Central Bank Of Nigeria Upgrades CBDC For Usage In Paying Bills

Nigerians Can Now Pay For Bills With eNaira

Locals will be able to make payments for TV subscriptions, bills, and aircraft tickets with the eNaira. The initiative aims to increase public awareness of the financial instrument and encourage individuals to use it in their everyday activities.

Nigeria Upgrades CBDC

It is reasonable to say that Nigeria leads the African continent in CBDC development. “Same Naira, more options” was the slogan used by Nigerian authorities when they launched the eNaira in 2021. 

The country’s CBN expressed optimism that the upgrade would make transactions “easier and more seamless for people from all walks of life.” As per recent media reports, the CBN will enhance its CBDC by next week. 

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This upgrade allows the public to utilize it for payment of bills, aircraft tickets, TV subscriptions, and data subscriptions. To do this, the financial institution formed a partnership with a mobile banking company Bizi Mobile. 

Branch Manager of CBN, Bariboloka Koyor, stated that:

“Beginning next week, an update to the eNaira fast wallet software will be released, enabling users to pay for electricity bills, travel tickets, among other things.”

According to the central bank, more Nigerians would begin to use it as a means of payment regularly, allowing it to expand its footprint across the nation.

Koyor concluded, saying, “This project was launched by the CBN to reach all Nigerian so they are included on the country’s financial process and enjoy dependable, efficient, and secure transactions.”

Nigerians Are Interested in Cryptocurrency

Despite the CBN’s efforts to add more utility to the eNaira, it is still unclear how effective it will be. This is because Nigerians are very interested in cryptocurrencies such as Bitcoin, which are not similar to CBDCs.

According to a survey, more than 33M Nigerians have held or exchanged cryptos in the last six months. 52% of those polled in the research had put half of their money into the crypto market, and 70% want to increase their holdings before 2023.

Following the investigation, it was discovered that increasing inflation levels are primarily responsible for the significant interest in digital assets. Many residents decided to change their depreciating fiat cash into cryptocurrency to protect their wealth amid the current economic crisis.

Another reason why Nigerians have chosen digital assets is because a significant portion of the population has no access to essential financial services.

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