The Central Bank of Nigeria (CBN) improved the central bank digital currency (CBDC) mobile app by adding NFC technology to facilitate contactless payments via the digital naira (eNaira). This is expected to increase adoption of the financial instrument.
The eNaira mobile app received an update. Users of the Nigerian CBDC can now make contactless payments, thanks to the addition of Near Field Communication (NFC) technology. This was reported by a local media outlet.
The app’s previous versions supported only payments in eNaira by scanning QR codes. The current update enables direct interaction between a mobile device and payment terminals. According to Joseph Angaye, Deputy Director of the Risk Management Department of the CBN, NFC is intended to increase the level of CBDC adoption, providing the possibility to make convenient contactless payments with the help of eNaira. He also noted that the CBN would continue to utilize innovative technologies to improve user experience.
The Central Bank of Nigeria continued to actively develop the digital currency project. For instance, it was upgraded about a year ago to allow users to use eNaira to pay for goods and services. The Central Bank also simplified the procedure for creating a CBDC wallet and increased the speed of transactions.
Contactless payments with eNaira are already available on the campus of the University of Abuja, which the CBN has partnered with as part of the CBDC introduction into the institution’s accounting system. Joseph Angaye addressed the students of the university and spoke about the benefits of using eNaira as a payment platform, emphasizing the CBDC’s success in reducing settlement risks and fast transaction processing.
In Nigeria, over 22 million citizens own crypto, representing over 40% of the total cryptocurrency ownership in Africa. Read about Nigeria’s cryptocurrency industry in a special piece by CP Media.
