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CBN to leverage eNaira for 85% financial inclusion

By Collins Olayinka, Abuja
11 May 2022   |   4:00 am
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said the 85 per cent financial inclusion target appears feasible with the mainstreaming of eNaira, which has continued to attract positive interest.

eNaira … Photos:Tekedia

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said the 85 per cent financial inclusion target appears feasible with the mainstreaming of eNaira, which has continued to attract positive interest.

Emefiele disclosed this in Abuja while playing host to visiting executive directors of the Bank of Uganda (BoU), who was on an experience sharing tour of the CBN’s central bank digital currency (CBDC) project. He based his optimism on the 70 per cent achieved so far.

He noted that the CBN was committed to accelerating the rate at which those who were financially excluded could come into the formal banking sector.

He expressed satisfaction at the progress the eNaira has recorded, judging by the rate of integration and security features, adding that the CBDC will enhance the relationship between mobile banking and e-business while speeding up the rate of financial inclusion.

The CBN Governor also noted the interest the novel eNaira was attracting from other countries and multinational bodies such as the International Monetary Fund (IMF) and the World Bank, saying it underscores the level and quality of work the CBN has put into the project.

Noting that Nigeria, being the first country in Africa to launch its CBDC, was a case study to other climes, he said the country was treading cautiously to sustain the successes recorded so far.

Emefiele paid tribute to his predecessor, Sanusi Lamido Sanusi, for laying the foundation upon which the country’s current payments system is being built.

He, therefore, charged the Ugandan delegations to strive to strengthen their country’s payment system, noting that a strong payment system remained the bedrock for a successful take-off of a CBDC.

The delegation comprised the Economic Adviser to the Governor of BoU, Dr. Jacob Opolot; the Executive Director, Information Technology, Richard Mayebo; Executive Director, Finance, Richard Byarugaba and the Acting Director, the National Payments System Department, Andrew Kawere.