We’re not looking to steal your customers, CBN tells banks

The Central Bank of Nigeria (CBN) told financial institutions in the country that eNaira is not a subtle ploy to take customers away from banks.

He said the plan is to grant access to more financially excluded people.

The regulator said this in details posted on the country’s digital currency website which went live on Monday ahead of its October 1 launch.

He said eNaira opens up a whole new market of digital currency users for financial institutions to grow their customer base and add value to their account owners.

The bank provided details on how digital currency will affect individuals, businesses, governments and non-governmental organizations.

Here are the explanations given by the CBN:

Financial institutions

“The establishment of eNaira is linked to the need to create more synergies with financial institutions. ENaira’s framework is such that it embeds many collaborative pipelines and further strengthens the core service delivery of financial institutions. By its very nature in terms of its mandates, eNaira improves the structures of these institutions rather than replacing them.

“ENaira is opening up a whole new market of digital currency users for financial institutions to grow their customer base and add value to their account owners.

“Financial institutions act as bridges between customers and the CBN, this increased interaction with customers can help them adopt better models of customer support.

“ENaira is not a subtle ploy to steal your customers. This is a collaboration to grant access to more financially excluded people.

“ENaira gives each linked financial institution access to the database of customers with portfolios domiciled in their banks.

“ENaira’s maximum daily cumulative limit prevents customers from making a full migration, resulting in a loss of capital for financial institutions.

“The eNaira system is designed and integrated with the best fraud management system, which guarantees the security of transactions and builds customer confidence.”


“For individuals, eNaira promises fast transactions, cheap diaspora remittances, direct government aid, easier local payment and secure banking.

“ENaira was created with your expectations in mind. We understand that our customers are real people whose needs are constantly changing. Our approach to providing tailor-made solutions must therefore constantly evolve. From functionality to call-to-action to user interface, our goal has always been to provide you with a great digital experience tailored to your needs.

“ENaira makes diaspora payments cheap and safe to ensure you get more value for every Naira you earn.

“Government financial aid comes directly to you. eNaira eliminates the middleman and you can claim funds directly.

“The faster, the better. eNaira makes it possible to send funds, to save money and to save time.

“Boycott the queues and pay the taxes and bills from the comfort of your home. It’s easier and it’s reliable

“Are you worried about the safety and security of bank details? Rest assured; transparency makes everything traceable.

“Now there is enough room for everyone to benefit from banking services. The process is easy and the process is straightforward.

For the government

“Through lower cash handling costs and more transparent tax systems, eNaira is making more funds available for development projects such as better feeder roads, affordable education and better equipped health facilities. Spending eNaira will make the government richer and the people richer.

“ENaira creates easy access to financial services in remote areas that have suffered from financial exclusion for years

“With eNaira, tax evasion is a thing of the past because eNaira ensures the traceability of taxable assets and enhances the transparency of tax systems, thereby increasing income.

“ENaira allows the government to send direct social benefits to citizens and communities that benefit from such interventions.

“ENaira facilitates instant cross-border trade that drives the nation’s economic growth.

“ENaira Drastically Reduces Cash Management Costs From Mint To Destruction, Federal Government Saves Costs

“ENaira minimizes fraudulent activity and shady transactions such as money laundering and illegal money transactions due to the unique, traceable ID of each eNaira.

For non-governmental organizations

“The transparent nature of the currency also benefits non-governmental organizations, donations can be made easily and usage is easy to track.

“ENaira provides local and international non-governmental organizations and religious institutions with monetary transaction solutions that ensure that in the end, they focus more on carrying out their projects than on the security and use of the money. supporting each project. Indeed, eNaira offers the confidence that silver will do exactly what it was designed to do – even faster, cheaper and safer than ever before.

“International NGOs can now send and receive donations and contributions across countries with a faster, simpler, cheaper and more secure method than before, without the old hassle of rigorous transfer bottlenecks. money.

READ ALSO: Nigeria’s eNaira website opens ahead of digital currency launch

“Recipients of community and aid projects no longer have to wait so long to receive what they are promised. Once the recipient has an eNaira wallet, all aid flows directly from the NGO wallet to the recipient’s wallet in seconds.

“Religious institutions now have a cleaner and more direct way of collecting collections by members, eliminating the costs and risks of handling cash.

“Micro-donations are now much more possible for welfare projects, where there is no denominational limit on what can be given, giving all donor executives a chance to give in situations where” the search for transaction balances ”would have dissuaded them.

“Expenditure tracking and reporting for social projects for NGOs has become almost automated with eNaira, as the traceability of each eNaira ensures that the ledgers are balanced and knowing the exact identity of the recipient of each eNaira occur in near real time and in real time. in tandem with the actual transfer of funds.

“NGOs and religious institutions don’t have to worry about cases where hired project managers run away with money set aside for welfare projects when they use eNaira, because the tampering and counterfeiting of eNaira units are impossible due to its unique identity and the enhanced security that supports its distributed system. General ledger system.

For companies

For businesses, eNaira promises to make it easy for customers to pay for their services.

“ENaira makes it so easy for your customers to pay for your services that they keep them coming back. With eNaira, your customer base extends beyond the coast of Nigeria, as paying abroad is not only possible, but fast and even inexpensive. The greater the sponsorship, the greater the profit!

“ENaira makes it easier for you to get a government support allowance because the CBN has your portfolio information and can make direct deposits on behalf of the government.

“ENaira offers your customers an ultra-easy payment option with its QR code scanning feature and keeps them coming back.

“ENaira promotes efficient and straightforward cross-border payments that foster profitable foreign business partnerships.

“ENaira’s peer-to-peer payment feature facilitates the growth of e-commerce and brings the mall experience to friends who are physically separated by distance.

“ENaira opens up a whole new customer base that you never knew existed, with the increase in the number of customers, the growth of the business is guaranteed.

“With eNaira, companies can easily make sales in any country because eNaira is 100% local and 100% global,” said CBN.

Support PREMIUM TIMES integrity and credibility journalism

Good journalism is expensive. Yet only good journalism can guarantee the possibility of a good society, responsible democracy and transparent government.

For free and ongoing access to the best investigative journalism in the country, we ask that you consider modestly supporting this noble enterprise.

By contributing to PREMIUM TIMES, you help maintain relevant journalism and keep it free and accessible to everyone.

Make a donation

TEXT ANNOUNCEMENT: To advertise here . Call Willie +2347088095401 …

PT Mag campaign ad

Source link

About Vicki Davis

Check Also

Confused year for the stock market

KARACHI: The Pakistan Stock Exchange (PSX) had a tumultuous 365 day period in 2021 as, …

Leave a Reply

Your email address will not be published. Required fields are marked *