CBN to Reward Nigerians for Using eNaira As It Intensifies Effort to Make the digital currency Popular

CBN to Reward Nigerians for Using eNaira As It Intensifies Effort to Make the digital currency Popular

  • The Central Bank of Nigeria is intensifying efforts to make eNaira more acceptable to Nigerians for transaction
  • The digital currency is yet to have enjoyed the popularity that trailed the launch by President Muhammdu Buhari
  • CBN has created incentives for merchants and other users of its digital currency, to boost the number of users

The Central Bank of Nigeria (CBN) has approved a reward scheme for users of the eNaira, including merchants.

According to Leadership Newspaper, the CBN hopes to use the incentives as part of efforts to promote the adoption of the eNaira.

CBN Deputy Governor, Economic Policies, Kingsley Obiora, announced the reward scheme weekend at the eNaira merchants mega event in Abuja, organized by the apex bank, in collaboration with Araba Technologies LTD, PNAIL and Abuja Chambers of Commerce and Industry (ACCI) for Nigerian business community.

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eNaira reward system
President Buhari unveiled eNaira at Aso Rock Credit: presidency
Source: Facebook

The Incentives for eNaira users

Some of the rewards include providing merchants with the required promotional materials, subsidizing the current Merchant Service Charge by 50% and activation of a nationwide sensitization that early business adopters of eNaira can leverage on to market its wider adoption.

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Obiora also confirmed that the eNaira platform can now facilitate payments using QR Codes, USSD, Wallet ID and eNaira Wallet tag, BusinessDay reports.

He assured:

“Value-added services on the platform include branch/sub wallets, employee management as well as interoperability with other enterprise applications.
“These services are provided in a secure environment as the eNaira platform was built using very secure security protocol.”

He added other innovative services on the eNaira platform are expected to be rolled out by the CBN in collaboration with financial institutions and Fintechs that are already leveraging on the eNaira technology.”

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He said:

“With the eNaira, the CBN seeks to enable businesses and households across and outside the country to make fast, efficient, and reliable payments.”

Banks to start paying customers in coins had earlier reported that while Nigerians are still confused about what happened to the eNaira project, Lawmakers have instructed CBN to enforce the use of coins for transactions.

Coins are part of the Nigerian currency, the structure comprises of three coin denominations (50k, ₦1, and ₦2)

The lawmakers have therefore instructed CBN to ensure Nigerian banks start issuing coins to Nigerians.


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