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Cryptocurrency

CBN to Create New eNaira Wallet For Unbanked Nigerians

CBN to Create New eNaira Wallet For Unbanked Nigerians

  • The Central Bank of Nigeria is set to create another eNaira wallet for people without banks
  • The technical partners of CBN Bitt Inc disclosed that this new app will allow unbanked Nigerians to buy and hold the digital currency
  • According to the NIBBS, Nigeria has only 47 million BVN holders which means that those with bank accounts are limited

The Central Bank of Nigeria’s technical partner, Bitt inc has disclosed that there are plans to develop another eNaira wallet.

eNaira

The new wallet will allow Nigerians without bank accounts to access the digital currency.

The latest update was disclosed by the Chief Executive Officer of Bitt Inc, Brian Popelka during an interview with Coindesk.

The tech company’s CEO was reacting to assertions that only consumers with bank accounts have access to the eNaira.

According to the NIBBS, only 47 million Nigerians have a bank verification number (BVN) as only a third of that population carry out bank transactions regularly.

Popelka stated that the major objective of the eNaira is inclusion and the first phase includes securing the trust of the unbanked.

“A lesson we learned from rolling out CBDC previously when we thought we could reach the unbanked from the onset directly was trust. We learned the need to go through the financial institution first to establish a baseline of trust.”

The CEO of tech startup further divulged that a mobile wallet application to address this issue will be released soon.

It’s been over a week since Nigeria’s first digital currency, the eNaira went live, following an official launch by President Muhammadu Buhari.

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