March 26, 2023

E-naira wallet will address scarcity of cash -Emefele’s aide


File: President Muhammadu Buhari with the Vice President Prof Yemi Osinbajo(SAN) and the CBN Governor Mr. Godwin Emefiele as President unveiled the eNaira at the State House Abuja.

 Mrs Mary Fasheitan, the Special Assistant on Payment to the Governor of the Central Bank, says that usage of the digital naira called eNaira currency,  will address the scarcity of cash in the country.

Fasheitan stated this while sensitising traders and people of the state in Akure to the need to embrace the cashless platform for transactions.

She said that CBN, in collaboration with the Bankers Committee in the state, organised the sensitisation for people to understand all the benefits that e-naira brought to the banking system.

According to her, it is a good opportunity to key into the initiative, saying it’s  seamless and can be done anywhere.

The SA added that the platform could be used for all economic  transactions without any charge.

A Nollywood actor, Gabriel Afolayan, said that the platform would add value to Nigerian currency beyond the physical one.

Afolayan described the platform as a brighter initiative that would enable Nigerian residents to move around  without being scared.

He asked Nigerians to embrace it  and use it, saying it was a next level to seamless transactions.

One of the users of the e-naira wallet, Mr Kenneth Batusi, described it as laudable, saying it enabled him to save more and that money transfer was easier on the platform.

Batusi asked the major players in the sector to strengthen banking internet for users to enjoy the benefits of the platform.

Similarly, Mrs Esther Adesola, another user of the platform, said that she had criticised the initiative but later realised its benefits over physical currency.

Adesola stated that the digital currency saved time and helped the cashless policy to be smoothly effective.

Earlier, the CBN team had visited  the Deji of Akure, Oba Aladetoyinbo Aladelusi, on usage of the digital currency in the state.

The Acting Branch Manager of CBN in Akure, Mr Samuel Giwa, told the traditional ruler  that the policy was an initiative spearheaded by the CBN which aimed to reduce the physical cash in transactions and promote the adoption of digital payments.

Giwa added that the policy, which was introduced in 2022, would increase financial inclusion, reduce corruption and money laundering, and improve the efficiency of the financial system.

According to him, the new digital currency will improve  the way Nigerians conduct transactions.

“The eNaira is not just a currency, but an important step towards building a more robust and secure financial ecosystem.

“It was designed to make transactions easier, efficient, and more secure.

“The eNaira has indeed become a critical part of the Nigerian financial ecosystem, and an alternate channel.

“It will not only support the Ondo State economy, but Nigeria as a whole; a symbol of progress and innovation and will pave the way for a more secure and efficient financial system,” he stated.

The acting branch manager said as a people-focused central bank, the regulatory bank understood the current challenges associated with the implementation of the currency redesign policy, the CBN was currently making efforts to address them.

“However, to provide succour, we urge the people of Akure and Ondo State in general, to download the e naira

Speed Wallet for easy payment for goods and services, as well as have convenient access to banking services,” he said.

Giwa implored  all to be advocates of the eNaira and encourage others to explore

 possibilities of the new digital currency.

Giwa thanked the king and his council for providing an atmosphere for the bank to educate and sensitise traders and people of the state to the cashless policy.

Mr Victory Otoba, who represented the Deposit Monetary Banks ( DMB) in the state, explained that digital payments would reduce the risk of theft and loss and as well make it easier to track and monitor transactions.

Otoba  said that with the platform, individuals and businesses could access financial services even if they did not have a traditional bank account.

In his response, Oba Aladelusi applauded all the alternative means of economic transactions introduced by the CBN.

The traditional ruler asked CBN and deposit banks to ensure that was reliable and efficient infrastructure to make the policy endeared to Nigerians and hitch-free.

The Deji said that Nigeria could not afford to be stagnant but advance with the rest of the world in digital banking, saying however, the policy must not cause more hardship for the populace.

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