E-Financial
eNaira: CBN Rallies PSPs, Fintechs to Deepen Adoption
The Central Bank of Nigeria (CBN) yesterday said it was working with key stakeholders in the payment system ecosystem to boost the adoption of its digital currency known as the eNaira.
The stakeholders, particularly Payment Service Providers (PSPs) and a community of fintech groups, after a one-day engagement with the apex bank in Lagos, resolved to partner to ensure more adoption of the CBDC in the country.
Speaking at the meeting, Mrs. Rakiya Mohammed,director, Information Technology Department (ITD), CBN, explained that the apex bank was neither competing with the Deposit Money Banks (DMBs) nor other actors in the Nigerian payment system environment.
Essentially, the engagement was in continuation of the bank’s strategy to bring all stakeholders on board what Mohammed described as a journey.
She said the CBN remained open to suggestions and innovation aimed at adding value to the eNaira and improving the user experience.
The CBN director urged the payment service providers (including the large community of fintech groups) to find more innovative ways to support members of the public, where possible, in the onboarding process and use of eNaira as well as develop solutions for offline eNaira functions including cards, wearables, USSD, among others.
While also admonishing the licenced PSPs to create additional use cases for the eNaira, she tasked licenced PSPs to create additional products and services across the full spectrum of the financial system using eNaira.
Mohammed further disclosed that the full implementation of the eNaira, which started with the onboarding of the banked, would be done in four phases, culminating in offline eNaira payments solutions, cross-border payment and interoperability of the eNaira with those of other central banks.
However, their taking turns, representatives of the different stakeholder groups welcomed the introduction of the eNaira and expressed support for its adoption and use.
They also made value-added proposals for the market and integration process to drive financial inclusion by bridging the gap between the banked and the unbanked.
Also, going forward, the CBN team and the different stakeholder groups agreed to meet periodically to review the progress made to enable more Nigerians access eNaira.
On the CBN team were the Director, Banking Services Department, Samuel Okojere; Director, Payment System Management Depart, Musa Jimoh; Director, Risk Management, Dr. Blaise Ijebor; the Director, Financial Policy and Regulations Department, Mr. Chibuzor Efobi; and the Special Adviser to the CBN Governor on Payment Systems, Mary Fasheitan.
The different groups present at the engagement were from Payment Service Banks, Switching and Processing companies; Mobile Money Operators; Payment Solution Service Provider; Payment Terminal Service Providers; and Super Agents.
Also present were representatives of the Chartered Institute of Bankers of Nigeria (CIBN); the Nigerian Inter-Bank Settlement System (NIBSS); Shared Agent Network Expansion Facilities (SANEF); and the Committee of banking Industry Heads.
CBN Governor, Mr. Godwin Emefiele, had said the eNaira would support a resilient payment ecosystem, encourage rapid financial inclusion, reduce the cost of processing cash, enable direct and transparent welfare intervention to citizens and increase revenue and tax collection. Also, he had said the eNaira would facilitate diaspora remittances, reduce the cost of financial transactions, and improve the efficiency of payments.
Emefiele added, “Therefore, the eNaira is Nigeria’s CBDC and it is the digital equivalent of the physical naira. As the tagline simply encapsulates, the eNaira is the same naira with far more possibilities.”
Meanwhile, as part of efforts by the federal government to make sure every eligible Nigerian own a bank account and be financially included, the central bank yesterday commenced the digital inclusion drive for woman and youths in Bayelsa State.
Introducing the scheme in Kaima, Kolokuma/Opokuma local government area of the state, the state Governor, Senator Douye Diri, advised rural dwellers in the state that the only way they could benefit from various governments micro-credit and empowerment programmes and be financially included was by having valid bank accounts.
The governor who encouraged the rural dwellers in the state to take advantage of the CBN financial inclusion drive to open their bank accounts, noted that the present administration in the state has various financial and empowerments programmes, and others in partnership with the federal government, which can only be access through a bank account.
Diri, who was represented by a Permanent Secretary in the office of the Secretary to the State Government, Mr. Anthony Orwells, said, “There are a number of empowerment programmes, a number of them the state government is in partnership with the CBN and other federal institutions while some of them are entirely by the state government.
“However, you will need a bank account to be financially included through a bank account, hence the need to encourage financial inclusion to ensure everyone including the rural dwellers benefits and is carried along in the scheme of things.”
In his speech, Yusuf Yila, director, Development Finance Department of the CBN, said the nation’s apex bank has discovered that most rural dwellers could not be captured for various empowerment initiatives because of bank accounts, which necessitated the financial inclusion drive.
Represented by Mrs. Augustina Osuya, head of Development Finance, CBN, Yenagoa branch, he explained that the financial inclusion drive was expected to, among other things, improve financial literacy and build awareness on the benefits of the use of digital financial services and contribute to increased access to payments, savings and credit enhancement opportunities for rural women and youth across the country leveraging digital platforms.
He pointed out that the scheme was aimed at empowering and bringing more women and youth across Nigeria into the finance ecosystem in line with the CBN digital financial inclusion project.
While calling on the rural women and youths to grab the opportunity to open their bank accounts, he urged financial institutions to join and take the exercise seriously to bring all financially excluded on board.
In her remark, the Woman Leader of Kaiama Mrs Tonbra Egbegi, commended the CBN for bringing the initiative to their doorsteps and saying that the drive will give the rural women and youth the opportunity to open their bank accounts conveniently without having to travel to the state capital.
Central Bank of Nigeria (CBN) has debunked rumours suggesting that Polaris Bank is undergoing liquidation, assuring the public that the country’s banking system remains stable and secure.
Polaris Bank
The apex bank disclosed this in a post on X, where it shared a screenshot of a viral claim and flagged it as false.
