The Central Bank of Nigeria (CBN) has stated that the eNaira’s fourth phase will lead to offline and cross-border payment solutions. Director, Information Technology Department, CBN, Mrs Rakiya Mohammed, stated this at the licensed payment service providers’ (PSP) engagement session in Lagos.
She challenged licensed PSPs to build more products and services across the full spectrum of the financial system, utilising eNaira and also establish other use cases for the eNaira.
Mohammed explained that the full implementation of eNaira will be carried out in four phases culminating in “offline eNaira payment solutions, Cross-border payment and interoperability of the eNaira with those of other central banks.”
She charged PSPs (including the broad community of fintech groups) to develop solutions for offline eNaira functionalities, such as cards, wearables and USSD, and to discover more inventive ways to support members of the public in the onboarding process and use of eNaira, where possible.
Mohammed also clarified that the CBN was not in competition with Deposit Money Banks or any other players in the Nigerian payment system.
The session also presented value-added ideas for the market and integration process to promote financial inclusion by bridging the gap between the banked and unbanked.
The event, Mohammed said, was part of the CBN’s plan to bring all stakeholders on board, adding that the central bank was open to recommendations and innovation aimed at improving the user experience and adding value to the eNaira.
