E-naira Wallet To Address Cash Scarcity-Emefiele Aide


The Special Assistant on Payment Mrs. Mary Fasheitan to Godwin Emefiele, CBN Governor has addressed the use of the digital naira called eNaira currency to address the cash scarcity in the country. The Special assistant mentioned this while addressing traders and the public in Akure on the need to adopt a cashless channel for transactions.

She said that the CBN has collaborated with the Bankers Committee in the state and has organized the sensitization for people to maximize the benefits that the e-naira has brought to the banking system.

According to Mary Fasheitan, this period is a good season to fully key into the initiative, adding that it is seamless and can be done anywhere, and can also be used for all economic transactions without any charge.

Nollywood actor, Gabriel Afolayan, also commented on the e-naira platform describing how it would add value to Nigerian currency beyond the physical one.

He also added that the platform is a brighter initiative that would enable Nigerians to move around without fear of theft or robbery.

He also asked Nigerians to embrace it and use it, describing it as the next level to seamless transactions.

Mr. Kenneth Batusi, one of the users of the e-naira wallet, added that it was a commendable effort because it allowed him to save more and transfer money easily on the platform. However, Batusi also enjoined key players in the sector to strengthen banking internet infrastructure which would allow users to enjoy more benefits from the platform.

Another e-naira user, Mrs. Esther Adesola, shared her initial disposition toward the platform and how she later preferred it over physical currency. Adesola shared that the digital currency helped her save time and smoothened her adoption of the cashless policy.

Moreover, the CBN team had earlier visited the Deji of Akure, Oba Aladetoyinbo Aladelusi, to enlighten the traditional ruler about the usage of digital currency in the state.

The team which was headed by the Acting Branch Manager of CBN in Akure, Mr. Samuel Giwa, informed the traditional ruler, how the CBN policy hopes to reduce the amount of physical cash Nigerians used to do transactions and promote digital payment channels.

Giwa added that the policy which the CBN introduced in 2022, would enhance financial inclusion, while reducing corruption and money laundering, and improve the efficiency of the financial system.

Mr. Samuel Giwa said “The eNaira is not just a currency, but an important step towards building a more robust and secure financial ecosystem. It was designed to make transactions easier, efficient, and more secure.”

“The eNaira has indeed become a critical part of the Nigerian financial ecosystem, and an alternate channel. It will not only support the Ondo State economy, but Nigeria as a whole; a symbol of progress and innovation and will pave the way for a more secure and efficient financial system,” He added.

Mr. Giwa for CBN in Akure also added that a people-focused central bank, the regulatory bank understood the current difficulties which have been experienced by Nigerians due to the implementation of the CBN currency redesign policy and the apex bank was making plans to soothe this problem.

He said “However, to provide succor, we urge the people of Akure and Ondo State in general, to download the e naira Speed Wallet for easy payment for goods and services, as well as have convenient access to banking services,”

Mr. Giwa enjoined all Nigerians to adopt the eNaira and encouraged others to adopt these possibilities of the digital currency. He also thanked the king and his council for providing a conducive atmosphere for the bank to educate the general public and traders about the cashless policy.

While, Mr. Victory Otoba, representing the Deposit Monetary Banks (DMB) in Akure, also shared more light on the benefits of digital payments, citing that it would reduce the risk of theft and loss as well as make it easier to track and monitor transactions.

Otoba added that with the platform, individuals and businesses could assess financial services without owning a traditional bank account.

The Oba Aladelusi responded by applauding the alternative initiative introduced by the CBN to conduct cash transactions. He also requested that CBN and deposit money banks ensure that the system was reliable and efficient infrastructure was provided to make the policy suitable to Nigerians and easy.

Oba Aladelusi also added that Nigeria should not be stagnant and needed to advance as the rest of the world advanced in digital banking.