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03 Jan

Nigeria Launches National Digital Currency Pilot Program Expansion

The eNaira program extends to 15 new states as the CBN accelerates digital currency adoption across the country.

The Central Bank of Nigeria has announced the expansion of its eNaira digital currency pilot program to 15 additional states, bringing the total coverage to all 36 states and the Federal Capital Territory. This expansion represents a significant milestone in Nigeria's journey toward a fully digital financial ecosystem. The eNaira, launched initially in October 2021, has shown steady adoption with over 2.8 million wallet downloads and transaction volumes exceeding N12 billion. The expansion aims to increase financial inclusion and reduce the cost of financial transactions across the country. "The eNaira expansion demonstrates our commitment to financial innovation and inclusion," said CBN's Director of Payment System Management, Musa Jimoh. "We've addressed initial technical challenges and user experience issues based on feedback from the pilot phase." The enhanced eNaira platform features improved offline functionality, enabling transactions in areas with limited internet connectivity. New features include bulk payments for government disbursements, enhanced security protocols, and better integration with existing payment systems. Commercial banks have been mandated to facilitate eNaira adoption by offering wallet services to their customers. First Bank, Zenith Bank, and Access Bank have reported increased customer enrollments following the announcement. Small and medium enterprises (SMEs) are expected to benefit significantly from the expansion, with reduced transaction costs and faster settlement times. The platform supports both peer-to-peer transfers and merchant payments, making it suitable for various business operations. International remittance partners are exploring integration with the eNaira platform to facilitate diaspora remittances. This could potentially reduce remittance costs and increase the speed of cross-border transfers. The CBN has allocated N50 billion for infrastructure development and merchant adoption incentives to support the expansion program.

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GMCS UPTOWN PROPERTIES AND INVESTMENT LTD

Nigeria Launches National Digital Currency Pilot Program Expansion

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