Nigeria's CBDC ambitions continue with NFC upgrade, despite leadership change.
According to a report by local news outlet The Sun, the central bank recentlythe CBDC mobile app by incorporating Near Field Communication technology. This upgrade enables mobile devices and payment terminals to interact when in close proximity, facilitating convenient and contactless eNaira payments.
Despite previous versions incorporating QR codes, the CBN reportedly emphasizes that the latest addition of NFC technology will play a crucial role in boosting the adoption rates for the CBDC. Joseph Angaye, the deputy director of the CBN’s risk management department, reportedly revealed that the banking regulator is committed to utilizing innovative technology to enhance user experience.
In further explanation, Angaye reportedly emphasized that the CBDC's programmability allows for targeted fund allocation to farmers, enabling specific purposes such as tool acquisition. By implementing this approach, the funds transferred into their eNaira wallet become non-divertible for any unrelated purposes, ensuring that the intended use is strictly adhered to.
As per reports, the deputy director highlighted numerous advantages of CBDCs for retail users in the country, such as mitigating settlement risks and enabling rapid transaction processing. Angaye emphasized that the eNaira aims to and Nigeria's pioneering role in adopting CBDCs provides valuable insights for various economic players and entities to learn from the country's experience.
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