{"id":14798,"date":"2021-11-29T13:54:13","date_gmt":"2021-11-29T13:54:13","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerian-central-bank-wants-financial-institutions-to-develop-products-based-on-its-cbdc\/"},"modified":"2021-11-29T13:54:13","modified_gmt":"2021-11-29T13:54:13","slug":"nigerian-central-bank-wants-financial-institutions-to-develop-products-based-on-its-cbdc","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/nigerian-central-bank-wants-financial-institutions-to-develop-products-based-on-its-cbdc\/","title":{"rendered":"Nigerian Central Bank Wants Financial Institutions to Develop Products Based on Its CBDC"},"content":{"rendered":"

The Central Bank of Nigeria has said it wants players in the country\u2019s payment industry to develop and help introduce products based on its central bank digital currency, the e-naira.<\/strong><\/p>\n

Central Bank Open to Suggestions<\/h2>\n

In its bid to deepen the adoption of the e-naira, the Central Bank of Nigeria (CBN) has asked payment service providers, financial institutions, and fintech firms to develop and introduce products that are based on its digital currency.<\/p>\n

According to a report<\/a> by the Vanguard, this plea was made by Rakiya Mohammed \u2014 the CBN\u2019s director of the information technology department \u2014 when she addressed financial institutions and fintech companies that attended the central bank\u2019s one-day engagement session.<\/p>\n

During this meeting, Mohammed is reported to have also reassured participants that the central bank is not competing against financial institutions or other players in the payment system. Instead, Mohammed said the CBN is open to suggestions or ideas that add value to the e-naira or those that improve the user experience.<\/p>\n

Further, Mohammed is also reported to have urged the country\u2019s payment service providers to find more innovative ways to support members of the public with the onboarding process. She also encouraged service providers to develop solutions that support offline e-naira functions and these include cards, wearables, USSD, among others.<\/p>\n<\/p>\n

CBN\u2019s Financial Inclusion Objective<\/h2>\n

Meanwhile, reports that the CBN is encouraging players in Nigeria\u2019s payment industry to support the CBDC come as the bank\u2019s anti-cryptocurrency governor, Godwin Emefiele, is quoted<\/a> by another publication claiming that more people are downloading the e-naira wallet application. He said almost 600,000 of the digital currency\u2019s wallet apps have been downloaded since the CBDC\u2019s launch over a month ago.<\/p>\n

However, Emefiele \u2014 just like the bank\u2019s information technology director \u2014 suggested that support from the financial industry will be critical if the CBN is to achieve its goal of hastening the adoption of the e-naira by Nigerians who lack smartphones.<\/p>\n

Do you agree that the e-naira\u2019s success hinges on it getting support from financial institutions? You can share your views in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nFinance, CBDC, Central Bank of Nigeria, e-naira, financial inclusion, Godwin Emefiele, Nigeria fintechs, payment service providers, Smartphone<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Nigeria has said it wants players in the country\u2019s payment industry to develop and help introduce products based on its central bank digital currency, the e-naira. Central Bank Open to Suggestions In its bid to deepen the adoption of the e-naira, the Central Bank of Nigeria (CBN) has asked payment service…<\/p>\n","protected":false},"author":0,"featured_media":14799,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14798"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14798"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14798\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14799"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}