x

CBN: e-Naira not intended as competition for banks

The Central Bank of Nigeria (CBN) has clarified that its e-Naira initiative is not aimed at competing with the digital payment services offered by commercial banks, contrary to popular belief.

During an e-Naira sensitization forum held at the University of Abuja, Mr. Joseph Angaye, a Deputy Director of the CBN, emphasized that the e-Naira is not a replacement for the existing payment system or the Nigerian currency itself. Rather, it was introduced to enhance and strengthen the financial system, particularly the payment infrastructure, by addressing certain challenges and complementing the current framework.

Angaye stated, “We are not introducing it to be a competitor to what the banks are doing or other service providers, but to provide a platform they can leverage to offer more efficient services. We understand that some users have encountered challenges with the existing payment system, and the e-Naira will help promote financial inclusion, reduce congestion in the infrastructure, eliminate downtime associated with multiple interfaces for transactions, and even enable payment facilitation in areas with no network coverage.”

In addition, Angaye highlighted the CBN’s efforts to promote eNaira adoption in tertiary institutions across the country and create an environment where it becomes the preferred option for transactions. He mentioned that the CBN has engaged with various universities to educate them about the e-Naira and collaborate to ensure its integration as a means of financial transactions, particularly for revenue collection and payments.

Prof. Aisha Maikudi, Deputy Vice Chancellor of UniAbuja, expressed the university’s willingness to partner with the CBN in educating students and the wider Nigerian population about the e-Naira initiative.

Angaye further noted the evolution of the e-Naira since its inauguration by the former president almost two years ago, highlighting the achievements and improvements made based on feedback from stakeholders.

Hot this week

JUST IN: NMA Declares Nnamdi Kanu Fit for Trial, Says Illness Not Life-Threatening

The Nigerian Medical Association (NMA) has informed the Federal...

Kogi Assembly Commends L-PRES for Effective Livestock Project Implementation

By Noah Ocheni, LokojaThe Kogi State House of Assembly...

ABUMET inspires youth creativity in Graffiti competition

By Lucy OmakpoAs part of its CSR initiative for...

CROSSJOF Felicitates Gov. Bassey Otu at 66

By Joyce Remi-BabayejuThe Cross River State...

NYSC members in Delta commended for resilience, commitment, duty

By Anne AzukaMembers of the National Youths Service...

China Commends Nigeria for Joint ONSA/DSS/Army Rescue of Four Kidnapped Chinese Citizens

▪︎ Secret Police stabilises rescued kidnapees at own medical...

Taiwan elects new pro-Mainland China leader of KMT party

By Daybreak NigeriaNewly elected opposition Kuomintang (KMT)...

Thousands decamp to APC at Kaduna mega rally

By Achadu Gabriel, KadunaKaduna State Sen, Uba Sani,...

University Education Transformation Requires Collective Effort — Fagbemi

By Noah Ocheni, LokojaThe Attorney General of the Federation...

Kogi Electoral Law Aligns with INEC Act for Credible 2026 LG Polls – Mamman Eri

By Noah Ocheni, LokojaThe Chairman of the Kogi State...

Kogi Assembly Commends L-PRES for Effective Livestock Project Implementation

By Noah Ocheni, LokojaThe Kogi State House of Assembly...

Related Articles

Popular Categories

spot_imgspot_img