CBN says eNaira will work with other countries’ digital currencies

The Central Bank of Nigeria (CBN) has disclosed that the country’s digital currency will be done in four phases and also lead to the interoperability of the eNaira with those of other central banks.

Mrs Rakiya Mohammed, the Director, Information Technology Department, CBN, made this known at the licensed payment service providers’ engagement session in Lagos on Monday, as part of further interaction with a broader category of industry players.

Mohammed, in a statement, said the CBN and key stakeholders in the payments system ecosystem, particularly the PSPs and a large community of fintech groups, during the one-day engagement session, resolved to work together to ensure more adoption of the recently launched eNaira.

The statement read: “The full implementation of the eNaira would be done in four phases, culminating in offline eNaira payments solutions, cross-border payment and interoperability of the eNaira with those of other central banks.”

Mohammed explained that the CBN was neither competing with the Deposit Money Banks nor other actors in the Nigerian payment system environment.

According to her, the engagement was in continuation of the CBN’s strategy to bring all stakeholders on board, noting that the apex bank was open to suggestions and innovation aimed at adding value to the eNaira and improving the user experience.

She urged the payment service providers (including the large community of fintech groups) to find more innovative ways to support members of the public, where possible, in the onboarding process and use of eNaira as well as develop solutions for offline eNaira functions, including cards, wearables and USSD.

She urged the licensed PSPs to create additional use cases for the eNaira, adding that licensed PSPs should create additional products and services across the full spectrum of the financial system using eNaira.

The statement also read that representatives of the different stakeholder groups welcomed the introduction of the eNaira and expressed support for its adoption and use.

They also made value-adding proposals for the market and integration process to drive financial inclusion by bridging the gap between the banked and the unbanked.