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eNaira: CBN, PSPs, Fintech Partner to deepen Adoption by Nigerians

As part of further interaction with a broader category of industry players, the Director, Information Technology Department (ITD) at the CBN, Mrs. Rakiya Mohammed, clarified that the CBN was neither competing with the Deposit Money Banks (DMBs) nor other actors in the Nigerian payment system environment.

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The Central Bank of Nigeria (CBN) and key stakeholders in the payments system ecosystem, particularly Payment Service Providers (PSPs) and a large community of Fintech groups, have risen from a one-day engagement session in Lagos, with a resolve to work together to ensure more adoption of the recently launched Central Bank Digital Currency (CBDC), the eNaira.

Speaking at the licensed PSPs Engagement Session held at the Radisson Blu Hotel in Lagos, on Monday, November 22, 2021, as part of further interaction with a broader category of industry players, the Director, Information Technology Department (ITD) at the CBN, Mrs. Rakiya Mohammed, clarified that the CBN was neither competing with the Deposit Money Banks (DMBs) nor other actors in the Nigerian payment system environment.

Mrs. Mohammed explained that the engagement was in continuation of the Bank’s strategy to bring all stakeholders on board what she described as a journey, noting that the CBN was open to suggestions and innovation aimed at adding value to the eNaira and improving the user experience…http://ow.ly/Piz950GUaye

Earlier, Techeconomy.ng reported that the director disclosed that the country’s digital currency would be done in four phases and also lead to the interoperability of the eNaira with those of other central banks.

Mrs Mohammed made this known at the licensed payment service providers’ engagement session in Lagos on Monday, as part of further interaction with a broader category of industry players.

The director, in a statement, said the CBN and key stakeholders in the payments system ecosystem, particularly the PSPs and a large community of fintech groups, during the one-day engagement session, resolved to work together to ensure more adoption of the recently launched eNaira.

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The statement read: “The full implementation of the eNaira would be done in four phases, culminating in offline eNaira payments solutions, cross-border payment and interoperability of the eNaira with those of other central banks.”

Mohammed clarified that the CBN was neither competing with the Deposit Money Banks nor other actors in the Nigerian payment system environment.

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