Nigeria could move closer to a fully digital public payment system by 2028, with salaries and pension payments potentially being disbursed directly through the eNaira platform under a model that would significantly expand the role of the Central Bank of Nigeria (CBN) in retail financial transactions.
The development would represent a major milestone for the eNaira initiative, Nigeria’s central bank digital currency (CBDC), which was introduced in 2021 as part of efforts to modernise the country’s payment ecosystem, promote financial inclusion, and strengthen digital transactions.
If implemented on a nationwide scale, the framework would enable the Federal Government to transfer salaries, pensions, and other approved payments directly into eNaira wallets maintained by individuals. Such a system would reduce reliance on traditional banking channels for government disbursements and create a more direct payment relationship between the CBN and beneficiaries. Brandspur Banking News Desk reports that the proposal could reshape the structure of public-sector payments and digital finance in Nigeria.
Under the arrangement, eNaira wallets would operate independently of conventional bank accounts, meaning commercial banks would have limited involvement in the management or movement of funds held within the digital currency platform. This could alter aspects of the existing banking model, particularly in areas related to deposit mobilisation and payment processing.
The eNaira was launched to provide a secure digital version of the national currency while improving transaction efficiency and expanding access to formal financial services. Over the years, the platform has undergone gradual development as regulators explore additional use cases across government and private-sector transactions.
Analysts note that direct digital payments could improve transparency, reduce transaction bottlenecks, and enhance the efficiency of government disbursement programmes. The model could also support broader financial inclusion objectives by providing individuals with access to digital wallets without depending entirely on traditional banking infrastructure.
However, the transition would require extensive technological readiness, public adoption, cybersecurity safeguards, and regulatory coordination to ensure smooth implementation. Questions surrounding interoperability, consumer protection, and the future role of commercial banks would also remain central to policy discussions.
As Nigeria continues to expand its digital finance ecosystem, the potential use of eNaira for salaries and pensions signals a significant shift in how government payments may be delivered, positioning the country among a growing number of jurisdictions exploring wider applications for central bank digital currencies.
