Monday, October 2, 2023
  • Home
  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
Newsway
  • Home
  • Crypto News
  • Crypto Regulation
  • Business & Finance
  • Featured
  • NFTs
  • News
  • Loans
  • Opinion
  • Games
  • Beginner’s Guide
  • Technology
  • Home
  • Crypto News
  • Crypto Regulation
  • Business & Finance
  • Featured
  • NFTs
  • News
  • Loans
  • Opinion
  • Games
  • Beginner’s Guide
  • Technology
No Result
View All Result
Newsway

How eNaira is performing in the past three months–Emefiele

T.I UkendebyT.I Ukende
March 27, 2022
A A
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) says Nigerians are gradually adopting the eNaira, launched three months back.

Emefiele said this while answering questions from members of the press after presenting the outcome of the two-day Monetary Policy Committee (MPC) meeting on Tuesday in Abuja.

READ ALSO

Pi Network’s Rapid Adoption Surges Across Asian Countries

October 1, 2023

Pi Coin Envisions a Cashless Future: Community Surveys Drive Real-World Adoption

October 1, 2023

Pi Barter Mall Launches Mobile App on Apple Store and Google Play, Expanding Pi Network’s Digital Marketplace

October 1, 2023

The MPC, at the meeting, retained the country’s Monetary Policy Rate (MPR) at 11.5 per cent. and also unanimously agreed to retain all other monetary policy parameters.

The Cash Reserved Ratio (CRR) was, thus, retained at 27.5 per cent, Liquidity Ratio, 30 per cent and Assymetric Corridor, +100 and -700 Basis Points around the MPR.

Emefiele, answering questions after presenting the MPC meeting outcome, said that Person to Bank and Bank to Person transactions have accounted for 90 per cent of transactions done on the eNaira speed wallet.

“Since its launch about three months ago, Nigerians have continued to gradually adopt eNaira as a fast and reliable means of exchange.

”Transactions recorded range from P to P, that is, Person to Person; or Person to Merchant, P to M; Bank to Person; Person to Bank and Bank to Merchants and Merchants to Bank.

“The Person to Bank and Bank to Person constitute 90 per cent of what we see in the market, and as you will observe, we spent the last three months observing and monitoring the system and addressing issues mostly around initial onboarding,’’ Emefiele said.

According to him, transactions on the system have been super-fast and remain free for now.

He said that stringent validation procedures were enforced to preserve the integrity and security of the system since it was account based, and required a digital identity.

“We feel that you must have a BVN and you must have an account to be able to access it; And we also find that this has created some kind of constraints on people about onboarding with BVN and the rest of them.

“But again, we believe that what we do by the use of the BVN is the best so as to avoid fraudsters from hacking into the system.

“Most of the complaints received were mainly around the inability of prospective users to onboard and activate the E wallet due to a mismatch of BVN enrollment records,’’ he said.

Emefiele said that the bank together with the Nigeria Interbank Settlement System and the Deposit Money Banks were working to simplify the process of updating such information.

He added that considerable progress had been made with the release of locked accounts for re-onboarding.

The CBN Governor also said that foreigners who had BVN could now onboard the system.

He added that with the recent assignment of the enaira USSD code by the Ministry of Communications and digital economy, Nigerians without a smartphone would soon be able to onboard and conduct transactions using enaira by dialling code 997.

Emefiele said that the apex bank was engaging the fintechs and other industry players to create a bouquet of products on enaira platform.

He said that while transactions on the system have so far mostly revolved around moving money to and from bank accounts, tests with licensed payment services providers were ongoing to enable payments using enaira on E commerce platforms.

The CBN Governor explained that this would enable Small and Medium Enterprises and other commercial service providers to offer their products and services and accept enaira as a means of payment and exchange.

He said that CBN was working on a framework that would leverage the existing and new infrastructure to soon extend the service of enaira to the unbanked, as part of its commitment towards meeting targets for Financial Inclusion.

Besides, he said that the bank together with its stakeholders planned to embark on a rigorous awareness campaign to create the necessary understanding of the operations of the enaira

0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Latest Post

Pi Network’s Rapid Adoption Surges Across Asian Countries

October 1, 2023

Pi Coin Envisions a Cashless Future: Community Surveys Drive Real-World Adoption

October 1, 2023

Pi Barter Mall Launches Mobile App on Apple Store and Google Play, Expanding Pi Network’s Digital Marketplace

October 1, 2023

Pi Core Team Reminds Pioneers of Updated Mining Rates Adjustment in Pi Network App

October 1, 2023

Pi Network’s Vision Beyond Mainnet Launch: Building a Sustainable Decentralized Future

September 30, 2023

Crypto.com Enhances On-Ramp Infrastructure, Expanding Fiat Deposit Options with €EUR Fiat Wallet

September 28, 2023
Business & Finance

Pi Network’s Rapid Adoption Surges Across Asian Countries

by Terfa Ukende
October 1, 2023
0

...

