The Central Bank of Nigeria (CBN) has elevated the eNaira by introducing a chip-enabled Near Field Communication (NFC) device into the digital currency system.
The integration of the NFC feature will expand the usability of the eNaira, allowing Nigerians without smartphones or internet access to engage in transactions more conveniently.
NFC is a short-range, high-frequency wireless communication technology that facilitates the exchange of data between devices within a distance of over 10 cm.
By implementing the NFC technology, owners of eNaira wallets can now conduct financial transactions with minimal human contact using tags attached to their mobile phones.
During a visit to the University of Abuja, where CBN officials sought to promote the adoption of eNaira among tertiary institution students, Mr. Joseph Angaye, a Deputy Director at the bank, expressed the CBN’s commitment to intensify efforts in engaging students to embrace the use of eNaira.
Angaye emphasized that the eNaira offers additional services that are not readily available within the conventional system, including the ability to facilitate payments even when network connectivity is weak. This is one of the key reasons behind the introduction of the NFC feature.
He stated, “I would like to emphasize that recently we have been collaborating with universities across all geopolitical zones in the country to educate them about eNaira and partner with them to ensure its adoption as a means of financial transactions, particularly for revenue collection.”
Angaye further highlighted the significant evolution of the eNaira since its inauguration by former president Muhammadu Buhari almost two years ago, transforming into a world-class payment system instrument.
While addressing the university community, Angaye emphasized that the CBN, through the eNaira, has accomplished several milestones.
He also mentioned that continuous efforts have been made to enhance its functionality based on feedback received from various stakeholders