By Adetunji Ayo-Brown
Unfolding in our world, e-naira a preparation to reboot Nigeria economic system through its digital innovative policy. Highly anticipated but less known. Naira may not necessarily need to change but its electronic form is capable of turning things around in every Nigerian lives.
The Central Bank Digital Currency (CBDC) adoption and underlying technology called blockchain has the capacity of increasing Nigeria’s Gross Domestic Product, GDP, by $29 billion over the next 10 years as predicted.
That eNaira would be available without Internet-enabled phones is commendable, though maximising the value and use cases of the eNaira would depend largely on devices with internet capabilities.
Moving many more people and businesses from the informal into the formal sector, thereby increasing the tax base for the country. eNaira to complement existing payment options available via the mobile banking apps, Point of Sale terminals, USSD, quick response code and Internet banking, among other channels.
Adaptation of technology in progress, the Federal Government of Nigeria can flip e-naira coin to turn around Nigerian lives from poverty to abundance and win it all. Huge boost to individual financial credibility using electrical signals and algorithm jargons to create big values in reality.
Nation can be defined as a body of people with share common purpose of nationalism. Though subjected to debate, most Nigerians are genuinely attracted to money in any form.
If time can be turn to a currency, Nigerians are ready to earn and spend it because many had suffered unduly from manmade, selfishness-induced poverty in country.
FG should start sending monthly direct payments to all eligible citizens under the national welfare programme, after all Nigerians can use e-naira without Internet, CBN assurance
The right purpose is to choose own specific purpose, because what other specific purposes are better than national welfare. Now that trust is a devalue currency in Nigeria, let us master our own piece so that we can build masterpiece in e-naira.
The right to choose own specific purpose. E-naira would enable the government to send direct payments to citizens eligible for specific welfare programmes
e-Naira is nothing but volt energy travelling through a network of massive fibre optic cables. New sense of purpose many called it, but better still let’s make best sense of this purpose. Nigerians don’t need clues where the money is or comes from.
About 47%, or about 210 million people in sub-Saharan Africa do not use mobile internet which include most Nigerians. Also 19% of people living in Nigeria did not have access to mobile broadband coverage GSMA, a global industry organisation that represents the interests of mobile network operators recent report.
National Commission for Mass Literacy, Adult and Non-formal Education estimated that 35 per cent (37.1 million) of the nation’s adult population was illiterate, risked losing adoption to this segment of the population.
Money changes greed. Using technology to aid and deliver Nigerians from money insecurity and absence. If there is some better specific purpose to e-naira than the betterment of Nigerian lives. If the only purpose of e-naira is its name, then it has no purpose. To mitigate all these options had been factored for inclusiveness as part of the core design principle of the eNaira. Focus on its simplicity and ease of use to ensure that Nigerians without Internet-enabled phones can access the service like others.It is believed that for CBDCs to be successful, they must have two essential ingredients: a great consumer experience and widespread merchant acceptance. It means the ability to make and receive payments, regardless of currency, channel, or form factor.
It is the global trend to create digital currencies, there are Nigeria-specific benefits that cut across different sectors of its economy. Using CBDCs can help move many more people and businesses from the informal into the formal sector, thereby increasing the tax base of the country.
Our economic policies must be targeted mostly at people welfare. Alongside digital innovations, it can foster economic growth through better economic activities, increase remittances, improve financial inclusion and make monetary policy more effective.
This is money and it has value, in order to ensure the integrity of the financial system, account-based Central Bank Digital Currency (CBDC) model was chosen for the eNaira. model mirrored progress made on the National Financial Inclusion Strategy which enables access to financial services by leveraging last-mile networks to identify users and to provide banking services through channels such as PoS and USSD. Experts say such can be taken as money well-tailored with economy.
e-Currency, big enough to turn any citizen into a patriot. E-naira, if indeed it is a Nigerian-oriented money and it is well-tailored, it can truly be our life changing programme. The promise that e-Naira can boost Nigeria’s GDP by $29bn in 10 years is achievable.
It’s our own e-money, because it is e-naira. Ensuring all-inclusiveness access while also enabled access by leveraging the existing identity infrastructure in Nigeria such as the BVN, NIN, TIN, etc., to uniquely identify individuals and corporate entities with ease.
*Ayo-Brown is a Snr System Analyst, he can be reached via e-Mail:email@example.com