• About
  • Privacy Policy
  • Careers
  • Manage Subscriptions
Thursday, September 21, 2023
TechEconomy
Advertisement
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Phones
      • Gadgets and Appliances
      • Accessories
      • Laptop
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Partners
    • Editorial
  • Podcast
  • TECHECONOMY TV
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Phones
      • Gadgets and Appliances
      • Accessories
      • Laptop
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Partners
    • Editorial
  • Podcast
  • TECHECONOMY TV
No Result
View All Result
Techeconomy
No Result
View All Result

Home » CBN Revolutionizes eNaira Mobile App with NFC Technology

CBN Revolutionizes eNaira Mobile App with NFC Technology

Justice Godfrey Okamgba by Justice Godfrey Okamgba
July 25, 2023
in Digital Assets
0
CBN Revolutionizes eNaira Mobile App with NFC Technology
Sifax
Advertisements

The Central Bank of Nigeria (CBN) has reaffirmed its unwavering commitment to the central bank digital currency (CBDC) project, despite recent leadership changes.

In a strategic move to promote widespread adoption of the eNaira and enhance the functionality of the CBDC mobile app, the CBN has integrated Near Field Communication (NFC) technology for seamless and contactless payments, according to reports.

Previously, the eNaira mobile app relied on QR codes for transactions; however, with the integration of NFC technology, users can now experience convenient and secure interactions between their mobile devices and payment terminals.

RelatedPosts

Digital Quality of life

Nigeria Ranks 7th in Africa in Digital Quality of Life, While Ranking 88th Globally

September 20, 2023

Again, DCC Calls for regulation of Digital Currency in Nigeria

September 18, 2023

NFC is a cutting-edge short-range wireless connectivity technology that utilizes magnetic field induction to enable swift and secure communication between devices.

At a recent eNaira sensitization workshop held at the University of Abuja, Joseph Angaye, the deputy director of the CBN’s risk management department, emphasized the importance of embracing technological advancements to foster economic growth.

He stated that this upgrade is expected to significantly boost the adoption rates for the CBDC, thus promoting a more digitally inclusive economy.

“The eNaira app has evolved to offer numerous benefits to users. In a rapidly digitizing world, the CBN is committed to staying at the forefront of technological innovation.

We were among the pioneers in launching the eNaira app, and now, with the addition of NFC technology, we have further enhanced its practicality and functionality,” said Angaye.

The programmable features of the eNaira app provide immense versatility, enabling it to be tailored for specific locations or purposes.

This flexibility proves particularly valuable for executing targeted intervention programs, ensuring funds are directed towards intended purposes and minimizing the risk of misuse or diversion.

Angaye further elaborated, “The beauty of the eNaira lies in its efficiency and safety. The incorporation of NFC technology addresses concerns related to transaction speed and settlement risks, enhancing user confidence in our CBDC.”

Since its launch in 2021, Nigeria has been among the pioneers in the global CBDC landscape, taking significant strides to drive adoption.

Despite initial challenges in meeting projected uptake, the CBN has proactively introduced use cases in the transport sector and integrated USSD functionality into the eNaira offering. These efforts reflect the CBN’s commitment to fostering a thriving digital economy.

It is essential to recall that in 2021, Nigeria’s central bank imposed restrictions on banks and financial institutions from facilitating digital currency transactions.

Nonetheless, the vibrant digital currency ecosystem in the country, coupled with the introduction of the eNaira, has resulted in Nigeria ranking among the largest volume of digital token transactions on peer-to-peer trading platforms globally.

Advertisements
innovation
AIT
Advertisements
Tags: CBDCCBNdigital marketingdigital transformationeeNaira
ShareTweetSend
Previous Post

MALA Introduces Next-Level Digital Directory for African Businesses

Next Post

Fintech Operator Obtains Verve Processor License

Justice Godfrey Okamgba

Justice Godfrey Okamgba

Related Posts

Digital Quality of life
Digital Assets

Nigeria Ranks 7th in Africa in Digital Quality of Life, While Ranking 88th Globally

by Joel Nwankwo
September 20, 2023
0

The Digital Quality of Life Index is an annual study that ranks 121 countries by their digital well-being based on...

