The Central Bank of Nigeria (CBN) says Nigerians without
Internet-enabled phones will still make transactions on the eNaira platform.
The apex bank disclosed this in a document title ‘Design
paper for the eNaira’.
According to the apex bank, eNaira was developed based on
simplicity and ease of use to ensure that Nigerians without internet-enabled
phones can access the service.
It explained that the approach would not further alienate sections of the population who are uneducated, lack exposure and access to internet services or digital devices.
“According to the National Commission for Mass Literacy,
Adult and Non-formal Education (NMEC), it estimated that 35 percent of the
nation’s adult population was illiterate (i.e., 37.1million) and the CBN risks
losing adoption to the segment of the population.” the document reads.
“To mitigate this risk, the bank factored in the need for
inclusiveness as part of the core design principle of the eNaira.”
“This principle has enabled the Bank to focus on simplicity
and ease of use ensuring that Nigerians without internet-enabled phones can
access the service.”
According to CBN, the eNaira will complement existing
payment methods such as mobile banking apps, point-of-sale terminals, USSD,
fast response code, and Internet banking.
“The account-based CBDC model at its core mirrors the
progress made on the National Financial Inclusion Strategy, which enables
access to financial services by leveraging last-mile networks to identify users
and to provide banking services through channels such as PoS and USSD.”
“With the account-based model, the CBN seeks to enable
access by leveraging the existing identity infrastructure in Nigeria such as
the BVN, NIN, TIN, etc., to uniquely identify individuals and corporate
entities.”
The bank added that identifying frameworks such as the NIN
will enable access for the financially excluded as they can be uniquely
identified, thereby enabling the provision of financial services. It also added
that the system would also help ensure a robust KYC framework positioned to
enable access for all Nigerians.
In September, the apex bank launched a website for the
operations of eNaira, Nigeria’s first digital currency.
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