CBN Tasked to Improve Awareness On The Use of The E-Naira To Improve Financial Inclusion

Nasarawa State University, Keffi > News > CBN Tasked to Improve Awareness On The Use of The E-Naira To Improve Financial Inclusion

CBN Tasked to Improve Awareness On The Use of The E-Naira To Improve Financial Inclusion.

The Central Bank of Nigeria CBN has been tasked to deepen awareness of the use of the E-Naira to improve financial inclusion among Nigerians.
This was the submission of Professor Theresa Agbonma Udenwa, a Professor of Banking and Finance while delivering the 29th Inaugural Lecture of the Nasarawa State University, Keffi, with the topic, “Achieving Financial Inclusion In Nigeria: What Role For The E-Naira?” on Wednesday, 14th December 2022.
According to the Banking and Finance expert, the E- Naira which is a digital form of the Naira issued by the Central Bank of Nigeria eliminates the need for physical storage and is a veritable tool for financial inclusion and penetration.
Professor Udenwa said with the current implementation of CBN’s monetary policy on cash limit withdrawals, Individuals who have an E-Wallet can beat the withdrawal limit set by the apex bank by withdrawing cash from the physical account and E-Naira wallet simultaneously.
Professor Udenwa advised that for the Central Bank of Nigeria to achieve its aim of Financial Inclusion it should collaborate with Telecom and Network operators to ensure wider internet coverage, especially in rural areas. She stated that given that there is some skepticism and concern around digital currencies the CBN has to design the E-Naira wallet in a way that makes it easy for people to use.
To further improve financial inclusion, Professor Udenwa advised the CBN to increase basic awareness of the E-Naira and financial literacy, and the CBN should regularly monitor and measure the level of acceptance of the E-Naira to address any challenge that may arise.
Earlier in his welcome address, the Vice-Chancellor of Nasarawa State University, Keffi, Professor Suleiman Bala Mohammed, represented by the Deputy Vice-Chancellor Academics, Professor Haruna Kuje Ayuba, expressed concern about the challenges of financial inclusion which he said is the measure of a population’s access to affordable financial services.
Professor Suleiman identified some of the challenges to financial inclusion including legal identification, low levels of financial literacy, limited coverage of service points, and high service fees.
The Vice-Chancellor prayed that the inaugural lecture will serve as a wake-up call to propel the financial regulatory body to find sustainable solutions to the issue of financial inclusion in Nigeria.
The ceremony was graced by the husband of the celebrant and former governor of Imo State, His Excellency Chief Achike Udenwa, the former Vice-Chancellor of NSUK, Professor Muhammad Akaro Mainoma, the Group Managing Director/CEO of UBA represented by Mr. Ogba, amongst others who delivered goodwill messages.
The Secretary of the School of Postgraduate Studies, Dr. Muhammad Jamil Zakari who represented the Registrar, Mallam Bala Isyaka Ahmed II, gave the vote of thanks at the well-attended occasion.