It clarified that the claims, suggesting Polaris Bank had failed to meet recapitalisation requirements and was set for liquidation, are entirely false and do not reflect the current state of the Nigerian banking sector
“The Central Bank of Nigeria has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions,” said Hakama Sidi-Ali, apex bank’s acting Director, Corporate Communications, in a statement.
“To avoid any doubt, Nigerian banks are still safe and sound. The CBN advises the public to go about their daily lives without getting disturbed by reports regarding the health of Nigerian banks that have not come from the CBN.
“The CBN is fully equipped to carry out its statutory duty of ensuring the stability of Nigeria’s financial system. “We assure the general public and depositors that their funds are safe in Nigerian financial institutions. “Bank customers are therefore advised to proceed with their banking transactions as u
The clarification was after a viral post, claiming that Polaris Bank was facing liquidation for failing to meet the Bank’s recapitalisation requirements, and could soon lose its operating licence, with the Nigeria Deposit Insurance Corporation set to take over the process.
It further alleged that founder of the Eleganza Group, Razaq Okoya, had made a bid to acquire and revive the bank, pending approval from regulators and shareholders.
Sharing a screenshot of the viral claim, however, the apex bank flagged it as “fake content.”
It clarified that the claims, suggesting Polaris Bank had failed to meet recapitalisation requirements and was set for liquidation did not reflect the current state of the Nigerian banking sector.
“This content is fake. Let the public be guided. The Nigerian Banking System is Safe and Secure,” the bank said.
On April 1, the CBN confirmed that 33 banks successfully met the revised minimum capital requirements under its recapitalisation programme, marking a significant milestone in strengthening the financial system.
African Development Bank Group (AfDB) has approved a $200 million loan to Nigeria to support a landmark digital infrastructure initiative aimed at expanding broadband access, developing digital skills and driving large‑scale job creation.
The financing will support the Digital Value Chain Infrastructure for Boosting Employment project, known as D‑VIBE or Project BRIDGE. The initiative seeks to deploy about 90 000 kilometres of new open‑access fibre optic cable across Nigeria, extending the national fibre backbone from roughly 30 000 km to about 120 000 km.
The expanded network will connect all 774 local government areas, including schools, hospitals, agro‑industrial zones, rural communities and commercial centres. It will also establish cross‑border digital links with Benin, Cameroon, Niger and Chad, strengthening regional integration.
Nigeria is Africa’s most populous country and West Africa’s largest economy, with the digital sector increasingly contributing to gross domestic product growth. The project is expected to close major connectivity gaps, raise productivity and unlock job opportunities for young people.
D‑VIBE is structured as a public‑private partnership through a special purpose vehicle, with public ownership capped at between 25% and 49% and private sector participation ranging from 51% to 75%.
This structure is intended to address high fibre rollout costs, including construction and right‑of‑way challenges.
The African Development Bank loan forms part of an $800 million sovereign financing package, alongside $500 million from the World Bank and $100 million from the European Bank for Reconstruction and Development.
Total project financing is estimated at $2 billion, including a $25.79 million European Union grant, a $2.6 million Multilateral Cooperation Centre for Development Finance preparation grant and at least $1.2 billion in private sector investment.
“Nigeria has the talent, the market and the ambition, but lacked the backbone infrastructure to connect opportunity with potential,” said Abdul Kamara, Director General of the African Development Bank Group’s Nigeria Office.
“This project will deliver high‑speed connectivity nationwide and equip young people to build digital careers.”
Beyond physical infrastructure, the project will support affordable devices, large‑scale digital skills training and digital platforms in priority sectors. It also includes cybersecurity, competition reforms and resilience measures, including greater use of renewable and hybrid power.
D‑VIBE is expected to help create up to 2.8 million jobs and raise broadband penetration from 45% to around 70% by 2030. The project aligns with Nigeria’s Vision 2050 and continental development priorities.
World Bank has warned that Nigeria faces a deepening early childhood development crisis in health, nutrition, and learning, threatening long-term productivity and economic growth amid persistent poverty.
World Bank
In its April 2026 Nigeria Development Update, “Nigeria’s Tomorrow Must Start Today: The Case for Early Childhood Development,” the bank noted moderate 2026 growth driven by services like ICT, financial services, and real estate, following 4.0 per cent GDP expansion in 2025. Inflation eased to double digits via tight policy, stable exchange rates, and better food supply, while reserves hit $45.5 billion gross by end-2025, covering 8.7 months of imports.
Fiscal deficit widened slightly as non-oil revenues rose to 8.5 per cent of GDP from improved tax administration, e-filing, and VAT e-invoicing, though wage growth lagged inflation, leaving real incomes strained and poverty unchanged.
The bank highlighted poor outcomes with 110 of 1,000 children dying before age five, 40 per cent stunted, and 52 per cent developmentally off-track at school entry—gaps three times wider in poor households and exceeding 40 points between rich and poor. It urged investment in the first 2,000 days for better education, earnings, health, and cohesion.
Regionally, Sub-Saharan Africa’s 2026 growth forecast dipped to 4.1 per cent from 4.4 per cent due to Middle East conflict inflating fuel and fertiliser costs.
Finance Minister Wale Edun countered with recovery signs: falling inflation, rising non-oil revenues, declining debt-to-GDP, and stabilising naira via digital tracking, audits, and PPP shifts. Budget Director Tanimu Yakubu described reforms as correcting imbalances from subsidies and multiple rates, boosting FAAC revenues 40 per cent and reserves over $40 billion, with debt under 30 per cent of GDP.
NACCIMA President Jani Ibrahim called for data-driven strategies amid tax changes, inflation, and global tensions, eyeing AfCFTA, digital economy, and green investments for growth.
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