Nigerians without internet-enabled phones can access eNaira – CBN

 

Nigerians without internet-enabled phones will be able to access and transact with the eNaira, according to the Central Bank of Nigeria

The CBN revealed this in a document titled “Design paper for the eNaira.”

Ultimately, eNaira’s usability would definitely improve as Nigerians would be able to transact without   subscribing to data or have an internet enable phone.

CBN said, “The eNaira thus risks further alienating sections of the population who are uneducated, lack exposure and access to internet services or digital devices,”.

According to macrotrends: Adult literacy rate is the percentage of people ages 15 and above who can both read and write with understanding a short simple statement about their everyday life. Nigeria literacy rate for 2018 was 62.02%, a 10.94% increase from 2008.

“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,”
the CBN added.

The eNaira, according to the apex bank, will complement existing payment methods such as mobile banking apps, point-of-sale terminals, USSD, fast response code, and Internet banking.

The CBN said, “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.

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.

“Specifically, identity frameworks such as the NIN will enable access for the financially excluded as they can be uniquely identified, thereby enabling the provision of financial services. These identity systems will help ensure a robust KYC framework positioned to enable access for all Nigerians.”