The central bank stated that eNaira was designed with simplicity and convenience of use in mind so that residents without internet-enabled phones can utilize it.
In a document titled ‘Design paper for the eNaira,’ the CBN revealed this.
The strategy, according to the study, would not further alienate portions of the people that are ignorant, lack exposure to internet services, and lack access to digital equipment.
The document read, “According to the National Commission for Mass Literacy, Adult and Non-formal Education (NMEC), it estimated that 35 per cent of the nation’s adult population was illiterate (i.e., 37.1million) and the CBN risks losing adoption to the segment of the people.
“To mitigate this risk, the bank factored in the need for inclusiveness as part of the core design principle of the eNaira.
“This principle has enabled the Bank to focus on simplicity and ease of use, ensuring that Nigerians without internet-enabled phones can access the service.”
The apex bank said the eNaira would complement existing payment methods such as mobile banking apps, point-of-sale terminals, USSD, fast response code, and Internet banking.
The document read further, “The account-based CBDC model at its core mirrors the progress made on the National Financial Inclusion Strategy, which enables access to financial services by leveraging last-mile networks to identify users and to provide banking services through channels such as PoS and USSD.
“With the account-based model, the CBN seeks to enable access by leveraging the existing identity infrastructure in Nigeria such as the BVN, NIN, TIN, etc., to identify individuals and corporate entities uniquely.”
The CBN said identifying frameworks such as the NIN will enable access for the financially excluded as they can be uniquely identified, thereby enabling financial services.
The system would also help ensure a robust KYC framework positioned to enable access for all Nigerians.
In September, the Central Bank of Nigeria launched a website for the operations of eNaira, the nation’s first digital currency.