The Central Bank of Nigeria (CBN) has clarified that Nigerians will be able to access and make transactions on the eNaira platform with any mobile phone, regardless of whether such phones are Internet-enabled.
This was disclosed in a document titlef ‘Design paper for the eNaira’.
According to the apex bank, eNaira was developed based on simplicity and ease of use to ensure that Nigerians without internet-enabled phones can access the service.
It explained that the approach would not further alienate sections of the population who are uneducated, lack exposure and access to internet services or digital devices.
“According to the National Commission for Mass Literacy, Adult and Non-formal Education (NMEC), it estimated that 35 percent of the nation’s adult population was illiterate (i.e., 37.1million) and the CBN risks losing adoption to the segment of the population.” the document reads.
“To mitigate this risk, the bank factored in the need for inclusiveness as part of the core design principle of the eNaira.”
“This principle has enabled the Bank to focus on simplicity and ease of use ensuring that Nigerians without internet-enabled phones can access the service.”
According to CBN, the eNaira will complement existing payment methods such as mobile banking apps, point-of-sale terminals, USSD, fast response code, and Internet banking.
“The account-based CBDC model at its core mirrors the progress made on the National Financial Inclusion Strategy, which enables access to financial services by leveraging last-mile networks to identify users and to provide banking services through channels such as PoS and USSD.”
“With the account-based model, the CBN seeks to enable access by leveraging the existing identity infrastructure in Nigeria such as the BVN, NIN, TIN, etc., to uniquely identify individuals and corporate entities.”
The bank added that identifying frameworks such as the NIN will enable access for the financially excluded as they can be uniquely identified, thereby enabling the provision of financial services. It also added that the system would also help ensure a robust KYC framework positioned to enable access for all Nigerians.
