The Governor, Central Bank of Nigeria (CBN), Godwin Emefiele, has expressed optimism that the bank would soon achieve 85% financial inclusion rate target in Nigeria, above the current rate of below 70%.
A statement from the CBN yesterday, quoted Emefiele as speaking while receiving a delegation of executive directors from the Bank of Uganda, who were on an experience sharing tour of the CBN’s Central Bank Digital Currency (CBDC) at the bank’s head office, in Abuja.
He also expressed the CBN’s commitment to accelerating the rate at which those who were financially-excluded could come into the formal banking sector.
He expressed satisfaction that Nigeria’s CBDC- the eNaira, has recorded some level of success judging by the rate of integration and security features, which will enhance the relationship between mobile banking and e-business and speed up the rate of financial inclusion.
The CBN governor also noted that the interest the novel eNaira was attracting from other countries and multinational bodies such as the International Monetary Fund (IMF), and the World Bank, underscored the level and quality of work the CBN had put into the project.
Emefiele noted that being the first country in Africa to launch its CBDC, Nigeria is a case study to other climes, and as such, treading cautiously to ensure it sustains the successes recorded thus far.
…the interest the novel eNaira was attracting from other countries and multinational bodies such as the International Monetary Fund (IMF), and the World Bank underscored the level and quality of work the CBN had put into the project.
Payment system infrastructure
The CBN Governor said the country has deepened its payment system infrastructure, which he noted was ranked among the best in the world and commended his predecessor, Sanusi Lamido Sanusi, for laying the foundation upon which the current payments system was built.
He recalled that Sanusi, as then CBN Governor, appointed him chairman of the sub-committee of the Bankers’ Committee to lead the payments system drive in 2012, adding that the move paved the way for innovative ideas that eventually led to the creation of the eNaira.
He therefore charged the Executive Directors (Deputy Governors equivalent) of the Bank of Uganda to strive to strengthen their country’s payment system, noting that a strong payment system remained the bedrock for the successful take-off of a CBDC.
