"Pay School Fees": CBN begs Nigerian Students to Use e-Naira Amid Low Adoption
- Students of Nigerian tertiary institutions can now pay their school fees using the CBN's e-Naira
- The CBN announced this move in continuation of efforts to ensure an increase in the adoption of its digital currency
- The e-Naira adoption within the university system is to enhance payment processes and financial inclusion and provide new income opportunities for students
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The Central Bank of Nigeria (CBN) has made moves to introduce the revolutionary e-Naira, a digital currency designed to transform the payment landscape in Nigeria, to students in the country's tertiary institutions.
The cutting-edge initiative aims to revolutionise payment systems within Nigerian tertiary institutions, providing seamless and secure alternatives to traditional cash transactions.
A few months ago, the governor of the CBN, Godwin Emefiele, revealed that the e-Naira application had recorded over 900,000 downloads, out of which only a little over 200,000 are currently active.
Source: UGC
CBN says Nigerian students can adopt it for school fees payment
According to Tribune, during a recent visit to the University of Jos, the branch controller of CBN in Plateau State, Tinat Catherine, shared captivating insights about the e-Naira.
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She highlighted how the central bank-issued digital currency offers a unique way to conduct transactions, serving as a medium of exchange and a store of value.
Enthusiastically, Tinat revealed that e-Naira presents an array of exciting possibilities. It enables students to effortlessly pay their school fees, ensuring a hassle-free experience.
With instantaneous settlement and seamless processes, the e-Naira promises a new era of convenience and efficiency for financial transactions.
She said:
Students are the targets of the CBN’s engagement in this regard, and the best place to engage students is in the university because they will take it around and introduce it to their peers outside the university. We are introducing it to the University of Jos because we want school fees to be paid via E-Naira.
The whole world is going digital; hence, the CBN is also responding to the innovation by introducing a lot of cashless policies, one of which is the e-Naira. Incidentally, the Central Bank of Nigeria is the first to introduce e-Naira in Africa and the second in the world.
Recognising the pivotal role of students in spreading this digital revolution, the branch controller emphasised the significance of engaging with the university community.
By introducing the e-Naira at the University of Jos, the CBN aims to empower students to embrace and share this transformative technology with their peers.
As the world embraces digital transformations, the CBN continues to spearhead cashless policies, with e-Naira leading the way. Nigeria proudly holds the distinction of being the first African country to introduce this groundbreaking digital currency, showcasing its commitment to innovation and progress.
Moreover, Godson Izuchukwu, a CBN consultant, addressed the concerns regarding network reliability, assuring that over 20 million Nigerians have already embraced the e-Naira system, thereby enhancing its reliability and efficiency.
In response, the Vice-Chancellor, Professor Tanko Ishaya, commended the CBN team and urged them to extend the accessibility of e-Naira to Nigerians abroad, envisioning seamless international transactions facilitated by the digital platform.
Furthermore, he expressed keen interest in adopting the e-Naira within the university to enhance payment processes and financial inclusion and provide new income opportunities for students.
It would be recalled that a few months ago, Legit.ng reported that the CBN’s Director of IT and Strategy, Rakiya Mohammed disclosed that students enrolling for the Joint Admissions Administration Matriculations Board (JAMB) could also make payment using the e-Naira.
Expert knocks CBN's e-Naira initiative
As it stands today, not everyone is excited about the e-Naira and its potential benefits to the digital payment system in Nigeria. Joe Nwamaka, a Fixed income trader told Legit.ng that the CBN's effort should have been more invested in making the naira stronger.
I don't see the need for the e-Naira today. Maybe in the future, it would make sense to have it. How many countries across the globe are pursuing Central Bank Digital Currency (CBDC) initiatives?
I continue to say that the CBN's effort should have been more invested in making policies and economic initiatives that would help strengthen the naira against other currencies of the world.
Nigerians Shun eNaira, Opt For Mobile Money, IMF Tells CBN
In related news, Legit.ng reported that the International Monetary Fund (IMF) has stated that the adoption rate of Nigeria's digital currency, the eNaira, has been disappointingly low.
The IMF commended the Central Bank of Nigeria (CBN) for successfully maintaining uninterrupted operations of the eNaira, despite facing cyber security challenges.
The report highlights the potential for higher uptake among households and merchants. Initially, the digital currency experienced a surge in downloads, but this momentum gradually diminished after reaching 500,000 downloads.
The report indicates that subsequent eNaira downloads became sluggish, taking 63 days to reach the milestone of 600,000 downloads.
Source: Legit.ng
