Skip to main content

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.

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.



from Bitcoin News https://ift.tt/312YIOt
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more