The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, has advised business owners to use the many advantages offered by the Central Bank Digital Currency (CBDC), also known as eNaira, to expand and develop their enterprises.
The inclusion of an eNaira payment option on an e-commerce merchant platform like Remita, according to Emefiele, will complement the current digital payment system and result in an increase of roughly 50% in e-commerce transactions at a reduced cost.
The CBN governor noted that for merchants, eNaira would help them reduce cash handling costs, eliminate failed transactions, and instant settlement, increase the speed of transactions, improve record keeping, and eliminate challenges associated with payment processing. The event was organized by the apex bank in collaboration with the Abuja Chamber of Commerce and Industry (ACCI), Arabatech, and PNAIL over the weekend.
However, he made the point that retailers, such as gas stations, supermarkets, e-commerce companies, and other companies, not only have important roles to play in promoting the adoption of the eNaira but can also take advantage of the opportunities presented by the digital currency to enhance cash management and generate sizable operating cost savings.
Emefiele remarked that the event was intended to encourage the use of digital currency by retailers and other important stakeholders in the nation. He was represented by Deputy Governor, Economic Policies Department, CBN, Dr. Kingsley Obiora.
In order to better assist companies and expand Nigeria’s digital economy, he also gave the attendees the assurance that the CBN will keep innovating and upgrading the eNaira platform.
He said that as a result, the bank has already formed partnerships with Fintechs and established a strong Help Desk to serve consumers and merchants in order to ensure the smooth adoption of digital currency.
In his remarks, the President of ACCI, Dr Al-Mujtaba Abubakar, said the eNaira event comes at a good time to educate the business community on its benefits and importance because, despite the high expectations and hype around the CBN digital currency, the business community is yet to embrace it fully.
He said, “Newspaper research recently revealed that major retailers and vendors in the country are yet to adopt it about 10 months after the launch.
“If fully embrace, there are several benefits attached to it for the business community. Some of the benefits include speedy delivery, safe, and simple trading and transactional opportunities to customers and end-users.”
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