How Merchants and Traders Will Benefit From eNaira Adoption

By Tolulope Oke

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has encouraged trade groups and merchants to utilize the benefit of the eNAIRA in order to expand and promote their enterprises.

The CBN governor noted this at the ABUJA eNaira Merchants Mega Event, which was organized by the apex bank in partnership with the Abuja Chamber of Commerce and Industry (ACCI), Arabatech, and PNAIL stating that the digital currency would help merchants reduce cash handling costs, eliminate failed transactions, increase transaction speed, improve record keeping, and remove obstacles related to giving change to customers.

He emphasized that the goal of the event was to accelerate the adoption of the digital currency by businesses and other significant national stakeholders.

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He also gave the audience assurances that the CBN would keep innovating and improving the eNaira platform in order to support commerce and expand Nigeria’s digital economy.

Emefiele said that the inclusion of an eNaira payment option on e-commerce merchant platforms like Remita will enhance the current digital payment infrastructure and result in a 50% increase in e-commerce transactions at a reduced price.

Moreso, the apex bank governor made clear that retailers, such as gas stations, supermarkets, e-commerce companies, and other companies, not only have important roles to play in promoting the adoption of the eNaira, but can also take advantage of the opportunities presented by the digital currency to improve cash management and achieve sizable operating cost savings.

In his remarks, Emiefiele stated the bank is already collaborating with Fintechs and has set up a strong Help Desk to support businesses and other users in order to ensure a smooth adoption of the digital currency.