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Nigerian central bank adds NFC upgrade to eNaira for contactless payments

Nigerian central bank adds NFC upgrade to eNaira for contactless payments

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Despite the former governor’s ousting nearly two months ago, the Central Bank of Nigeria (CBN) continues to be committed to its central bank digital currency (CBDC) project, showing no indications of abandoning it. According to a report by local news outlet The Sun, the central bank recently enhanced the CBDC mobile app by incorporating Near Field Communication (NFC) technology. This upgrade enables mobile devices and payment terminals to interact when in close proximity, facilitating convenient and contactless eNaira payments.

The Central Bank of Nigeria (CBN) remains committed to its central bank digital currency (CBDC) project despite a change in leadership. The CBN recently upgraded the CBDC mobile app by incorporating Near Field Communication (NFC) technology, allowing for convenient and contactless eNaira payments through mobile devices and payment terminals in close proximity. The addition of NFC technology is expected to boost adoption rates for the CBDC. The eNaira will also have programmability features, limiting payments to designated government programs to reduce fraud risk. This programmability will enable targeted fund allocation for specific purposes, ensuring funds are used for their intended use only. The CBDC aims to address financial inclusion and provide valuable insights for economic players to learn from Nigeria's experience. Despite the launch of eNaira in 2021, adoption rates have been lower than expected, and the central bank is exploring various options to drive usage, including use cases in the transport sector and USSD functionality. The former CBN Governor blamed commercial banks for hindering eNaira's growth in favor of their own profitability.


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