Connect with us

Business & Finance

CBN: Nigerians will use eNaira without internet-enabled phones

Published

on

The Central Bank of Nigeria (CBN) says Nigerians without Internet-enabled phones will still make transactions on the eNaira platform.

The apex bank disclosed this in a document title ‘Design paper for the eNaira’.

According to the apex bank, eNaira was developed based on simplicity and ease of use to ensure that Nigerians without internet-enabled phones can access the service.

It explained that the approach would not further alienate sections of the population who are uneducated, lack exposure and access to internet services or digital devices.

“According to the National Commission for Mass Literacy, Adult and Non-formal Education (NMEC), it estimated that 35 percent of the nation’s adult population was illiterate (i.e., 37.1million) and the CBN risks losing adoption to the segment of the population.” the document reads.

YOU MAY ALSO LIKE:   How to Sign up and Fund CBN eNaira Wallet

“To mitigate this risk, the bank factored in the need for inclusiveness as part of the core design principle of the eNaira.”

“This principle has enabled the Bank to focus on simplicity and ease of use ensuring that Nigerians without internet-enabled phones can access the service.”

According to CBN, the eNaira will complement existing payment methods such as mobile banking apps, point-of-sale terminals, USSD, fast response code, and Internet banking.

“The account-based CBDC model at its core mirrors the progress made on the National Financial Inclusion Strategy, which enables access to financial services by leveraging last-mile networks to identify users and to provide banking services through channels such as PoS and USSD.”

YOU MAY ALSO LIKE:   CBN boss: Nigerian government will save 40% of forex earnings with Dangote Refinery

“With the account-based model, the CBN seeks to enable access by leveraging the existing identity infrastructure in Nigeria such as the BVN, NIN, TIN, etc., to uniquely identify individuals and corporate entities.”

The bank added that identifying frameworks such as the NIN will enable access for the financially excluded as they can be uniquely identified, thereby enabling the provision of financial services. It also added that the system would also help ensure a robust KYC framework positioned to enable access for all Nigerians.

In September, the apex bank launched a website for the operations of eNaira, Nigeria’s first digital currency.

Share With A Friend
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Economy

Budget controversy: Senate attacks PDP, Yar’Adua replaces Ningi

Published

on

Budget controversy: Senate attacks PDP, Yar’Adua replaces Ningi

The Spokesman for the Senate, Yemi Adaramodu, has berated the Peoples Democratic Party for calling for the resignation of the Senate President, Senator GodsWill Akpabio, over the unfounded claim ofN3.7tn budget padding.

The budget padding allegation was raised by the PDP senator representing Bauchi Central, Senator Abdul Ningi.

Ningi, in a media interview, claimed that while the budget passed by the National Assembly for the 2024 fiscal year was N25tn, the one being executed by the Presidency was N28.7tn.

However, at the plenary on Tuesday, the Senate took Ningi on to defend the allegation, at the end of which he was slammed with a three-month suspension for damaging the image of the Red Chamber over what senators decided was an unfounded allegation.

On Wednesday, the PDP knocked Ningi’s suspension, calling on Akpabio to resign as Senate President to pave the way for an independent investigation into the budget padding allegation.

“The Peoples Democratic Party demands that the Senate President, Senator Godswill Akpabio, immediately step aside and allow for an independent investigation into the allegation that a staggering N3.7tn was discreetly inserted into the 2024 budget for alleged non-existent projects.

YOU MAY ALSO LIKE:   Labour decries FG’s refusal to set up minimum wage panel

“The party also demands that Senator Akpabio immediately reports to the Economic and Financial Crimes Commission over the pending case of alleged looting of N108bn belonging to the people of Akwa Ibom State under his watch as the governor of the state,” the PDP said in a statement by its spokesman, Debo Ologunagba.

However, reacting on Thursday, the Chairman of, the Senate Committee on Media and Public Affairs, Adaramodu, knocked the PDP.

He said, “The PDP has elevated chicanery to statecraft and fatally failed in their sordid attempt to hoodwink the unsuspecting public, on the ineffectual but spurious allegations of budget padding.

“The party’s ludicrous call for the resignation of Senator Godswill Akpabio as the Senate President is unthinkable and shows the party as a massaging balm for falsehood and immoral legislative outbursts.

Adaramosu stressed that Akpabio would not resign.

Meanwhile, All Progressives Congress Senator Abdulaziz Yar’Adua representing  Katsina Central has replaced Ningi as the Chairman of the Northern Senators’ Forum.

Ningi immediately resigned from the position following his suspension by the Senate.

Yar’Adua ‘s emergence as the new Chairman of the NSF was a sequel to unanimous endorsement to that effect by senators across the three geo-political zones in the North.

