CBN Partners Payment System Providers, Fintechs to Deepen eNaira Adoption

CBN partners Payment System Providers, Fintechs to deepen eNaira adoption. They emerged from a one-day engagement session in Lagos with a commitment to collaborate to increase acceptance of the eNaira, the recently launched Central Bank Digital Currency(CBDC).

Mrs. Rakiya Mohammed, CBN director of the information technology department, stated at the licensed PSPs engagement session held at the Radisson Blu Hotel in Lagos yesterday that the CBN was not in competition with the Deposit Money Banks (DMBs) or other actors in the Nigerian payment system ecosystem.

Mrs. Mohammed stated that the interaction was part of the CBN’s objective to get all stakeholders on board, what she called a “journey,” stressing that the CBN was open to recommendations and innovation aimed at improving the user experience and adding value to the eNaira.

She urged payment service providers (including the large community of Fintech groups) to come up with more innovative ways to assist members of the public in the onboarding process and use of eNaira, as well as develop solutions for offline eNaira functions such as cards, wearables, and USSD, among other things.

Mohammed also charged licensed PSPs to build additional products and services across the full spectrum of the financial system utilizing eNaira.

She further revealed that the full implementation of the eNaira, which began with bank onboarding, will be completed in four phases, concluding in offline eNaira payment solutions, cross-border payment, and eNaira interoperability with other Central Banks.

Representatives from many stakeholder groups praised the eNaira’s introduction and voiced enthusiasm for its adoption and use. They also presented value-added ideas for the market and integration process in order to promote financial inclusion by bridging the gap between banked and unbanked people.

According to a statement released on Monday, the CBN team and several stakeholder groups have committed to meet on a regular basis to discuss progress made in enabling more Nigerians to utilize eNaira.

The CBN team included Samuel Okojere, director, banking services department; Musa Jimoh, director, payment system management department; Dr. Blaise Ijebor, director, risk management; Mr. Chibuzor Efobi, director, financial policy and regulations department; and Mary Fasheitan, special adviser to the CBN Governor on payment systems.

CBN Partners Payment System Providers, Fintechs to Deepen eNaira Adoption
CBN Partners Payment System Providers, Fintechs to Deepen eNaira Adoption


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Hassan Barakat
Hassan Barakat
Barakat Temitope Hassan is a competent and dedicated Radiographer who is also interested in Tech, Writing and Medical Research.

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