The Central Bank of Nigeria (CBN) has boosted e-Naira transactions to N1.4 million as of March 31, 2023, following its efforts to ensure an efficient payment system in the country.
Governor Godwin Emefiele disclosed this at the CBN’s 34th Seminar for Finance Correspondents and Business Editors, held in Calabar, Cross River State.
Emefiele’s representative, Dr. Hassan Mahmoud, stated that the CBN took advantage of COVID-19 and other developments in the country to drive electronic payment channels, leading to the development of eNaira in October 2021.
The initiative aimed to broaden the payment possibilities of Nigerians, foster digital financial inclusion, and enable fast-tracking of intergovernmental and social transfers.
Mahmoud further noted that the CBN has continued to modify eNaira’s features to make it accessible to a wide range of users.
He also revealed that the initiative does not require a smartphone, as it has become compatible with all generations of mobile devices.
Additionally, Emefiele highlighted the Open Banking initiative, which seeks to expand customer data use in developing innovative products to meet the public’s needs while ensuring data privacy.
On the seminar’s theme, “Implementing a Robust Payment Architecture: Prospects, Opportunities, and Challenges,” Emefiele introduced innovative solutions to make payment systems more efficient, faster, transparent, and safer for transaction settlement.
He also emphasized that the CBN has put strategies in place to tackle challenges, including weak social infrastructure, unlicensed entities, cyber threats, and fraud.
In conclusion, the CBN boss stated that the institution is committed to adopting the latest innovations while developing reliable mitigants to associated risks to ensure a stable, safe, and efficient financial system in Nigeria.