Nigerian Central Bank Wants Financial Institutions To Develop Products Based On Its CBDC CryptoBlog

The Central Bank of Nigeria has said it wants players in the country’s payments industry to develop and help introduce products based on its central bank digital currency, e-naira.

Central bank open to suggestions

In its attempt to deepen the adoption of e-naira, the Central Bank of Nigeria (CBN) has asked payment service providers, financial institutions and fintech companies to develop and introduce products based on its digital currency.

According to a report per the Vanguard, this call was made by Rakiya Mohammed – the director of the CBN’s information technology department – ​​when she addressed the financial institutions and fintech companies who attended the session. central bank’s one-day commitment.

During the meeting, Mohammed also reportedly reassured participants that the central bank is not in competition with financial institutions or other players in the payment system. Instead, Mohammed said CBN is open to suggestions or ideas that add value to e-naira or those that improve the user experience.

Additionally, Mohammed is also said to have urged the country’s payment service providers to find more innovative ways to support members of the public in the onboarding process. She also encouraged service providers to develop solutions that support offline e-naira functions, including cards, handheld devices, USSD, among others.

CBN Financial Inclusion Goal

Meanwhile, reports that the CBN is encouraging players in the payments industry in Nigeria to support the CBDC come as the bank’s anti-cryptocurrency governor, Godwin Emefiele, is cited by another publication claiming that more and more people are downloading the e-naira wallet app. He said nearly 600,000 of the digital currency wallet apps have been downloaded since the CBDC launched over a month ago.

However, Emefiele – like the bank’s CIO – suggested that support from the financial sector will be essential if the CBN is to achieve its goal of accelerating the adoption of e-naira by Nigerians. without smartphones.

Do you agree that the success of e-naira depends on its support from financial institutions? You can share your views in the comments section below.

Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively on the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.

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