Tectono Business Review: CENTRAL BANK OF NIGERIA UNVEILS TECHNOLOGY TO ENHANCE ENAIRA ADOPTION

Monday 24 July 2023

CENTRAL BANK OF NIGERIA UNVEILS TECHNOLOGY TO ENHANCE ENAIRA ADOPTION

In view of its quest to streamline the adoption of eNaira and boost the CBDC mobile app, the Central Bank of Nigeria (CBN) has incorporated Near Field Communication (NFC) technology.

Near-field communication (NFC) is a short-range wireless connectivity technology that uses magnetic field induction to enable communication between devices.

This technology makes contactless payments easy and facilitates seamless interaction between mobile devices and payment terminals.

Before this technology came, the eNaira mobile app utilized QR codes for transactions.

The central bank stated that the upgrade would play a crucial role in increasing the adoption rates for the CBDC.

According the CBN, the eNaira app offers various programmable features that enhance its practicality and functionality.

It can be programmed to be used within specific locations or for specific items, which makes it particularly useful for executing intervention programs.

Authorities can also ensure that funds are allocated only for the intended purposes, preventing misuse or diversion.

The eNaira app enhances speed of transaction and reduces settlement risks.

Nigeria launched the eNaira in 2021, becoming one of the very first countries in the world to offer a CBDC.

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Monday 24 July 2023

CENTRAL BANK OF NIGERIA UNVEILS TECHNOLOGY TO ENHANCE ENAIRA ADOPTION

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