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.
The sixteenth season of DiamondXtra, a savings and reward account where customers of Access Bank are rewarded with several prizes, have been unveiled in Lagos.
L – R : Doris Okpara, Product Manager, DiamondXtra; Ngozi Igboanugo, Regional sales Manager Festac 1&2 & mainland Access Bank; Bolarinwa Animashaun, Regional Sales Director Lagos 2 Access Bank ; Emeka Ezikeugo, Diamondxtra N200,000 Onsite winner; and Adaeze Ume, Head Consumer liabilities, Access Bank during the launch of Diamondxtra Season 16 held at Alaba International Market Lagos yesterday.
The Season 16th of the special interest yielding hybrid account which allows deposit of both cash and third-party cheques has been upgraded as customers will win prizes to the value of N200 million and three SUVs, amongs other mouthwatering prizes.
Speaking at the unveiling in Alaba International Market, Lagos, Mr Bolarinwa Animashaun, regional sales director, Lagos, said the new season will bring more goodies to the customers as the bank has taken their interest at heart.
“In the last fifteen years, we have been able to ensure customer loyalty, reward committed customers over time and show that we are a bank that is ready to empower people and partner with people.
“If I take it into specific figures, we have rewarded 26,696 customers and we’ve given a total sum of N6.5 billion over the period.
This Season16is interesting, because, we have seen a lot of opportunities to expand into digital opportunities and this time around, we will be rewarding 15,786 customers, and 10,000 of them will be digitally rewarded.
“This is almost half of what we have done over the last 15 years. So that is what is making it special. We have takenit into the possibilities of how technology can expand our business and reward customers”.
The draws for the new season are going to be the same like the previous ones as it will be held in different regions.
“So, we start from the monthly draws, quarterly draws and the annual draws. What makes it extremely interesting this year is that we will be rewarding with up to N200 million in prizes and we have added some very interesting gifts. We will be given out three SUVs as part of the N200 million price for this year”, Animashaun added.
At the unveiling, Access Bank conducted onsite draws where 48 customers who have DiamondXtra accounts and were present at the unveiling won cash prizes ranging from N20,000 to N200,000.
Breakdown shows 40 customers won N20,000 each, five customers won N50,000, two customers won N100,000, while one customer went home with N200,000.
Among winners of the N20,000 prize was Mr Victor Edobor, who said he opened the DiamondXtra accounts 24-hours before the draws.
One of the two winners of the N100,000 prize, Mrs. Maureen Nneka Oforka, said she was surprised to have won at the well-attended event as that was her first time winning any prize.
She said, “I have never won any prize in my life. This is my first. I came here reluctantly and thank God, I am here and I am a winner of N100,000 which has already been paid into my account.
The grand prize winner of N200,000, Mr. Emeka Ezikeugo, a trader in Alaba, said. “I will forever be grateful to Access Bank for the prize as I was not expecting it. I thank the bank for showing leadership among its peers”.
To be part of the winning train and qualify for the DiamondXtra season 16 which is open to both new and existing customers, new customers are required to open a DiamondXtra savings account with just N5,000 by dialling *901*5# or walking into one of our branches to open the account.
However, the more multiples of N5,000 both new and old customers save, the higher their chances of winning at the monthly, quarterly and annual draws.
DiamondXtra is an interest yielding hybrid account which allows deposit of both cash and third party cheques. Hybrid means a combination of both savings and current account features. The DiamondXtra reward scheme has given away over N6.5 billion in cash and household items to over 15,000 loyal customers over the last 15years. Please click HERE to learn more.
Recognising the underrepresentation of women in the technology sector, Lafarge Africa Plc, has launched the Girls in Tech Program, a pioneering initiative aimed at empowering young women in technology.
Meticulously crafted to bridge the gender gap in tech and empower 10 young females between the ages of 18-25 years from Lafarge Africa Host communities in Cross River State, the program is poised to make a significant impact in the region.
The Girls in Tech Program seeks to harness the unique talents of these young women and introduce them to the dynamic world of technology. By providing them with essential skills and opportunities, the initiative aspires to equip them to become self-reliant as well as problem solvers in society.
In collaboration with Aptech and Arena Multimedia,globally recognized leaders in technology incubation and opportunity, as well as The Bridge Leadership Foundation, the boot camp promises to be a transformative experience for the participating girls, who are eager to make their mark in the tech industry.
Speaking during the onboarding to flag-off in Calabar recently, the Plant Manager, Lafarge Africa Plc, Sotirios Valsamakis, who was represented by the Human Resources Business Partner, Lafarge Africa Plc; Barong Ita, revealed that the program was in line with the company’s commitment to diversity and inclusion.
She also added that the initiative is designed to ignite a spark of inspiration, hope, and possibilities in the heart of the selected girls across the host communities.
“As an organization, people are an integral part of our sustainability drive, and we are invested in building lasting progress by empowering members of our host communities. We also recognize the need for greater and greener diversity and inclusivity within the tech sector.”
Today’s event is not just about launching a program. It is about igniting a spark of inspiration, hope, and possibilities in the hearts of these young women. It is about challenging stereotypes.”
Also speaking at the event, the Cross Rivers State Commissioner for Science, Innovation & Technology, Justin Beshel represented by Edwin Adie, Technical Senior Advisor, Cross Rivers State Ministry of Science & Technology commended Lafarge Africa for the initiative adding that it is in line with the State government’s plan towards science, technology and innovation development.
As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading Fintech startup, Hydrogen Payment Services Limited (‘Hydrogen’), has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed, ‘Adapting Fintech Business Models to Economic Climes’.
The event, set to take place on Thursday, April 18, 2024, from 12:00 WAT at the CcHub office in Sabo, Lagos, will delve deep into the intricacies of Nigeria’s economic challenges and how these influence the fintech ecosystem.
Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.
This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the Fintech space amidst economic uncertainties.
By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.
Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB: “Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in Nigeria’s fintech sector.
“By leveraging Hydrogen’s technological expertise alongside CcHUB’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”
The event will feature a distinguished panel of industry experts and thought leaders, including, Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen, and Miracle Ezechi, Digital Marketing Manager, Hydrogen.
The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in Nigeria’s Fintech landscape amidst economic challenges.
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