According to the Central Bank of Nigeria, locals will be able to use the eNaira to pay their bills, flight tickets, and TV subscriptions. This is part of a campaign to promote the financial product and encourage more people to use it in their daily transactions.
The Upgrade of Nigeria’s CBDC
It’s safe to say that Nigeria, Africa’s most populous country, is leading CBDC efforts. Under the slogan “Same naira, more options,” the authorities introduced the eNaira last year. The central bank of Nigeria raised hopes that the product would make financial transactions easier and more seamless for all segments of society.
A recent report claims that the CBN will upgrade their CBDC next week. This will allow members of the public access to it for payment methods such as bills, flight tickets, and TV and Internet subscriptions. The financial institution has teamed up with Bizi Mobile, a mobile banking company. Bariboloka Koyor, the Branch Controller at CBN, provided more information.
“Starting next week, the eNaira speed app will be upgraded to allow for transactions such as payment for DSTV or electric bill or flight tickets.
According to the bank, the upgrade will make Nigerians more aware of the product. They should also use it more often to pay and strengthen its presence in the country.
Koyor stated, “This project was launched by the CBN to reach every Nigerian in terms financial inclusion and in the efficiency, reliability and safety of banking transactions so we can make banking transactions very easy and safely, and the people of Nigeria can benefit from the eNaira.”
Nigerians are keen on Crypto
Despite attempts by the CBN to introduce the eNaira in Nigeria, it is not clear how successful this move would be. Nigerians are fascinated by cryptocurrency like bitcoin, which is completely different from CBDCs.
According to a recent study, over 33 million Nigerian adults own or have traded digital assets within the last six months. 52% have invested more that half of their wealth in the market and 70% pledge to increase their exposure until 2022.
Research has shown that high interest in this asset class is driven primarily by the rising inflation rates. Many locals converted their fiat currency to crypto to protect their wealth in the face of financial turmoil.
Another reason they are jumping on the digital asset bandwagon is that a large portion of Nigerians do not have access to basic financial services.
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