The Central Bank of Nigeria (CBN) on Monday took its E-Naira policy campaign to the Federal University of Technology, Akure, (FUTA) saying, that the digital currency was introduced to aid financial transactions in the country.
Addressing the management and students of the institution, the Acting Branch Controller, Akure, Mr Samuel Giwa, said the ubiquity of electronic form of communication remains the best form of monetary transaction in Nigeria, calling on the university community to adopt the new E-wallet system in its payments of tuition, salaries and other transactions.
Giwa stressed the need for the university community to embrace and migrate to the cashless system for financial security and efficiency using the E-Naira initiative.
He said “The e-Naira is designed to complement the existing physical Naira and to provide a more efficient, secure, and accessible means of payment. It represents a remarkable leap forward in how we interact with money, and it is tailor-made to meet the needs of our vibrant and dynamic community.
“One of the primary advantages of the eNaira lies in its unparalleled convenience. With this digital currency, individuals can swiftly and easily make payments without relying on physical cash or traditional payment cards. The e-Naira streamlines the payment process, allowing for seamless transactions in various scenarios.
“The e-Naira operates on robust blockchain technology, ensuring a high level of security. This advanced technology makes it incredibly challenging to counterfeit or compromise the currency, providing peace of mind to both users and businesses. By adopting the eNaira, we bolster the integrity and trustworthiness of our financial ecosystem”
According to him, “The e-Naira plays a vital role in promoting financial inclusion, particularly for individuals without access to traditional banking services.
“This digital currency opens doors for those who may have been previously excluded from the formal financial system, granting them the ability to engage in digital transactions and experience the benefits of financial empowerment”
Giwa maintained that “embracing the eNaira can significantly enhance the efficiency of our financial operations. The transparency and traceability of transactions facilitated by digital currency allow for streamlined processes, reducing administrative burdens and improving overall operational efficiency.
The e-Naira serves as a catalyst for economic growth, as evidenced by other countries’ successful adoption of central bank digital currencies. By embracing the eNaira, we position ourselves at the forefront of progress, fostering a thriving economic environment.
“Therefore, I encourage all businesses operating within our university to follow suit and embrace the e-Naira. By doing so, we not only enhance our financial well-being but also contribute to the broader goal of economic growth in Nigeria. Let us seize this opportunity to revolutionize our financial landscape.
“The e-Naira is safe, convenient, and accessible, and it complements existing electronic payment systems rather than replacing them. Together, let us embrace the eNaira, improve financial inclusion, and drive economic prosperity for our university community and beyond”
Responding, Vice Chancellor of FUTA, Prof. Adenike Oladiji, commended the CBN for bringing the e-Naira campaign to the university doorsteps and expressed the school’s readiness to partner with the apex financial institution.
Oladiji represented by Deputy Vice-Chancellor Academic, Prof. Taiwo Timothy Amos, said if the policy is well implemented, it would deepen financial inclusion, speed transaction processes and enhance financial security.
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