Central Bank of Nigeria Urges Tertiary Institutions to Embrace e-Naira for Seamless Transactions

In a bid to enhance efficiency and cost-effectiveness in financial transactions, the Central Bank of Nigeria (CBN) has called upon students and management of tertiary institutions across the country to adopt the e-Naira as a preferred payment method for tuition fees, salaries, and other transactions.

During a sensitisation drive at Bamidele Olumilua University of Education, Science and Technology in Ikere-Ekiti, the Assistant Director of CBN Ekiti State Branch, Mr Ayodeji Adeboboye, emphasized the advantages of using the e-Naira over physical cash transactions. He stated that the e-Naira is a viable alternative payment platform that offers seamless and convenient transactions for all Nigerians.

Adeboboye further highlighted the versatility of the e-Naira, explaining that various financial activities such as student fee payments, staff salary disbursements, and intra-school buying and selling can be carried out effortlessly through the e-Naira wallet. He urged Nigerians to embrace this innovative payment solution, pointing out that many other countries have already moved away from cash payments and embraced electronic alternatives.

The CBN e-Naira Consultant, Izuchukwu Nwankpa, emphasized the financial inclusion benefits of the e-Naira, emphasizing that it can effectively combat corruption, money laundering, and enhance the overall efficiency of the financial system. Nwankpa encouraged the university community and other stakeholders to embrace the e-Naira, highlighting its cost-effectiveness, security, user-friendliness, and effectiveness.

Dr Veronica Makinde, the Deputy Vice-Chancellor of BOUESTI, expressed her appreciation for the CBN’s initiative and pledged the institution’s support in promoting the use of the e-Naira. She noted that adopting the e-Naira would mitigate the risks associated with carrying cash, reduce students’ complaints regarding bank bottlenecks, and minimize incidents of theft and loss of tuition and other fees.

The call from the CBN to tertiary institutions underscores the importance of transitioning to digital payment systems, fostering a more efficient and secure financial environment for students, staff, and the entire school community.