Another white elephant on the horizon.
So much frenzy then about cashless policy and even with it's little traction, I doubt if this E-naira will get to that level.
I just can't comprehend what the digital currency/wallet will do, that our locally stored fiat in various mobile money app will do it.
Nigeria mobile money and banking services (sector) is one of the most technologically advanced in the world, not just Africa, though not without her own issues.
I need to know the importance of the E-naira by CBN and normal electronic transactions, bank transfers etc we already have with banks/various Fintech app.
A pack of card I see!!!

Hi,
I think the introduction of eNaira is an attempt to measure up with the trending global digital currencies unlike crypto money although the consumption scope is locally.

Movement of funds would become easier and probably failure-free and real time unlike the stress we often pass through when transfering to other banks.

Introduction of eNaira is also to promote convenient cashless transactions especially in the informal sector where minimal amount of transactions are done such as buying pepper maybe N400, boarding Keke Napep and Danfo etc.

The required formalities is very minimal unlike the opening of savings account where you would be asked to join the long queue, present utility bill, valid ID etc. Here it is paper free and validation is through you electronic ID like BVN.

I think eNaira is also a threat to POS business the moment it becomes adopted nationwide as there won't be need to be withdrawing cash repeatedly.

Motive of establishing banks and other fintech companies is mainly to make and maximize profit. I think the motive of introducing eNaira is not centered on profit making but to contrast bank anomalies like service failure.

Actually the differences are much but I can't type everything here.

Well said.
We shall see how it will unfold....it's penetration and adoption.

tosbobby:
Hi,
I think the introduction of eNaira is an attempt to measure up with the trending global digital currencies unlike crypto money although the consumption scope is locally.

Movement of funds would become easier and probably failure-free and real time unlike the stress we often pass through when transfering to other banks.

Introduction of eNaira is also to promote convenient cashless transactions especially in the informal sector where minimal amount of transactions are done such as buying pepper maybe N400, boarding Keke Napep and Danfo etc.

The required formalities is very minimal unlike the opening of savings account where you would be asked to join the long queue, present utility bill, valid ID etc. Here it is paper free and validation is through you electronic ID like BVN.

I think eNaira is also a threat to POS business the moment it becomes adopted nationwide as there won't be need to be withdrawing cash repeatedly.

Motive of establishing banks and other fintech companies is mainly to make and maximize profit. I think the motive of introducing eNaira is not centered on profit making but to contrast bank anomalies like service failure.

Actually the differences are much but I can't type everything here.