The Central Bank of Nigeria wants financial institutions to develop products based on its CBDC – Finance Bitcoin News


The Central Bank of Nigeria stated that it hopes participants in the country’s payment industry will develop and help launch products based on its central bank’s digital currency, e-naira.

The central bank is open to recommendations

In order to deepen the adoption of electronic naira, the Central Bank of Nigeria (CBN) has required payment service providers, financial institutions and financial technology companies to develop and launch products based on its digital currency.

According to a report The Herald’s request was made by Rakiya Mohammed, director of the Information Technology Department of CBN, in a speech to financial institutions and fintech companies participating in the central bank’s one-day conference.

According to reports, during the meeting, Mohammed also assured participants that the central bank would not compete with financial institutions or other participants in the payment system. Instead, Mohammed stated that CBN is open to suggestions or ideas that add value to e-naira or improve the user experience.

In addition, according to reports, Mohammed also urged payment service providers in the country to find more innovative ways to support public participation in the onboarding process. She also encourages service providers to develop solutions that support offline e-naira functions, including cards, wearable devices, USSD, etc.

CBN’s financial inclusion goals

At the same time, there are reports that CBN is encouraging participants in the Nigerian payment industry to support CBDC because the bank’s anti-cryptocurrency president, Godwin Emefiele, is lead Another publication claims that more and more people are downloading the e-naira wallet app. He said that since CBDC was launched more than a month ago, nearly 600,000 digital currency wallet applications have been downloaded.

However, Emefiele-just like the bank’s director of information technology-said that if CBN is to achieve its goal of accelerating the adoption of e-naira by Nigerians who lack smartphones, the support of the financial industry will be crucial.

Do you agree that the success of e-naira depends on whether it can get the support of financial institutions? You can share your views in the comments section below.

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