eNaira may emerge payment gateway as CBN intensifies adoption | The Guardian Nigeria News


· CBDC will increase tax revenue, says CITN President

The Central Bank of Nigeria (CBN) is contemplating a series of options to push the adoption of the eNaira, including the possibility of making it a payment gateway.

A payment gateway is a technology merchants use to accept debit or credit card purchases from customers. It collects customer card information and encrypts it for processing.

At the 2021 Business Luncheon of the Chartered Institute of Taxation of Nigeria (CITN), yesterday, Director, Payments System Management Department of the bank, Musa Jimoh, said, “conversations were ongoing with financial technology (fintech) stakeholders” on the possibility of making eNaira a gateway.

Ultimately, the apex bank is looking at expanding the use cases of the Central Bank digital currency (CBDC), increasing its adoption and making it more relevant to the payment ecosystem. The pilot phase was unveiled with limited use cases, with a focus on person-to-person (P2P) and…

Source: Guardian Newspaper