ensure that more people are connected to the digital payment network, according to Sunday Daibo, Branch Controller in Lagos, who spoke yesterday at the CBN Fair in Lagos. The event’s theme was “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development.” He said: “In a world where technology is reshaping economies and redefining how people interact with financial services, alternative financial services have emerged not as an option but as a necessity. They are the bridges connecting underserved populations to the formal financial system.” Read more: https://www.legit.ng/business-economy/money/1669109-cbn-boost-financial-inclusion-enaira-alternative-payment-channels/
Today’s gathering brings together policymakers, financial institutions, FinTech innovators, merchants, and the public, all stakeholders in a single mission to make financial access available to everyone and ensure that every Nigerian, regardless of location or status, can participate in and benefit from our nation’s economic progress.” “Over the years, we have seen our mobile money platforms, agency banking networks, USSD services, internet banking contracts, contactless payments, the Central Bank Digital Currency, and most recently, open banking break the barriers of distance, costs, and complexity.” Read more: https://www.legit.ng/business-economy/money/1669109-cbn-boost-financial-inclusion-enaira-alternative-payment-channels/
“These channels are more than just tools for transactions; they are instruments for empowerment,” he said. He characterized the event as a celebration of Nigeria’s shared dedication to national growth, financial inclusion, and economic stability. Read more: https://www.legit.ng/business-economy/money/1669109-cbn-boost-financial-inclusion-enaira-alternative-payment-channels/
Additionally, Mrs. Hakama Sidi Ali, CBN Acting Director of the Corporate Communications Department, stated that the apex bank’s management, led by Olayemi Cardoso, is committed to promoting financial inclusion and productivity, in addition to fulfilling its primary responsibility of maintaining price and monetary stability. As a result, foreign investment inflows have increased significantly, trade balances have improved, and the rate of financial inclusion has risen dramatically in recent years. Read more: https://www.legit.ng/business-economy/money/1669109-cbn-boost-financial-inclusion-enaira-alternative-payment-channels/
