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Home Markets Currencies

CBN says governments will be able to send direct payments to citizens using the eNaira

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
October 20, 2021
in Currencies, Spotlight
CBN revokes licence of Eyowo, 46 other microfinance Banks
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The Central Bank of Nigeria (CBN) has stated that the eNaira can serve as a medium for the government to send direct payments to citizens eligible for specific welfare programs.

The Central Bank revealed this in a document seen by Nairametrics titled, “Design Paper for the eNaira.”

According to the apex bank, the eNaira will make it possible for government to make targeted welfare payments to citizens directly, without the need for any intermediary.

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What the CBN is saying

The CBN acknowledge that the pandemic exposed a significant challenge to the payment system globally particularly regarding welfare distribution.

It stated, “The COVID-19 pandemic tested the effectiveness of payment systems globally and highlighted gaps especially in the distribution mechanism of welfare incentives. In some instances, cash was distributed due to lack of visibility and adaptability of existing payment infrastructure to new and emerging modes of value transfer.”

The Central Bank acknowledges the eNaira as a means by which the challenge of government’s monetary distribution to citizens can be effectively and efficiently addressed to ensure accountability is achieved.

“The eNaira provides a clear means for the government to send direct payments to citizens eligible for specific welfare programs more rapidly than through other means. This ensures that accountability is achieved, and the right persons get the funds. When a need arises, such as in times of economic crises, the central bank can also serve as a government agent and execute eNaira transfers to individuals and businesses affected,” the bank stated.

CBN added that, “The eNaira will make it possible for governments to make targeted welfare payments to citizens directly, without the need for any intermediary. This will reduce the cost of delivering welfare benefits to citizens in need of welfare support and ensure the right people are receiving support.”

This capacity for the eNaira to provide seamless process for government to send direct payments to citizens would be an added advantage in the adoption of the eNaira in Nigeria.

In case you missed it

The CBN stated earlier that the eNaira is meant to create a secure and cost-effective process for remittance inflow to the country, amongst other benefits.

The apex bank also stated that eNaira’s usability would definitely improve as Nigerians without internet-enabled phones would be able to transact without having to subscribe to data or having an internet-enabled phone.

Tags: CBNCentral Bank of NigeriaeNairaNigerian GovernmentWelfare programs
Ubah Jeremiah Ifeanyi

Ubah Jeremiah Ifeanyi

For further inquiries about this article, contact: Email: Ifeanyi.ubah@nairametrics.com Twitter: @ubahjc Linkedln: Jeremiah Ubah

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Comments 12

  1. Sirtee says:
    October 20, 2021 at 1:26 pm

    I await for the e-naira App on Android.

    Reply
  2. Barnabas says:
    October 20, 2021 at 5:12 pm

    good move

    Reply
  3. Marvelox says:
    October 20, 2021 at 6:16 pm

    Launch this e-naira already
    Every now and then it’s been postponed
    Is the E naira a joke to y’all?

    Reply
  4. Hon okenyi jacob says:
    October 21, 2021 at 8:29 am

    We need it be lunch now

    Reply
  5. Bunyaminu Garba Abdulkadir says:
    October 21, 2021 at 9:54 am

    Much appreciated

    Reply
  6. Ikpi, Ikpi Koyonoh-Inah says:
    October 23, 2021 at 4:00 pm

    It’s a good development. Thank you.

    Reply
  7. A. Is'haq tunga says:
    October 23, 2021 at 11:04 pm

    Realy apreciated with this gov’t of BABA BUHARI may ( ALLAH ) reword him and give him what he need. and also conteniou to promote (Nigeria) into a greater position. ameen

    Reply
  8. Ahmed says:
    October 24, 2021 at 4:40 am

    What is benefit of this Enaira self

    Reply
  9. Ahmad ibrahim says:
    October 24, 2021 at 8:04 am

    Intresting news! Extend it to intrest free loan curently handle by BOI and NIRSAL.

    Reply
  10. Philip says:
    November 26, 2021 at 4:57 pm

    Good work

    Reply
  11. Ismail isiyaku says:
    December 2, 2021 at 11:00 pm

    Thanks you too

    Reply
  12. Ikpi, Ikpi Koyonoh-Inah says:
    December 4, 2021 at 12:27 pm

    Weldone. Get it working please. My account number is 0261484806 @ GTBank plc. God bless Nigeria. Thank you!

    Reply

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