CBN to Boost Financial Inclusion with eNaira, Alternative Payment Channels

The Central Bank of Nigeria (CBN) is reaffirming its commitment to boosting financial inclusion through the eNaira and alternative payment channels. Launched in October 2021 as part of efforts to promote financial inclusion, the eNaira project, a Central Bank Digital Currency (CBDC), has yet to gain significant traction due to low acceptance and usage.

The CBN is taking action to ensure the connected digital payment network is utilized effectively. The apex bank is committed to promoting financial inclusion and productivity, as well as maintaining price and monetary stability.

Additionally, the introduction of the Nigeria Foreign Exchange (FX) Code has improved governance and management of the forex market. The CBN is also working to streamline consumer complaints handling through the Unified Complaints Tracking System (UCTS) to enhance consumer safety and transparency in the Nigerian financial sector.

The CBN has confirmed that regulated institutions will accept payments for goods and services into government accounts. The CBN's ongoing efforts aim to enhance banking sector resilience,.