…As Abdullahi, Aliyu, Bawa others bag Cashless Award
The Central Bank of Nigeria (CBN) on Monday disclosed that the eNaira application has so far recorded a total digital transaction valued at about N8billion as at the end of October, 2022 which is one year after it was launched.
This is even as some prominent personalities that have made conscious efforts to promote cashless economy including Chairman of Economic and Financial Crimes Commission (EFCC) Abdulrasheed Bawa, Director General of Nigeria Information Technology Development Agency (NITDA) Inuwa Kashifu Abdullahi, Mr. Umar Aliya Chief Financial Officer, Nigeria National Petroleum Corporation Limited (NNPC LTD), Brig. Gen Dr. Amb. Willam Wallace, Hon. Consul General of Antigua & Barbuda to Nigeria, Sam Bantu CEO Crossgate Solutions Kenya, Brian Stuart young CEO Global Bank of Commerce Ltd. Antigua and others were rewarded with Cashless Africa Award.
Recall that the eNaira was launched on the 25th of October, 2021 by President Muhammad Buhari, under the slogan: “Same Naira, More Possibilities” thereby listing Nigeria as the first country in Africa and one of the pioneer countries in the world to develop an official digital currency.
The Director of Information Technology, CBN Hajiya Rakiyat Mohammed who spoke at the Presentation and Onboarding of e-Naira session during the Second Africa Payment Systems Conference organized by Foreign Investment Network (FIN) in Abuja went further to state that customers who are currently on the eNaira platform will continue to enjoy seamless peer to peer transactions are at no charge.
Represented by Abayomi Oyeleke, Deputy Director Information Technology of CBN, the IT guru said that Nigerians who buy into the e-naira platform stand to gain a lot benefits including real-time transactions on a secured digital wallet with zero down time adding that the project is supported with a very resilient blockchain technology.
She said that the eNaira was developed to broaden payment platforms in Nigeria, foster digital financial inclusion with a potential for fast-tracking intergovernmental and social transfers, capital flow and remittances.
She said that the introduction of the eNaira has changed the business ecosystem, reduced cash transactions, eliminated the risks associated with cash transactions and opened more digital financial frontiers for bank customers.
According to her, eNaira also opened business opportunities, enhanced financial inclusion as the teeming unemployed youths in Nigeria can cash into the opportunities by provide financial services to bank customers in remote, unbanked, and underbanked parts of the country.
She said that the eNaira platform will be expanded in the nearest future to include more financial products. She further hinted that several layers of security and transaction limits have been consciously put in place to ensure that the wallet of eNaira customers are not compromised.
“Since its launch, a total of N8 billion, consisting of over 700,000 transactions has passed through the eNaira platform.
“As part of the CBN’s effort to further integrate and broaden the usage of the eNaira, it was assigned an Unstructured Supplementary Service Data (USSD) code, enabling payments by simply dialling *997# on a mobile phone” she said.
In his concluding remarks, Oyeleke humorously explained how easy it is to get on the eNaira platform. He simplified it thus: “Get it, Fund it and Use it”.
In his Keynote address, The Chief of Staff to the President, Prof. Ibrahim Gambari who was represented by Amb (Dr) Malami Shehu Ma’aji, MFR, Chairman/Africa Patron, International Institute of Certified Forensic Investigation Professionals (IICFIP) said that corruption and other financial crimes will be a thing of the past if financial institutions adopt cashless economy.
Also in his speech, Director General of Nigeria Information Technology Development Agency (NITDA) Inuwa Kashifu Abdullahi said that the future of cash is now become bleak on daily basis. He said that investing into cashless infrastructure will not only reduce the cost implication of cash maintenance, curb insecurity, reduce corruption, reduce financial losses but more importantly lead to more investment in financial infrastructure, job creation and ensure that financial services are available in all parts of the country.
In his presentation, Sam Lee, Founder Blockchain Centre who joined the conference digitally said that cashless economy and blockchain technology is the future of money as it provides security and breaks down the limitations of paper money.
Also in their submissions, Mark Hewitt CEO Standard United Digital Afrikan Currency & Lydian Foundation as well as Maroria Hempstone said that cashless economy allows greater personalisation than would be possible under traditional economy.
Jeffrey Wu, CEO Actionable Strategies explained that digital finance and cashless economy is the technology that can drive the dynamics of modern business demands just as Andreas Deutschmann, who is an Adviser at Euroknowledge and Senior Vice President at Palladium Capital Group said the cashless economy is going to change the way people live, work and do business.
Other technology experts and financial consultants like Dr. Miriam Onyebujoh and Adebanji Temitope were in agreement that Mobile wallet applications are quickly gaining traction due to its fast, secure, and convenient payment methods. These are mobile applications allow the user to send, receive, and store money.
Earlier in his welcome address, Akin Fayomi who is a Director at Foreign Investment Network (FIN) said that the event will serve as a launching pad for the international business community to explore investment opportunities in Africa and other emerging markets. He said that it will stimulate wider investment exchange between countries/organizations towards a prosperous Africa and also serve as a platform for states to build partnerships, foster business relationships, improve financial inclusion, strength local currencies, improve global financial operations and create balanced economic policies.
“In the coming days, we expect more financial institution to tilt towards embedded finance and digital banking services offered by non-banks just as telecommunication companies, hotels and auto manufacturers are increasingly integrating financial products and services into their digital platforms”.
The event came to a close with Cashless Award conferred on individual and cooperate organizations that distinguished themselves by investing or promoting cashless economy.
Other participants include: Prof Mohammed Kuta. Former Secretary to Niger State government, Hon. Amb. Bello Buhari Ibrahim, Ambassador to Republic of Kosovo🇽🇰, CEO – Carbon Credit Australia and Member Presidential Support Committee, Federal Republic of Nigeria.
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