CBN Provides Update on eNaira; now Accessible On Phones Without Internet but BVN, NIN are required – GCFRNG

CBN Provides Update on eNaira; now Accessible On Phones Without Internet but BVN, NIN are required – GCFRNG

The Central Bank of Nigeria (CBN) intends to facilitate access to eNaira by allowing people without phones to have access to the Internet. Remember that the launch of eNaira was scheduled for October 1, 2021, but was suspended by the central bank until further notice. Feature phones that have been waiting for the arrival of eNaira will be relieved with this important update.

The Central Bank of Nigeria (CBN) has announced that Nigerians without a phone with internet access will also be able to access the eNaira portal for transactions. The Central Bank of Nigeria revealed this in a document entitled “Design Document for eNaira”, which was published on its website. Apex stated that the new feature would ensure that uneducated and internet-connected people are not left out. Ozkan Bilgin / Anadolu’s main phone photo Source: Getty Images Part of the statement reads:

FG Issues Serious Warning to Nigerians About SIM Card Linking to NIN CBN focuses on simplicity and ease of use for eNaira to ensure that even Nigerians without internet-enabled phones can use the service. However, to access, users must have NINs and other existing identity infrastructure in Nigeria, such as BVN and TIN.

The statement also revealed that the eNaira portal can be accessed through mobile banking applications, point of sale terminals, USSD, quick response code and internet banking. On security, CBN added: “The account-based CBDC model at its core reflects the progress made in the National Financial Inclusion Strategy that enables access to financial services by leveraging last-mile networks to identify users and provide banking services through channels such as PoS and USSD. “With the account-based model, CBN seeks to enable access by leveraging existing identity infrastructure in Nigeria, such as BVN, NIN, TIN, etc., to uniquely identify individuals and corporate entities. “Specifically, identity frameworks such as the NIN will allow access for the financially excluded, since they can be uniquely identified, which will allow the provision of financial services. These identity systems will help ensure a strong KYC framework positioned to allow access to all Nigerians. “

Central Bank of Nigeria (CBN) published the guidelines on eNaira. The eNaira will be an interest-free currency and will not serve as a hedge to escape the inflation that many have used Bitcoin. and Ethereum, as the Central Bank of Nigeria also noted that the financial institution will not charge Nigerians for using eNaira through POS or banks,

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