E-Naira Wallet to Combat Cash Shortage – Official

Mary Fasheitan, the Special Assistant on Payment to the Governor of the Central Bank, said the use of digital naira, known as the eNaira currency, would solve the country’s cash shortfall.

Ms. Fasheitan made this statement while raising awareness among merchants and citizens in Akure about the need to embrace a cashless transaction platform.

She said CBN, in collaboration with the state banking committee, organized to raise public awareness so they understand all the benefits that e-naira brings to the banking system.

According to her, this is a good opportunity to be involved in the initiative, because it’s easy and can be done anywhere.

The SA added that the platform can be used for all economic transactions without any fees.

A Nollywood actor Gabriel Afolayan said the platform would add value to Nigerian currency beyond the physical one.

Mr. Afolayan described the platform as a better initiative that would allow Nigerians to move around without fear.

He urged Nigerians to embrace and use it, saying it was the next level of seamless transactions.

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One user of the E-Naira wallet, Kenneth Batusi, described it as commendable, saying it allowed him to save even more and make transfers easier on the platform.

Mr. Batusi urged key industry players to improve internet banking so that consumers can take advantage of the platform.

Likewise, Esther Adesola, another platform user, criticized the initiative but later acknowledged its superiority over physical currency.

Mrs. Adesola explains that digital currency saves time and helps make cashless policies effective.

Earlier, the CBN team had visited the Deji of Akure, Aladetoyinbo Aladelusi, on usage of the digital currency in the state.

The acting branch manager of CBN in Akure, Samuel Giwa, told the traditional ruler that the policy was an initiative spearheaded by the CBN which aimed to reduce the physical cash in transactions and promote the adoption of digital payments.

Mr. Giwa added that the policy, which was introduced in 2022, would increase financial inclusion, reduce corruption and money laundering, and improve the efficiency of the financial system.

According to him, the new digital currency will improve the way Nigerians conduct transactions.

“The eNaira is not just a currency, but an important step towards building a more robust and secure financial ecosystem.

“It was designed to make transactions easier, efficient, and more secure.

“The eNaira has indeed become a critical part of the Nigerian financial ecosystem, and an alternate channel.

“It will not only support the Ondo State economy, but Nigeria as a whole; a symbol of progress and innovation and will pave the way for a more secure and efficient financial system,” he stated.

The acting branch manager said as a people-focused central bank, the regulatory bank understood the current challenges associated with the implementation of the currency redesign policy, the CBN was currently making efforts to address them.

“However, to provide succour, we urge the people of Akure and Ondo State in general, to download the e naira Speed Wallet for easy payment for goods and services, as well as have convenient access to banking services,” he said.

Mr. Giwa implored all to be advocates of the eNaira and encourage others to explore possibilities of the new digital currency.

Mr. Giwa thanked the king and his council for providing an atmosphere for the bank to educate and sensitize traders and people of the state to the cashless policy.

Victory Otoba, who represented the Deposit Monetary Banks, DMB, in the state, explained that digital payments would reduce the risk of theft and loss and as well make it easier to track and monitor transactions.

Mr. Otoba said that with the platform, individuals and businesses could access financial services even if they did not have a traditional bank account.

In his response, Oba Aladelusi, applauded all the alternative means of economic transactions introduced by the CBN.

The traditional ruler asked CBN and deposit banks to ensure that was reliable and efficient infrastructure to make the policy endeared to Nigerians and hitch-free.

The Deji said that Nigeria could not afford to be stagnant but advance with the rest of the world in digital banking, saying however, the policy must not cause more hardship for the populace.

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