The Central Bank of Nigeria (CBN) has started an all-encompassing effort to encourage the widespread use of its digital currency, eNaira.
In the Federal Capital Territory, the bank hired some commercial drivers recently to teach them how to utilize digital Naira with the goal of turning them into ambassadors to spread the adoption campaign to the local level.
To aid in boosting the awareness and widespread adoption of the Central bank digital currency, the apex bank said it is aiming to build at least 10 agent sites in each of Nigeria’s 774 local government areas (CBDC).
Also read, Northern Nigeria States show High interest in eNaira than other Regions
Hajiya Rekiya Mohammed, the technical working committee on eNaira coordinator for the CBN, added that the training members were at the park to publicize eNaira campaign to raise awareness by informing commercial drivers of the idea, aim, benefits, and use of the eNaira application for daily transactions during a campaign that was organized for the association of tricycle drivers yesterday in Abuja.
With the establishment of a discount for both the driver and passenger of a tricycle, the central bank has encouraged the procedure.
This means that any tricycle driver that completes a financial transaction with a passenger on the platform will receive a 5 percent discount, and the passenger will also receive a discount of the same value on the actual cost of the transportation service.
“Getting to the grassroots is the key to this. The eNaira is ready to use if the vendor of sachet water, the shoe shiner, and other small-time traders adopt it,” according to Dr. Aminu Bizi, CEO Bizi Mobile Cashless.
A National Identification Number is a primary prerequisite for using the platform (NIN).
The platform features a language function for the three primary Nigerian languages, Dr. Nuhu had earlier informed the commercial drivers.
The adoption campaign, according to Hajiya Mohammed, who also serves as the CBN’s director of information technology, encompasses all industries and market groups, including businesses, small and medium-sized enterprises, and all users of currencies.
Also read, Lack of Trust, a Major Deterrent to eNaira’s Success
It is anticipated that the advertising would increase their familiarity with virtual money. Commercial drivers are urged to co-drive the process for the project’s wider acceptance in addition to the CBN’s inclusive effort.
To transact on the eNaira platform, only a basic level of literacy is needed. Igbo, Hausa, and Yoruba, Nigeria’s three main languages, are multilingual, according to Dr. Nuhu, making them easy for most Nigerians to use even if they lack a lot of technical know-how.
This new strategy being employed seems viable especially because there is now a target audience (grass-root) for this action plan. It is agreeable that anything that takes off from the grassroots and is adopted significantly has a chance of success except that in this case, the idea of the eNaira might already be stale.
Nigerians seemed to have moved in from the idea of the Central Bank Digital Currency, eNaira, since its failed launch a couple of months back.
This approach to re-introduce the CBDC, I’m afraid, should have been employed by the Federal Government at the initial stage – slowly integrating the CBDC into the Nigerian economy starting from the learned grassroots.
Another problem with this strategy is that the illiteracy present at the grassroots level looks to be a major drawback. We know the eNaira is a digital currency and it would be seen as new technology.
The local and commercial drivers being targeted might have a problem adopting this new technology due to the fact that they are already used to the traditional way of conducting their business – it’s going to be difficult but not impossible and we look forward to seeing how this strategy brings about the successful adoption of the eNaira at all levels of the Nigerian society.
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