The implementation of the cashless policy may have had its problems, but the rising use of digital and electronic payment methods has given the nation’s payment system a new lease on life and made it necessary to upgrade infrastructure in order to foster even more confidence.
In spite of the currency redesign policy move and altered cash transaction limits, the Central Bank Digital Currency (CBDC) eNaira, which represents one of these e-Payment channels, had sustained continuous growth over time in adoption, transaction volumes, and value.
As indicated by the widespread adoption of eNaira by a variety of associations spanning the government, academic, and transportation sectors, acceptance of the currency is still growing. According to NIBBS data, mobile transfer transactions increased by 142% in 2022, reaching a total of N19.4 trillion.
eNaira’s acceptability continues to spread, as evidenced by mass adoption by a number of associations cutting across, government, academic and transportation sectors. However, the sustained advocacy and awareness on the functionality and advantages of the eNaira, such as an absence of charges and a 50 per cent reduction on the Merchant Service Charge (MSC) for merchants, more Nigerians will join the eNaira bandwagon, making it the channel of choice for their daily transaction needs.
The CBN governor had admitted challenges faced by bank customers following the limit on cash withdrawals and apologised for the deluge of online transaction failures in the country, and further assured that efforts were ongoing to improve the outcome going forward.
TDL.