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The Central Bank of Nigeria (CBN) has introduced a chip-enabled Near Field Communication (NFC) device into the eNaira, upgrading the digital currency.
The NFC feature allows Nigerians without smartphones or internet access to use the eNaira more easily.
NFC is a wireless communication technology that enables data exchange between devices within a short range.
With the NFC feature, eNaira wallet owners can conduct financial transactions with minimal human contact by using tags attached to their phones.
The CBN has been promoting the adoption of the eNaira among university students and aims to engage them in using the digital currency.
The eNaira provides additional services that are not available in the existing system, such as facilitating payments even without network connectivity.
The CBN sees the eNaira as a world-class payment system instrument that has evolved since its inauguration almost two years ago.
The introduction of the NFC feature is part of the CBN’s efforts to improve the functionality of the eNaira.
The CBN has been sharing its experiences with the Central Bank Digital Currency (CBDC) with other countries and international organizations.
The eNaira is not meant to replace physical currency or existing payment system infrastructure but to deepen the financial system and address challenges in the payment system infrastructure.
It aims to promote financial inclusion, reduce congestion, and improve revenue collection and accounting reconciliation.
The CBN is also working to make the eNaira the preferred means of revenue collection in tertiary institutions.
The University of Abuja has expressed its readiness to partner with the CBN in educating Nigerians about the eNaira and has dedicated its Department of Banking and Finance to the eNaira project.
This article was updated 1 month ago