Read more

Pi Coin Envisions a Cashless Future: Community Surveys Drive Real-World Adoption

Pi Barter Mall Launches Mobile App on Apple Store and Google Play, Expanding Pi Network’s Digital Marketplace

Pi Core Team Reminds Pioneers of Updated Mining Rates Adjustment in Pi Network App

Pi Network’s Vision Beyond Mainnet Launch: Building a Sustainable Decentralized Future

Business & Finance

Pi Network’s Rapid Adoption Surges Across Asian Countries

by Terfa Ukende
October 1, 2023
0

In a remarkable stride towards global adoption, Pi Network, the decentralized cryptocurrency platform, is rapidly gaining ground in various Asian...

Read more

Pi Coin Envisions a Cashless Future: Community Surveys Drive Real-World Adoption

October 1, 2023

Pi Barter Mall Launches Mobile App on Apple Store and Google Play, Expanding Pi Network’s Digital Marketplace

October 1, 2023

Pi Core Team Reminds Pioneers of Updated Mining Rates Adjustment in Pi Network App

October 1, 2023

Pi Network’s Vision Beyond Mainnet Launch: Building a Sustainable Decentralized Future

September 30, 2023
Previous Post

CRYPTO: Again Bitcoin loses $3,500 amidst US interest rate hike

Next Post

CBN’s approved charges rate for commercial banks in Nigeria

T.I Ukende

T.I Ukende

T.I Ukende is a professional writer and ICT consultant. He has written many evergreen articles for Benuecast blog, classicgist, ellabase and many others before birthing the newsway blog. Newsway delivers well researched and undiluted information on business, employment opportunities, personal finance and government empowerments.

Leave a Reply Cancel reply

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

Posts You May Like

Pi Network’s Rapid Adoption Surges Across Asian Countries

October 1, 2023

Pi Coin Envisions a Cashless Future: Community Surveys Drive Real-World Adoption

October 1, 2023

Pi Barter Mall Launches Mobile App on Apple Store and Google Play, Expanding Pi Network’s Digital Marketplace

October 1, 2023

Pi Core Team Reminds Pioneers of Updated Mining Rates Adjustment in Pi Network App

October 1, 2023

Pi Network’s Vision Beyond Mainnet Launch: Building a Sustainable Decentralized Future

September 30, 2023

Crypto.com Enhances On-Ramp Infrastructure, Expanding Fiat Deposit Options with €EUR Fiat Wallet

September 28, 2023

PiChain Mall Announces Exciting Updates for the PCM Ecosystem

September 28, 2023

Ice Network Team Unveils Ambitious Development Roadmap with Mainnet Launch Date

September 28, 2023

The Pi Network Users Unite for a Historic “PI UNITY RIDE” Event

September 28, 2023

Pi Network IOU Price Surges 2.08% Ahead of Mainnet Roadmap Update in October

September 28, 2023

How Pi Network Users Can Spot Phishing Attacks

September 28, 2023

How to Recover a Lost Passphrase and Protect Your Crypto Wallet

September 27, 2023

Pi Chain Mall Surpasses 15 Million PI in Transaction Volume, Showcasing Decentralized E-Commerce Success

September 27, 2023

Pi Network KYC Approval Delay Sparks Controversy Among Pioneers

September 27, 2023

Chase Bank Takes Firm Stance: Declines Payments for Bitcoin and Cryptos, Including Pi Network’s Token

September 27, 2023
Next Post

CBN's approved charges rate for commercial banks in Nigeria

African Union announced vacancies; Kindly visit here to apply for these positions

Categories

Beginner's Guide Business & Finance Crypto News Crypto Regulation Featured Loans News NFTs Opinion Technology
Business & Finance

Pi Network’s Rapid Adoption Surges Across Asian Countries

October 1, 2023
Crypto News

Pi Coin Envisions a Cashless Future: Community Surveys Drive Real-World Adoption

October 1, 2023
Business & Finance

Pi Barter Mall Launches Mobile App on Apple Store and Google Play, Expanding Pi Network’s Digital Marketplace

October 1, 2023
Crypto News

Pi Core Team Reminds Pioneers of Updated Mining Rates Adjustment in Pi Network App

October 1, 2023

Recent Posts

  • Pi Network’s Rapid Adoption Surges Across Asian Countries October 1, 2023
  • Pi Coin Envisions a Cashless Future: Community Surveys Drive Real-World Adoption October 1, 2023
  • Pi Barter Mall Launches Mobile App on Apple Store and Google Play, Expanding Pi Network’s Digital Marketplace October 1, 2023
  • Pi Core Team Reminds Pioneers of Updated Mining Rates Adjustment in Pi Network App October 1, 2023
  • Pi Network’s Vision Beyond Mainnet Launch: Building a Sustainable Decentralized Future September 30, 2023
  • Home
  • Crypto News
  • Crypto Regulation
  • Business & Finance
  • Featured
  • NFTs
  • News
  • Loans
  • Opinion
  • Games
  • Beginner’s Guide
  • Technology

© 2023 Newsway -Nigeria's Top News Platform About us.

No Result
View All Result
  • Home
  • Crypto News
  • Crypto Regulation
  • Business & Finance
  • Featured
  • NFTs
  • News
  • Loans
  • Opinion
  • Games
  • Beginner’s Guide
  • Technology

© 2023 Newsway -Nigeria's Top News Platform About us.