The Central Bank of Nigeria (CBN) has disclosed that Nigerians can transactions on the e-Naira platform without internet-enabled phones.
Techeconomy.ng obtained this from a document title ‘Design paper for the e-Naira’ and released by the central bank. The CBN said the e-Naira was developed based on simplicity and ease of use to ensure that Nigerians without internet-enabled phones can access the service.
According to the apex bank, the approach would not further alienate sections of the population who are uneducated, lack exposure and access to internet services or digital devices.
The document read: “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.
“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.”
The CBN explained further that the eNaira will complement existing payment methods such as mobile banking apps, point-of-sale terminals, USSD, fast response code, and Internet banking.
It said: “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 central bank maintained 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.
The CBN also noted that the system would also help ensure a robust KYC framework positioned to enable access for all Nigerians.