- As part of itsThe Central Bank of Nigeria (CBN) has encouraged payment service providers, financial institutions, and fintech firms to create and introduce products based on the digital currency.
- This call was made by CBN’s director of information technology
- Rakiya Mohammed to financial institutions and fintech companies at the central bank’s one-day engagement session.
As part of its effort to increase the adoption of the e-naira, the Central Bank of Nigeria (CBN) has encouraged payment service providers, financial institutions, and fintech firms to create and introduce products based on the digital currency. This call was made by CBN director of information technology Rakiya Mohammed to financial institutions and fintech companies at the central bank’s one-day engagement session, the Vanguard reported.
The session was attended by representatives from payment service providers, switchers and processors, as well as mobile money operators, payment solution providers, payment terminal providers, and super agents. Mohammed also assured participants at this meeting that the central bank does not compete with financial institutions or other players in the payment system.
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As a result, Mohammed said the central bank would welcome suggestions or ideas that could improve the e-naira or its user experience. The country’s payment service providers have also been urged to become more innovative in how they help members of the public with onboarding, according to Mohammed. In addition, she urged service providers to develop solutions that support offline e-naira functions, including wearables, USSD, and other methods.
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Meanwhile, reports that the CBN is encouraging players in Nigeria’s payment industry to support the CBDC come as the bank’s anti-cryptocurrency governor, Godwin Emefiele, is quoted by another publication claiming that more people are downloading the e-naira wallet application. He said almost 600,000 of the digital currency’s wallet apps have been downloaded since the CBDC’s launch over a month ago.