President Muhammadu Buhari has launched Nigeria’s digital currency at the Presidential Villa, Abuja on Monday.
Announcing the launch of the e-Naira, the CBN stated that the currency will advance the boundaries of payments system in Nigeria and also make financial transactions easier.
The currency was ought to be unveiled on October 1 but was postponed due to other activities slated for the Independence Day celebration.
3 Top Features
1.GENERAL PAYMENT SYSTEM
Nigerians can move money from their Nigerian bank account to their eNaira wallet with ease. They can also make in-store payment using their eNaira wallet by scanning QR codes.
Individuals can monitor their eNaira wallet, check balances and view transaction history with ease and the platform allows users to send money to one another through a linked bank account or card.
According to the CBN, the objective is to see eNaira enable households and businesses to make fast, efficient, and reliable payments, while benefiting from a resilient, innovative, inclusive, and competitive payment system
The cost for sending and receiving money faster, easily, will come at a very minimal costs, the CBN promises.
2.BUILT FOR BOTH INDIVIDUALS, BUSINESSES
The introduction of the currency give easy access to transactions for both private sector, Large scale business and individuals.
e- Naira offers local and international Non-Governmental Organizations and Religious Institutions money transaction solutions that ensures that, at the end of the day, their focus is trained more on carrying out their projects than on the security and usage of the money backing each project.
It also offers donation features, which allows organizations to seek for donations,While e-Naira is expected to make expense-tracking and report-development for social projects for NGOs, nearly automated. This is as the traceability of each eNaira ensures that balancing ledgers and knowing the exact identity of the recipient of each eNaira occurs at near-real time and in tandem with the very transfer of funds itself.
3 SECURED BANKING EXPERIENCE
e-Naira offers diaspora payments which is expected to become cheaper and safer as to ensure individuals get more value for every Naira they earn.
People can boycott the queues and pay taxes, and bills from the comfort of their home in an easier and dependable fashion.
CBN assures that financial government aids will get straight to the people, as it knocks the middle men out the way and individuals can claim funds directly.
An extra benefit attached is the secure banking which the e-Naira promises.
Source: Channels tv , BBC
