Fun

Nigerian Central Bank Wants Financial Institutions to Develop Products Based on Its CBDC

News Feed - 2021-11-29 10:11:31

Nigerian Central Bank Wants Financial Institutions to Develop Products Based on Its CBDC


The Central Bank of Nigeria has said it wants players in the country’s payment industry to develop and help introduce products based on its central bank digital currency, the e-naira. Central Bank Open to Suggestions


In its bid to deepen the adoption of the e-naira, the Central Bank of Nigeria (CBN) has asked payment service providers, financial institutions, and fintech firms to develop and introduce products that are based on its digital currency.


According to a report by the Vanguard, this plea was made by Rakiya Mohammed — the CBN’s director of the information technology department — when she addressed financial institutions and fintech companies that attended the central bank’s one-day engagement session.


During this meeting, Mohammed is reported to have also reassured participants that the central bank is not competing against financial institutions or other players in the payment system. Instead, Mohammed said the CBN is open to suggestions or ideas that add value to the e-naira or those that improve the user experience.


Further, Mohammed is also reported to have urged the country’s payment service providers to find more innovative ways to support members of the public with the onboarding process. She also encouraged service providers to develop solutions that support offline e-naira functions and these include cards, wearables, USSD, among others.


CBN’s Financial Inclusion Objective


Meanwhile, reports that the CBN is encouraging players in Nigeria’s payment industry to support the CBDC come as the bank’s anti-cryptocurrency governor, Godwin Emefiele, is quoted by another publication claiming that more people are downloading the e-naira wallet application. He said almost 600,000 of the digital currency’s wallet apps have been downloaded since the CBDC’s launch over a month ago.


However, Emefiele — just like the bank’s information technology director — suggested that support from the financial industry will be critical if the CBN is to achieve its goal of hastening the adoption of the e-naira by Nigerians who lack smartphones. Tags in this story CBDC, Central Bank of Nigeria, e-naira, financial inclusion, Godwin Emefiele, Nigeria fintechs, payment service providers, Smartphone


Do you agree that the e-naira’s success hinges on it getting support from financial institutions? You can share your views in the comments section below. Retail Giant Newegg Confirms Shiba Inu "Coming Soon" as AMC Theatres Gets Ready to Accept SHIB Payments FINANCE | 2 days ago Major Estonian Bank LHV Starts Offering Cryptocurrency Trading via Bitstamp FINANCE | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, Amovista Previous articleStudy Finds Most Popular Cryptocurrencies With Russian Social Media Users Next articleOmni Appoints Carlos Art Nevarez as Chief AI Officer Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItMajor Estonian Bank LHV Starts Offering Cryptocurrency Trading via Bitstamp


One of the largest banks in Estonia, LHV, is now offering cryptocurrency trading directly from its app through crypto exchange Bitstamp. The bank says it is the "first bank in the Baltics to start offering crypto trading." Large Estonian Bank ... read more.‘Financial Inclusion’ — A Buzzword for Central Banks Who Secretly Despise Economic Freedom More Regulations Proposed to ‘Streamline’ Mining Sector in Kazakhstan Sneaker Giant Adidas Says the Metaverse Is "Exciting," Reveals Partnership With Coinbase Bitcoin"s Hashrate Dips, Mining Difficulty Expected to Decrease for First Time Since July

News Feed

Central Bank of Nigeria Selects Barbados-Based Fintech Firm as Technical Partner for CBDC Project
Central Bank of Nigeria Selects Barbados-Based Fintech Firm as Technical Partner for CBDC Project The Central Bank of Nigeria (CBN) has named the fintech firm Bitt Inc. as a techni
A Step-by-Step Guide on How to Access Your ETHW Tokens if You Held ETH Before The Merge
A Step-by-Step Guide on How to Access Your ETHW Tokens if You Held ETH Before The Merge With the new Ethereumpow (ETHW) network launch, ethereum holders are eligible to receive a s
Biggest Movers: TRX Hits 4-Week High, MKR Remains Close to 2-Month Peak
Biggest Movers: TRX Hits 4-Week High, MKR Remains Close to 2-Month Peak Tron rose to a one-month high in today’s session, hitting a key resistance point in the process. The
CEO: Coinbase Has Earned $2 Billion in Transaction Fees Since 2012
Coinbase has earned more than $2 billion in transaction fee revenue since launching in 2012, according to CEO Brian Armstrong. Speaking onstage at a Vanity Fair event, Armstrong sai
Savannah Fortis11 hours agoAI mentions skyrocket in major tech companies’ Q2 callsAs major tech companies race to develop and deploy high-level AI systems, mentions of the technology are skyrocketing in company calls.1
Bitcoin wobbles as Trump delivers pro-crypto conference speech
Tristan Greene2 hours agoBitcoin wobbles as Trump delivers pro-crypto conference speechThe 45th president of the United States caused some minor ripples throughout the cryptocurrency market with his speech at Bitcoin 202
Former FTX CEO Sam Bankman-Fried Pleads Not Guilty to Criminal Charges, Bond Signees’ Names Remain Sealed 
Former FTX CEO Sam Bankman-Fried Pleads Not Guilty to Criminal Charges, Bond Signees" Names Remain Sealed  On Jan. 3, 2023, the former FTX CEO Sam Bankman-Fried (SBF) pleaded not
AMC Theatres on Track to Accept 4 Cryptocurrencies Next Month: CEO Expects Dogecoin and Shiba Inu to Follow
AMC Theatres on Track to Accept 4 Cryptocurrencies Next Month: CEO Expects Dogecoin and Shiba Inu to Follow The CEO of the world’s largest movie exhibition company, AMC Ente
Not just the halving: Why analysts are bullish on Bitcoin in 2024
Helen Partz1 hour agoNot just the halving: Why analysts are bullish on Bitcoin in 2024The massive overall demand for Bitcoin along with macroeconomic factors will play a far bigger role in driving the price of Bitcoin th
Rich Dad Poor Dad Author Robert Kiyosaki Warns About World War III
Rich Dad Poor Dad Author Robert Kiyosaki Warns About World War III The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned about World War Three.
Solana Will Drop To $211 If It Fails To Break Key Resistance Level – Analyst
Este artículo también está disponible en español. Solana (SOL) is facing severe selling pressure as it tests key demand levels, with bears gaining control after a failed
Crypto Businesses Ask 27 EU Finance Ministers to Loosen Disclosure Requirements
Crypto Businesses Ask 27 EU Finance Ministers to Loosen Disclosure Requirements Forty-six European crypto businesses and organizations have asked finance ministers in 27 European c