NFC upgrade to eNaira

The Central Bank of Nigeria remains loyal to the CBDC project. According to the news of the country’s local media outlet The Sun, the central bank will soon add NFC technology to its CBDC project. The upgrade enables mobile devices to communicate at close range of payment terminals, facilitating contactless eNaire payments.

It is estimated that the addition of NFC technology will significantly increase the CBDC adoption rate, as opposed to previous versions of CBN that included QR codes. Joseph Angay, deputy director of CBN’s risk management division, said the regulator is committed to using innovative technology to improve the user experience.

Adopting the idea of using the latest technology, it was stated that Angaye revealed that the CBDC will be equipped with programmability features. These programmability features can reduce the risk of fraud by limiting CBDC payments to designated government programs.

According to the news, Angaye underlined that CBDCs provide numerous advantages for individual users in the country, such as reducing settlement risks and fast transaction processing. It was emphasized that eNaira aims to address the issue of financial inclusion and Nigeria’s pioneering role in CBDC adoption provides valuable information to various eco-organizations to leverage the country’s experience. CBN Chairman, Godwin Emefiele, recently accused commercial banks of hindering the growth of eNaira by considering their profitability.