HomeTechnology PoliciesLaunching of E-Naira Website a Giant Stride by the CBN Innovations Launching of E-Naira Website a Giant Stride by the CBN The reaction of Nigerians to the official website for e-Naira launched during the weekend was encouraging. It received over 1Million hits in the range of 24hours. Leading to the official launch on October 1 2021, the website, (www.e-naira.com) designated that “eNaira serves as both a medium of exchange and a store of value, offering better payment prospects on retail transactions when compared to cash payments.” It also affirmed that, “ eNaira is a Central Bank of Nigeria- issued digital currency that provides a unique form of money denominated in Naira.” The website also confirms the advantages of the eNaira, listing 8 core values of the digital currency as, Growth, Remittance, Monitoring, Welfare, Inclusion, Trade, Security, and Revenue. Growth On Growth the website concludes, “eNaira fosters Economic Growth by offering easier access to capital and financial services thereby increasing economic at low/no interest transaction rate. Remittance It also accommodates the Nigerians in Diaspora, “eNaira provides a secure and cheaper Diaspora Remittance option and an increase in the speed of such transaction” Monitoring “eNaira traceability limits its use for illicit or fraudulent purposes” Welfare “ eNaira enables effective, equitable and faster distribution of cost assistance to households and communities included in the government Social Welfare Programs.” Inclusion “eNaira will accelerate Financial Inclusion.” Trade “eNaira increases Local and International Trade by making transaction cheap, safe, quick, and better.” Security “eNaira has a stronger security because it cannot be forged or counterfeited as a result of its unique identity and security structure.” Revenue “eNaira aids Revenue collection by reducing cash handling costs” According to the CBN, “We have developed this App with a deeper understanding of customers, what they value, their abilities, and also their limitations.” The website also confirmed that what the customer needs to do was to download the App or scan the QR code to get started. Godwin Emefiele, Governor of the CBN, said that the pilot scheme of eNaira would commence on October 1st 2021. He also said, “ We have all the approvals and mandates to launch on October 1, but it is important to understand that eNaira is not a one-off, it’s a journey that starts on October 1st,” according to the CBN Governor during the last monetary policy committee meeting. Support PisonTechAfrica.com For inspiring tech content and articles, PisonTechAfrica.com is the platform to go. Great content takes a lot of resources; we are poised to motivate young start-ups and give them leverage with our platform. It is a platform for inspiring tech entrepreneurs to display their talents. Africa is the next big thing for technology. PisonTechAfrica.com is the tech media platform committed to positioning Africa in the Fourth Industrial Revolution. Donate Oluwagbenga Oyebanji Share This Previous Article5G is Gradually taking over the Nigerian Digital Space Next ArticleHigh expectations as CBN firms up plans on eNaira September 29, 2021
