Imminent eNaira upgrade would include Bill payment and investment options for Nigerian Fintechs. Meanwhile, two-thirds of Central banks globally are considering CBDCs.
Several reports indicate that the Central Bank of Nigeria is set to upgrade the eNaira to boost its use. This was revealed at a sensitisation campaign held by the Apex bank in Kairo market, Oshodi, to raise awareness among the traders and business people.
Accordingly, the purported update would bring several essential features to the eNaira Speed wallet to increase its usability. Some of these include payment of utility bills, USSD transactions and investment opportunities for local fintech.
Speaking at the event, the team leader Yusuf Abdul Jelil reiterated that the eNaira wallet users would receive an update prompt. Subsequently, they would be able to DSTV renewals, recharge card payments, and air trip ticket purchases after updating the app.
“Once you update, those services you are asking for will be there whereby you can pay for DSTV, buy a recharge card, pay for airfare and so on. Within this week or early next week, you will get an alert asking you to update on your app, and once you update, all these will be available.”
Also, he revealed that for those yet to have a speed wallet account, the update would allow the use of USSD codes to allow greater inclusion. This, he explained, is in line with the second phase of the CBN’s onboarding effort to onboard people without bank accounts.
Furthermore, he said the CBN had given fintech firms permission to explore and develop investment products around the digital currency. This the regulatory body believes citizens will key into for wealth creation. However, Jelil said all such products would first be subjected to approval by th CBN before they roll out.
Subsequently, the regulatory body promised it would protect its users’ funds and ensure that they do not lose any money. The Lagos Branch Controller, Barry Toyor, made this known while urging traders to see the platform as a secure and reliable medium to transact.
90% Of Central Banks Globally Considering Digital Currencies
With the CBN’s eNaira effort recently receiving global acclaim, the Bank for International Settlement (BIS) says more Central banks are actively looking into CBDCs. The BIS revealed this last week after conducting a three-month survey of Apex banks globally in 2021.
The BIS report revealed that 90% of the 81 central banks surveyed were engaged in CBDC work. Of this lot, 26% were running CBDC pilots, with more than 60% conducting experiments or proofs-of-concept related to a digital currency.
Accordingly, the BIS noted an increase in interest in CBDCs, up 83% from 2020 levels. The surge is attributed to a shift to digital solutions in the wake of the COVID-19 pandemic. Also, the adoption and expansion of stablecoins and other cryptocurrencies have contributed immensely to the growth.
In an earlier paper released in April, the BIS detailed how some central banks saw CBDCs as catalysts for innovation and development. It further revealed how others expected the digital currency to complement existing systems. It would seem that the CBN intends to take the advantages presented by its CBDC and promote financial inclusivity in Nigeria.
Do you think the new updates to the eNaira would boost its use among Nigerians? Let us know your thoughts in the comments below.
Chris is a crypto enthusiast and a firm believer in the blockchain’s ability to create a new financial paradigm. Through writing, Chris hopes to expose the intricacies of this disruptive technology and how it is beneficial to Africans and developing countries. He aims to give readers a rational and unbiased outlook of the industry by equipping them with the necessary information to make enlightened investment decisions.
