The Central Bank of Nigeria (CBN) has lamented that Nigeria lagged behind other developed countries by 60 years in financial technologies.
According to the apex bank, the nation is equally behind in currency management, the Central Bank of Nigeria (CBN) has lamented.
“Physical cash is no longer in vogue across the world, as countries move towards electronic money and that it’s the reason Nigerians need to embrace e-Naira for its many advantages,” it stated.
Addressing a sensitisation exercise on e-Naira for the management, staff and students of Kaduna Polytechnic on the need to come on board the e-Naira platform, CBN’s Kaduna branch controller, Muhammad Aminu, urged the Polytechnic community to adopt the e-Naira for payment of fees and other transactions in the institution.
“The e-Naira launched by President Muhammadu Buhari on October 25th, 2021, has the potential to revolutionize the way we transact and conduct business that is why the CBN is taking deliberate steps to move from a cash-based economy.
“The e-Naira is not just any currency; It is designed to complement the existing physical naira and to provide a more efficient, secure, and accessible means of payment. By embracing the e-Naira, we position ourselves at the forefront of progress, fostering a thriving economic environment. Considering the multitude of benefits associated with the e-Naira, I strongly urge the Kaduna Polytechnic to adopt this for the collection of fees, levies, and revenues within your institution.
“The e-Naira is safe, convenient, and accessible, and it complements existing electronic payment systems rather than replacing them. Together, let us embrace the e-Naira, improve financial inclusion, and drive economic prosperity for our polytechnic community and beyond,” he said.
Responding, the institution’s Bursar, Mohammed Sule Ahmed, commended the apex bank for the initiative and assured it of the institution’s support in promoting the use of the platform for transactions.
He said, “We are moving towards the digital era, so, the sensitization is of great importance to Kaduna Polytechnic because this will give the staff and students the opportunity to know what the e-Naira is all about to be able to reduce business transactions with cash. The management is ready if all the regulatory bodies accept to imbibe the e-Naira as a means of payment. We are ready to accept it and promote it.”