The Central Bank of Nigeria (CBN) has stated that Nigerians who do not have internet-enabled phones will be able to conduct transactions on the eNaira platform.
The apex bank revealed this in a document titled ‘Design paper for the eNaira.’
According to the apex bank, eNaira was designed with simplicity and ease of use in mind, so that Nigerians without internet-enabled phones can use it.
It explained that the approach would not further alienate segments of the population who are uneducated, have limited exposure to, and access to, internet services or digital devices.
“According to the National Commission for Mass Literacy, Adult and Non-formal Education (NMEC), it estimated that 35 percent of the nation’s adult population was illiterate (i.e., 37.1million) and the CBN risks losing adoption to the segment of the population.” the document reads.Â
“To mitigate this risk, the bank factored in the need for inclusiveness as part of the core design principle of the eNaira.”
“This principle has enabled the Bank to focus on simplicity and ease of use ensuring that Nigerians without internet-enabled phones can access the service.”
According to the CBN, the eNaira will supplement existing payment methods such as mobile banking apps, POS terminals, USSD, FRC, and Internet banking.
“The account-based CBDC model at its core mirrors the 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.”
“With the account-based model, the CBN seeks to enable access by leveraging the existing identity infrastructure in Nigeria such as the BVN, NIN, TIN, etc., to uniquely identify individuals and corporate entities.”
The bank went on to say that identifying frameworks like the NIN will enable access for the financially excluded because they can be uniquely identified, allowing for the provision of financial services. It also stated that the system would help to ensure a strong KYC framework in place to allow access to all Nigerians.
The apex bank launched a website for the operations of eNaira, Nigeria’s first digital currency, in September.
