CBN says eNaira would help offline and cross-border payment solutions

The Central Bank of Nigeria has said that the fourth phase of eNaira will lead to offline and cross-border payment solutions.

This was revealed by Director of Information Technology, CBN, Ms Rakiya Mohammed, during the Licensed Payment Service Provider Engagement Session in Lagos on Monday.

She tasked licensed PSPs to create additional products and services across the spectrum of the financial system using eNaira while asking them to establish other use cases for eNaira.

What the CBN says

Muhammad said: “The full implementation of eNaira would take place in four phases, resulting in eNaira offline payment solutions, cross-border payments and interoperability of eNaira with those of other central banks.

She asked payment service providers (including the large community of fintech groups) to develop solutions for eNaira offline features, such as cards, wearable devices, and USSDs, and to find more inventive ways of doing business. ” assist members of the public in the process of integrating and using eNaira. , when possible.

She clarified that the CBN was not in competition with deposit money banks or any other player in the Nigerian payment system.

The session also presented value-added ideas for the market and the integration process to promote financial inclusion by bridging the gap between the banked and the unbanked.

The event, Mohammed said, was part of the CBN’s plan to involve all stakeholders, adding that the central bank was open to recommendations and innovation aimed at improving user experience and adding value. at eNaira.


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Elaine R. Knight