CBN Upgrades The eNaira With NFC Feature And Targets University Adoption

The Central Bank of Nigeria (CBN) has introduced a chip-enabled Near Field Communication (NFC) device for its digital currency, the eNaira, aiming to enhance accessibility and usability, especially for those without smartphones or limited internet access.

By Staff

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The Central Bank of Nigeria (CBN) has taken a significant step in advancing the eNaira by introducing Near Field Communication (NFC) technology. This upgrade aims to expand the usability of the eNaira beyond smartphones and internet access, benefiting individuals without such devices.

NFC is a wireless communication technology that enables the exchange of data between devices within a short-range distance of up to 10 cm. With the integration of NFC, eNaira wallet owners can conduct financial transactions with minimal human contact by utilizing tags attached to their phones.

During an event at the University of Abuja, Mr. Joseph Angaye, a Deputy Director at the CBN, expressed the bank’s commitment to engage students in adopting the eNaira. He emphasized the additional services provided by the eNaira, including the ability to facilitate payments even without a network connection, which is made possible through the NFC feature.

Angaye highlighted the evolution of the eNaira since its inauguration by former president Muhammadu Buhari nearly two years ago, positioning it as a world-class payment system instrument. He further explained that the CBN has achieved numerous milestones and continues to improve the functionality of the eNaira.

The engagement with university students stems from valuable feedback received from various stakeholders. Nigeria is one of the early adopters of the Central Bank Digital Currency (CBDC) concept globally, and the CBN has garnered extensive experience that the world is keen to learn from. The CBN has been generous in sharing its knowledge with organizations such as the World Bank, the IMF, and central banks worldwide.

Angaye clarified that the eNaira is not intended to replace physical currency or existing payment system infrastructure. Instead, it aims to enhance the financial system, address challenges within the payment system infrastructure, and complement existing services. The eNaira provides a platform for banks and service providers to offer more efficient services, promoting financial inclusion and reducing congestion and downtime associated with transaction processes.

The CBN also aims to make the eNaira the preferred method of revenue collection in tertiary institutions across Nigeria. During the event, Prof. Aisha Sani Maikudi, the Deputy Vice-Chancellor (DVC) Academics of the University of Abuja, expressed the university’s readiness to collaborate with the CBN in educating Nigerians about the eNaira. The university’s Department of Banking and Finance will dedicate efforts to the eNaira project, with students and staff serving as agents for this initiative.

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