Once again the Economic Community of the Sixth African Region (ECO-6) has reiterated it’s commitment to making sure that all beneficiaries of the Lumi stimulus program begin the full use of the digital currency this year.
Earlier this year, the authorities of the Region published an Exchange Rate Mechanism (ERM) mandating all the other Sub-Regions including the ECOWAS to integrate lumi currency in their Regional economies on or before the 1st day of October this year.
What McPherson really meant is for Regional Governments to legally recognize the Lumi as an official currency of their counterpart [the Economic Community of the Sixth African Region (ECO-6)].
This by implication will foster the economic usage of the currency sooner than expected.
Newsway learnt that, for beneficiaries in Nigeria, the deadline of October maybe only mark the beginning of the adoption process as nothing is been done by the CBN at the moment.
Although, a reliable source gave an insight that Banks were being briefed on the benefits of PAPSS (Pan African Payments and Settlement System) during it’s launch last year by the Apex bank’s governor.
McPherson also highlighted the reasons why beneficiaries may be demanded to sign up for the PAPSS as this will is the platform recognized by the African Union (AU).
At the moment alot is being done to restore the swiffin platform which has been done due to upgrade.
Although, users are all demanded to sing up for the swiffin community platform which remains the only platform where beneficiaries can access their swiffin accounts.
All beneficiaries of the Lumi stimulus program are to remain calm or patient until official platforms are unveiled by the swiffin or ECO-6 authorities for the withdrawal of the currency.