YOU MAY ALSO LIKE:   NGX opens week with N153bn loss on MTNN, Nestle loses

The Northern Senators also appointed Senator Mohammed Monguno (APC, Borno North) as Publicity Secretary of the forum, a position held by Senator Summaila Kawu (NNPP Kano South) when Ningi was the chairman.

It is unclear if Kawu resigned too or if he was impeached following the crisis at the Red Chamber on Tuesday.

Addressing the press after he emerges as the New Chairman of NSF,  Yar’Adua said the major objective of the Northern Forum was to promote the interest of Nigeria first followed by the development of the North through collaboration with their counterparts from the South and cooperating with the executive arm of government to ensure that the challenges of the region were attended to.

Yar’Adua said,

“We Shall, therefore, work in consultation with our distinguished colleagues to preserve the unity and progress of our dear nation.

“In advancing these noble objectives, I am committed to streamlined activities within the Northern Senators Forum.

“We shall operate with transparency, accountability, and integrity, upholding the trust placed on us by the electorate.“

Share With A Friend
Continue Reading

Business & Finance

Cable cuts: Operators working to restore connectivity, says NCC

Published

on

Cable cuts: Operators working to restore connectivity, says NCC

The Nigeria Communications Commission has confirmed that several African internet service providers faced outages due to submarine cable cuts, with cable operators actively engaged in efforts to restore connectivity.

The telecom regulator made this disclosure in a statement signed by the Director, Public Affairs, Reuben Muoka, on Thursday.

The NCC identified affected operators to include West African Cable System and African Coast to Europe, along with SAT3 and MainOne, which experienced downtime.

The regulator attributed the disruptions to incidents in Cote d’Ivoire and Senegal, resulting in subsequent disruptions in Portugal.

The commission noted similar challenges along other undersea cable routes, such as Seacom, Europe India Gateway, and Asia-Africa-Europe 1, which also experienced cuts.

The regulator stated, ” Similar undersea cables providing traffic from Europe to the East Coast of Africa, like Seacom, Europe India Gateway, and Asia-Africa-Europe 1, were said to have been cut at some point around the Red Sea, resulting in the degradation of services across these routes.”

YOU MAY ALSO LIKE:   CBN’s eNaira app removed from play store after negative reviews & poor rating

Many subscribers on Thursday expressed frustrations on social media platforms, citing difficulties in making phone calls and accessing online services.

Despite the setbacks, the NCC assured the public that cable operators have initiated repair efforts, with services gradually being restored.

The commission stated, “Operators of these cables have commenced repairs already, and services are gradually being restored. They have promised to work around the clock to ensure that services are restored to the affected countries within the shortest possible time.

“It is important to bring this information to the knowledge of corporations and consumers on these services.”
Earlier, MTN Nigeria, the leading telecommunications provider in the country, acknowledged the situation and appealed to its subscribers.

YOU MAY ALSO LIKE:   ‘WHO WANTS TO BE A MILLIONAIRE?’ The No. 1 Tv Game Show Is Back, Bigger And Better!

The company also assured them that it is making efforts to resolve the issue and restore services as quickly as possible.
A few weeks ago, a similar issue occurred where major operators across the country, including MTN, Airtel, and 9mobile, grappled with a widespread network connection crisis.

The Chairman of the Association of Licensed Telecommunications Operators of Nigeria, Gbenga Adebayo, told The PUNCH that the connectivity issue was due to significant fibre cuts made by road contractors employed by the Federal Government.

The ALTON chairman said, “There have been significant fibre cuts across the country, and this has impacted connectivity today, but efforts are being made by affected telecom operators to rectify this situation.”

Share With A Friend
Continue Reading

Economy

Lagos Police probe officer caught extorting motorist

Published

on

Lagos Police probe officer caught extorting motorist

The Lagos State Police Command has commenced an investigation into the extortion of a motorist by one of its officers, ASP Luka Bashayi of the Ogudu Area Command on Saturday.

A video which went viral on X on Saturday showed the policeman telling the driver of the car,

“Make am N10,000, sharp sharp and go now” as the driver replied, “I no get.”

The officer was also heard calling out some digits in the video.

The caption read, “Very hardworking Nigeria police officer, “do sharp sharp and go nw” u know the matter😅😅😭😭 #Princemoye1 see ur men.”

YOU MAY ALSO LIKE:   CBN boss: Nigerian government will save 40% of forex earnings with Dangote Refinery

Commenting on the video, the Force Public Relations Officer, ACP Olumuyiwa Adejobi, wrote, “This is not allowed, so shameful. It’s condemned. We need more info about this. We will fish him out.”

Giving updates on the issue, the Lagos State Police PRO, SP Benjamin Hundeyin, disclosed that the command’s Complaint Response Unit have started investigations on the matter.

He wrote, “We will not gloss over this. He is ASP Luka Bashayi, serving at Ogudu Area Command.

“Meanwhile, #Lagos_PoliceCRU has commenced actions on this.”

Share With A Friend
Continue Reading

Trending