Despite launch delay, banks are already integrating the eNaira feature

Despite launch delay, banks are already integrating the eNaira feature

Despite the delay in the launch of the much-anticipated eNaira, it appears that banks have started to onboard the e-Naira feature on their applications.

Recall that the Central Bank of Nigeria recently postponed the planned unveiling of the country’s digital currency, e-Naira.

According to regulatory guidelines on the eNaira released by the CBN, financial institutions will be required to maintain a treasury eNaira wallet for holding and managing eNaira on the Digital Currency Management System (DCMS).

What the banks are saying

Guaranty Trust Bank application has already integrated an e-Naira feature in its latest update. When opened, the bank’s message reads, “Kindly note that you will need to download and onboard on the CBN e-Naira speed wallet app to create your e-Naira username and password.”

Stanbic IBTC sent a message to consumers stating that the eNaira will be available on its digital platforms in readiness for the CBN’s official launch.

“We wish to inform you that we have made the e-Naira available on our digital banking platforms for easy access and use. This new capability will be available on our platforms in readiness for the CBN’s official launch in Nigeria on Friday, 01 October 2021,” Stanbic IBTC stated.

However, due to the delayed launch consumer would not yet be able to purchase the eNaira.

What the CBN is saying

The CBN had said that banks were integral to the establishment of the e-Naira, on the e-Naira website. The apex bank said, “Integral to the establishment of eNaira is the necessity to build more synergy with financial institutions.

“The framework of e-Naira is such that it entrenches many pipelines of collaboration and further strengthens financial institutions core service delivery.

“By its very nature with regards to its mandates, e-Naira enhances the structures of these institutions instead of replacing same.

“Financial institutions act as bridges between customers and the CBN. This increased customer interaction can help them adopt better customer support models.”

In case you missed it 

The CBN’s Director of Communication, Mr Osita Nwanisobi announced a postponement of the launch of Nigeria’s digital currency, the eNaira, previously scheduled to hold on October 1, 2021.

However, an exclusive report, uncovered that the unanticipated surge in visits on the website of the Central Bank’s eNaira initiative led to the sudden postponement of the launch.

Amid heated litigation over its trademark infringement on the name “eNiara,” a Federal High Court in Abuja has given the nod for the Central Bank of Nigeria’s rollout of its digital currency.

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