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Nigeria’s Central Bank Allows Bill Payments in eNaira (Report)

According to reports, the Central Bank of Nigeria (CBN) will allow local people to use eNaira to pay for their bills, television subscriptions and plane tickets. The move is part of a campaign aimed at raising awareness of the financial product and encouraging people to use it more often in their daily transactions.

The upgrade of Nigeria’s CBDC

It’s safe to say that Africa’s most populous country – Nigeria – is leading the way when it comes to CBDC efforts. Last year, the authorities introduced the eNaira under the slogan “Same Naira, More Options”. The country’s central bank has raised hopes that the product will make financial transactions “easier and more seamless for all layers of society.”

According to recent reporting, CBN will be upgrading its CBDC next week, allowing the public to use it as a method of paying for bills, airline tickets, or TV and internet subscriptions. To this end, the financial institution entered into a partnership with the mobile banking company Bizi Mobile. Bariboloka Koyor – Branch Controller at CBN provided further details:

“Starting next week there will be an upgrade of the eNaira SpeedWallet App that you can use to conduct transactions like paying DSTV or utility bills or even paying for plane tickets.”

The bank assured that the upgrade would make more Nigerians aware of the product. They should also use it more often as a means of payment, thus strengthening its presence across the country.

“This is a project that the CBN has launched to reach out to every Nigerian in terms of financial inclusion and efficiency, reliability and security of banking transactions, so that we can conduct banking transactions very easily and securely and the people in Nigeria can reap the benefits of eNaira benefit,” Koyor concluded.

Nigerians are keen on crypto

Despite CBN’s attempts to introduce the eNaira to locals, it remains uncertain how successful this move would be. The reason is that Nigerians are very fascinated by cryptocurrencies how Bitcoin (which are completely different from CBDCs).

A recent study estimates that over 33 million adults in Nigeria have owned or traded digital assets in the past six months. 52% of them have more than half of their assets invested in the market, while 70% have pledged to increase their exposure by the end of 2022.

The research found that the high level of interest in the asset class is mainly being fueled by accelerating inflation levels. Many locals decided to convert their devalued fiat currency into crypto in hopes of preserving their wealth during the financial turmoil.

The fact that a significant portion of Nigerians lack access to basic financial services is another reason why they have jumped on the digital asset bandwagon.

Source: Crypto News Deutsch

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