NFC Tech Boosts eNaira to New Heights
The Central Bank of Nigeria (CBN) is not one to back down easily, even after a former governor’s ousting nearly two months ago. The commitment to its central bank digital currency (CBDC) project remains unyielding and unwavering. And to prove it, the CBN has embraced the future with open arms, equipping the CBDC mobile app with Near Field Communication (NFC) technology.
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QR Codes Were So Last Season
That’s not all of it! The CBN decided to level up its game by ditching the old-school QR codes and ushering in the era of NFC technology. This cutting-edge upgrade allows mobile devices and payment terminals to engage in a delightful dance of contactless eNaira payments whenever they’re within arm’s reach.
Fighting Fraud with Style and Wit
Joseph Angaye, the deputy director of the CBN’s risk management department, spilled the tea on the CBN’s plans. Not only will the eNaira be fashionable with its sleek NFC upgrade, but it’s also getting some programmability features! The CBDC payments will be reserved exclusively for designated government programs, putting a stop to the fraudsters’ parade.
Farmers Rejoice!
But wait, there’s more! With the programmability magic, farmers are in for a treat. They’ll receive targeted fund allocation for specific purposes, like getting shiny new tools for their farm endeavors. And no funny business allowed—once the funds land in their eNaira wallets, they’re off-limits for anything unrelated.
eNaira to the Rescue!
The CBN has a whole lot of good reasons to get excited about the eNaira‘s potential. For one, it’s like a financial superhero, swooping in to mitigate settlement risks and process transactions faster than a speeding bullet. And if that’s not enough, it’s on a mission to address financial inclusion issues, making sure everyone gets a piece of the digital currency pie.
Nigeria Leads the Way
Nigeria isn’t just hopping on the digital currency bandwagon; it’s driving the bandwagon! Being among the first countries to offer a CBDC, Nigeria is blazing a trail that others can only hope to follow. Economic players and entities worldwide are eyeing the country, eager to learn from its pioneering journey. Go you!
The eNaira’s Journey
Back in 2021, Nigeria launched the eNaira, aiming to join the elite ranks of CBDC-powered countries. But like a celebrity caught in a bad hair day, adoption rates fell short of expectations. However, the CBN wasn’t going to let a fashion faux pas ruin its plans. It rolled out use cases in the transport sector and even added USSD functionality to the eNaira’s repertoire. Alas, commercial banks weren’t thrilled, preferring to bask in their profitability instead.
Now, with the NFC upgrade and a touch of programmability, the eNaira is ready to make a grand comeback and take the digital currency world by storm. So, if you’re in Nigeria, get ready to tap your way to financial glory with the eNaira—your stylish companion for contactless payments!
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