{"id":18039,"date":"2023-02-24T13:27:12","date_gmt":"2023-02-24T13:27:12","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/nigerian-central-bank-seeks-new-cbdc-tech-partner-bank-urged-to-improve-e-naira-user-experience-africa-bitcoin-news\/"},"modified":"2023-02-24T13:27:12","modified_gmt":"2023-02-24T13:27:12","slug":"nigerian-central-bank-seeks-new-cbdc-tech-partner-bank-urged-to-improve-e-naira-user-experience-africa-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/nigerian-central-bank-seeks-new-cbdc-tech-partner-bank-urged-to-improve-e-naira-user-experience-africa-bitcoin-news\/","title":{"rendered":"Nigerian Central Bank Seeks New CBDC Tech Partner \u2014 Bank Urged to Improve E-Naira User Experience \u2013 Africa Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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More than a year after it launched its central bank digital currency with partner Bitt Inc, the Central Bank of Nigeria is reportedly seeking a new technology partner. The new partner is expected to help the central bank implement a system which gives it greater control of the digital currency. One expert said the central bank should consider improving user experience if it wants to see more Nigerians adopting the e-naira.<\/strong><\/p>\n

Controlling the E-Naira\u2019s Underlying Technology<\/h2>\n

The Central Bank of Nigeria (CBN) is seeking to install a new system to run its central bank digital currency (CBDC) and is currently talking to prospective technology partners, a report has said. According to a report<\/a>, the central bank is keen on developing digital currency technology that gives it greater control of the CBDC.<\/p>\n

R3, a provider of enterprise technology and services, is one of the prospective partners that has reportedly discussed deploying a different tech for the e-naira. As per the report, the CBN\u2019s chosen partner is not expected to immediately oust the central bank\u2019s initial technology partner, Bitt Inc. Instead, the central bank hopes the new partnership will help it achieve its goal of controlling the CBDC\u2019s underlying technology.<\/p>\n

While no official comment concerning the CBN\u2019s plans has been given, Bitt Inc reportedly acknowledged that the Nigerian central bank \u201cworks with various service providers to explore technical innovations for their digital infrastructure.\u201d Despite this, the Barbados-based technology firm said it still works closely with the CBN and is \u201ccurrently developing additional features and enhancements.\u201d<\/p>\n

Remarking on the CBN\u2019s reported plans, Lucky Uwakwe Arisukwu, the CEO of the 4th industrial revolution technology hub Sabi Group, concurred that the central bank\u2019s desire to control digital currency could be the primary motivating factor. To support this viewpoint, Uwakwe made reference to the recently launched domestic card scheme<\/a> known as Afrigo.<\/p>\n

Just like the e-naira, the Afrigo scheme seeks to bolster the country\u2019s national payment system as well as to deepen the usage of electronic platforms in Nigeria. Although the CBN governor has rejected assertions that the card scheme seeks to push out international service providers, Uwakwe argued that the central bank could not have launched this scheme if it lacked control. According to Uwakwe, the CBN wants to apply the same approach to the e-naira.<\/p>\n

Bolstering the E-Naira<\/h2>\n

Despite it being Africa\u2019s only functioning CBDC, uptake of the e-naira has been slow, and according to a Bitcoin.com News report<\/a> in August 2022, just under one million e-naira speed wallets had been downloaded at the time. The Nigerian public\u2019s then lukewarm response reportedly prompted the CBN to look for ways of getting more Nigerians to download the e-naira speed wallet.<\/p>\n

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My eNaira experience and the current Nigeria bank note scarcity issue @cenbank<\/a> gave us a solution already even before the problem started<\/p>\n

While it not 100% it goes a long way & it a win for major of the public queuing in bank ATM and a win for @cenbank<\/a>https:\/\/t.co\/14wHBsFLjn<\/a><\/p>\n

\u2014 Lucky Uwakwe ( KING of DeFi \/ NFT\/SocialFi \/GameFi (@luo2027) February 3, 2023<\/a><\/p>\n<\/blockquote>\n

One of the ways the CBN has attempted to achieve this is by offering rewards to residents or merchants that accept the e-naira. In addition to these incentives, Uwakwe said the CBN should also work on improving user experience if it wants to see more Nigerians using the CBDC.<\/p>\n

\u201cIf the user experience is improved upon, definitely they would have a great of adoption. The central bank also needs to for instance consider mandating that all civil servants should receive a part of their salary paid in the e-naira format,\u201d Uwakwe said.<\/p>\n

The Sabi CEO also noted how commercial banks\u2019 failure or reluctance to allow for the seamless conversion of the e-naira to the fiat naira and vice versa is possibly working against the CBN\u2019s efforts.<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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