eNaira and the common man
SIR: On October 25 , President Muhammadu Buhari officially launched the much-awaited Central Bank of Nigeria (CBN) digital currency- the eNaira. The launch of the eNaira is a good and commendable initiative by the CBN. The CBN said “As technology evolves and advances, it is critical that central banks also evolve to continue to play their […] The post eNaira and the common man appeared first on The Nation Newspaper.
SIR: On October 25 , President Muhammadu Buhari officially launched the much-awaited Central Bank of Nigeria (CBN) digital currency- the eNaira. The launch of the eNaira is a good and commendable initiative by the CBN. The CBN said “As technology evolves and advances, it is critical that central banks also evolve to continue to play their roles and the central bank money adapts to take advantage of these opportunities provided by new technologies”.
The CBN is right in taking advantage of new technologies. However, there is a problem- many common Nigerians are not aware of the eNaira and its advantages. The CBN has done well in enlightening the already-informed segment of the society on the advantages of the eNaira. The CBN boasts that the eNaira is secured, tamper-proof, processes verifiable transaction, is simple and reduces of the cost of transactions.
The big question is – What are the innovative approaches through which the CBN can enhance the acceptance and usage of the eNaira and e-transactions, generally among common people in Nigeria?
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First, the radio. Radio plays an important role in enlightening people – especially in the rural and peri-urban areas. It is a major source of information and news. The CBN can take advantage of the radio to create awareness on the advantages of the eNaira. Secondly, telecom services providers. With over millions of Global System for Mobile communications subscribers in Nigeria, the GSM creates a platform for the CBN to reach nearly half of Nigeria’s population on the advantages of the e-naira.
The CBN can collaborate with Ministry of Humanitarian Affairs, Disaster Management and Social Development (FMHDSD), to create e-wallet to all beneficiaries of the federal government social investment programme. Most of the beneficiaries are the poor with prior low financial inclusion. The FMHDSD have ensured these people have bank accounts. Recently, the federal government, through the ministry, announced the launch of the Mobile Money Agent Programme and the commencement of training for 1,850 beneficiaries in Nigeria. These are viable means for the CBN to disseminate the advantages of the eNaira.
The CBN may wish to collaborate with businesses that have daily interactions with common people. Collaboration with filling stations, market associations and transport unions to use eNaira in their transactions will help to integrate more common people on the eNaira platform, as the people can use it with phones that are not internet enabled. The eNaira should also be enhanced to allow banks to automatically transfer it into a regular bank account.
Bringing common people on board will for sure assist the CBN and the government in boosting the use and acceptance of the e-Naira.
To bring millions of common Nigerians on the platform of the eNaira, the CBN should seek the help of experts in media, communication and public relations to develop programmes and models that will promote the acceptance of the eNaira.
- Zayyad I. Muhammad,