Read more
Digital Currency Coalition - Nigeria

Again, DCC Calls for regulation of Digital Currency in Nigeria

September 18, 2023
OneCoin Cryptocurrency

OneCoin’s Co-founder Sentenced to 20 Years in Prison

September 14, 2023
Yellow Card, MoonPay Partner to Revolutionize Cryptocurrency Accessibility in Nigeria

Yellow Card, MoonPay Partner to Revolutionize Cryptocurrency Accessibility in Nigeria

September 12, 2023
Vtrader Academy

VTrader Academy to Reward Crypto Enthusiasts with up to $500 Monthly for Teaching Crypto

September 9, 2023
Onboard

Nestcoin Announces Launch of Onboard After $1.9 Million Raise

September 7, 2023
Next Post
Fintech Operator Obtains Verve Processor License

Fintech Operator Obtains Verve Processor License

Leave a Reply Cancel reply

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

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisements
Ad 15
Insurance Meet Tech
Advertisements
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
​Sodiq Tijani Toju Africa

Meet Sodiq Tijani, a Product Expert and Entrepreneur Banking the Unbanked

March 2, 2023
Product Led vs Sales Led Business Models

Product Led vs Sales Led Business Models: What Startups Should Know

January 10, 2023
Samsung Galayx A04e - Cheapest Samsung Phones in 2023

Cheapest Samsung Phones in 2023

September 11, 2023
Sodiq Tijani Youcloudpay

How Sodiq Tijani is Empowering African SMEs for Economic Growth

February 9, 2022
Google Cybersecurity Scholarship

Google Recognizes Shortage of Cybersecurity Experts in Africa, Announces Scholarships

22

Ad Dynamo Has Eyes on Nigeria – CEO

19

Digital Marketing in Africa: Bringing Much-Needed Skills to Nigeria’s Youth

16

Ad Dynamo by Aleph Group Launches free Digital Academy

14
microfinance banks

CBN Launches Portal for Seamless Licensing of Microfinance Bank

September 21, 2023
EBANX

Brazilian Fintech EBANX Expands into Eight New Africa Markets

September 21, 2023
Africa-America Institute

Africa-America Institute Honours MTN Group for Helping in Africa’s Digital Transformation

September 21, 2023
Six Signs You Might Need a High-Speed Mesh Wi-Fi System

Six Signs You Might Need a High-Speed Mesh Wi-Fi System

September 21, 2023

Follow Us

APPLY

Underdog Tech Award
Apply

InDrive Launches Underdog Tech Award to Reward African Founders

by Joel Nwankwo
September 20, 2023
0

The Underdog Tech Award, a brand-new international competition, has been launched by InDrive. The e-hailing company aims to uncover the...

Read more

WomenPreneurs

Hiring in South Africa by Jessica Hawkey redAcademy
WomenPreneurs

Women in Business: Q&A with Jessica Hawkey, Founder & MD of redAcademy

by Techeconomy
August 22, 2023
0

"Jessica Hawkey is the Managing Director of redAcademy"

Read more

BusinesSENSE For SMEs

Managing Difficult Customer
BusinesSENSE For SMEs

Five Keys to Managing Difficult Customers

by Techeconomy
August 23, 2023
0

You will at one point in your business be confronted with dealing with difficult customers. So, mastering the right strategies...

Read more
  • About Us
  • Career
  • Contact Us
  • Policy

© 2023 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Phones
      • Gadgets and Appliances
      • Accessories
      • Laptop
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Partners
    • Editorial
  • Podcast
  • TECHECONOMY TV

© 2023 Techeconomy - Designed by Opimedia.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.