CBN Approves Reward Scheme For eNaira Users

In an effort to encourage the adoption of the eNaira, the Central Bank of Nigeria (CBN) has unveiled additional incentives for retailers and other eNaira users.

Godwin Emefiele, the governor of the Central Bank of Nigeria, revealed this yesterday at the Abuja eNaira Merchants Mega event at the ACCI trade and convention center. The bank put together a group of subject matter experts to help you learn more about the vast prospects provided by the eNaira and to offer the essential technical assistance for onboarding during this event in order to facilitate its adoption.

For the benefit of the Nigerian business community, the event was organized by the CBN in association with Araba Technologies LTD, PNAIL, and Abuja Chambers of Commerce and Industry (ACCI).

The incentive program involves supplying retailers with the necessary marketing materials, reducing the current merchant service fee by 50%, and launching a nationwide awareness campaign that early eNaira adopters can use to promote the currency’s wider acceptance.

READ MORE: eNaira records 700,000 transactions worth N8 billion ; Emefiele

Petrol stations, supermarkets, e-commerce, and other businesses not only have important roles to play in promoting the adoption of the eNaira, but can also take advantage of the opportunities provided by the eNaira to improve cash management and achieve sizable operating cost savings. This was stated by the deputy governor in charge of Economic Policies, Kingsley Obiora, who represented Emefiele.

Obiora stated more specifically that “benefits to the merchants include reduced cash handling costs, elimination of failed transactions, instant settlement, increased speed of transactions, improvement in records keeping and elimination of challenges associated with giving change to customers, among other benefits.”

According to Mr. Obiora, the CBN will keep developing and modernizing the eNaira platform to support commerce and expand Nigeria’s digital economy. To that aim, the Bank has already formed partnerships with Fintechs and established a strong Help Desk to support customers and merchants in order to ensure a smooth transition to the eNaira.

Dr. Al-Mujtaba Abubakar, the president of the ACCI, praised the central bank for launching the Central Bank Digital Currency (CBDC). He urged the participants, including retailers, traders, cooperative societies, business associations, supermarkets, hotels, chain restaurants, service providers, owners of private schools, and transporters, to support the effort because it offers many advantages.
Fast delivery, safe, and easy trading and transactional opportunities for clients and end users are some of the benefits, he said.

The CBN asserts that the use of the eNaira offers numerous options to raise corporate revenue. According to Mr. Obiora, the inclusion of the eNaira payment option on e-commerce merchant platforms like Remita is anticipated to enhance the current digital payment infrastructure, leading to a 50 percent increase in e-commerce transactions at a cheaper price. Phase 3 of the eNaira project’s implementation of cross-border transactions is anticipated to boost cross-border trade by roughly 30%.