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CBN Dismisses Plans to Steal Bank Customers with eNaira

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Central Bank of Nigeria (CBN), has said that the eNaira is not a subtle scheme to take away bank customers.

CBN Dismisses Plans to Steal Bank Customers with eNaira

CBN in allaying the fears said the the plan is to grant access to more financially excluded people.

The regulator said this in details published on the website of the country’s digital currency which went live on Monday ahead of its launch on October 1.

It said the eNaira opens up a whole new market of digital currency users for financial institutions to increase their customer base and add value to their account owners.

The bank provided details of of how the digital currency will affect individuals, businesses, governments and nongovernmental organisations.

Here are the explanations the CBN gave:

Financial Institutions

“Integral to the establishment of eNaira is the necessity to build more synergy with financial institutions. The framework of eNaira 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, eNaira enhances the structures of these institutions instead of replacing same.

“eNaira opens up a whole new market of digital currency users for financial institutions to increase their customer base and add value to their account owners.

“Financial Institutions act as bridges between customers and the CBN, this increased customer interaction can help them adopt better customer support models.

“eNaira is not a subtle scheme to steal your customers. It is a collaboration to grant access to more financially excluded people.

“eNaira gives every linked financial institution access to the database of customers with wallets domiciled in their banks.

“eNaira Maximum Daily Cumulative Limit restricts customers from total migration which result in a capital loss for financial institutions.

“The eNaira system is designed and integrated with the best fraud management system, which guarantees the security of transactions and fosters customers’ trust”.

Individuals

“For individuals, eNaira promises fast transactions, cheap diaspora remittance, direct government aids, easier local payment, and secure banking.

“eNaira was minted with your expectations in mind. We understand our customers are real people whose needs are constantly evolving so our approach to delivering tailored solutions needs to constantly evolve. From functionality, call to action, to user interface, our goal has always been to deliver an exceptional digital experience tailored to your needs.

“eNaira makes diaspora payments cheap and safe to ensure you get more value for every Naira you earn.

“Financial Government Aids gets straight to you. eNaira knocks the middlemen out the way and you can claim funds directly.

“The faster, the better. eNaira makes it possible to send funds, save money, and save time while at it.

“Boycott the queues and pay taxes, and bills from the comfort of your home. It’s easier and it’s dependable

“Worried about the safety and security of banking details? Rest assured; the transparency makes everything traceable.

“Now there’s enough room for everyone to enjoy banking services. The process is easy and the process is simple.

For Government

“Through a reduction in cash handling costs and more transparent taxing systems, eNaira makes more funds available for development projects such as better feeder roads, affordable education, and more equipped health facilities. Spending eNaira, will make for richer Government and richer people.

“eNaira creates easy access to financial services at remote areas that have suffered financial exclusion for years

“With eNaira, tax evasion is history because eNaira ensures the traceability of taxable assets and enforces transparency in the taxation systems thereby increasing revenue.

“eNaira enables the government to send direct welfare allowance to citizens and communities that are beneficiaries of such interventions.

“eNaira facilitates instant cross-border foreign exchange which boosts the economic growth of the nation.

“eNaira greatly reduces the costs of handling cash, from minting all the way to destruction, the Federal government saves cost

“eNaira minimizes fraudulent activities and shady deals such as money laundering, and illegal money deals because of the trackable unique ID of each eNaira.

For Non-Governmental Organisations

“The transparent nature of the currency also benefits Non-Governmental Organisations, donations can be made easily, and easy tracking of usage.

“eNaira offers local and international Non-Governmental Organizations and Religious Institutions money transaction solutions that ensure that, at the end of the day, their focus is trained more on carrying out their projects than on the security and usage of the money backing each project. This is because the confidence that the money will do exactly what it was purposed to do, even faster, cheaper, and safer than previously obtainable is what eNaira offers.

“International NGOs can now send and receive donations and contributions across countries with a faster, easier, cheaper, and safer method than previously obtainable, without the old hassles of rigorous money transfer bottlenecks.

“Community and Aid project beneficiaries do not have to wait so long to receive what has been promised them anymore. Once the beneficiary owns an eNaira wallet, all aid goes straight from the wallet of the NGO to the wallet of the beneficiary in seconds.

“Religious institutions now have a cleaner and more direct means of gathering collections by members, eliminating the costs and risks of cash handling.

“Micro-donations are now so much more possible for welfare projects, whereby, denominational limits are not placed on what can be donated, giving all cadres of donors a chance to give in situations where “looking for transaction balances” would have deterred them.

“Expense-tracking and report-development for social projects for NGOs have become nearly automated with eNaira, as the traceability of each eNaira ensures that balancing ledgers and knowing the exact identity of the recipient of each eNaira occurs at near-real-time and in tandem with the very transfer of funds itself.

“NGOs and Religious institutions do not have to worry about cases where hired project managers abscond with money set aside for welfare projects when they use eNaira, as forgery and counterfeiting of eNaira units is impossible due to its unique identity and the fortified security backing its Distributed Ledger System.”

For Businesses

For businesses, eNaira promises to help customers pay for their services with ease.

“eNaira helps your customers pay for your services with such ease that keeps them coming back. With eNaira, your customer base spreads beyond the shores of Nigeria because overseas payment is not just possible but fast and even cheap. The more the patronage, the more profit!

“eNaira makes it easier for you to get support allowance from the government because the CBN has your wallet information and can make direct deposits on behalf of the government.

“eNaira gives your customers a super-easy payment option through its QR Code Scan feature and it makes them keep coming back.

“eNaira promotes efficient and straightforward cross-border payments which foster profitable foreign business partnerships.

“eNaira peer-to-peer payment feature facilitates a boost in eCommerce and gives the in-mall experience to friends physically separated by distance.

“eNaira opens up a whole new customer base you did not know existed, with the increased customers, business growth is guaranteed.

“With eNaira businesses can easily make sales in any country because the eNaira is 100percent local and 100percent global,” the CBN said.

 


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E-Financial

9PSB Promotes Financial Literacy @ World’s Savings Day 2024

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9 Payment Service Bank (9PSB), a leading digital payment service provider committed to advancing financial inclusion in Nigeria, observed World Savings Day 2024 by conducting a financial literacy and mentorship programme for students at Fountain Heights Secondary School in Surulere, Lagos.

This initiative aligns with the Central Bank of Nigeria’s (CBN) directive for all financial institutions to implement financial literacy programmes aimed at students, youth, and the public. The goal is to instill a culture of financial discipline, savings, and prudent money management practices among Nigerians.

At the event, Tolani Jemi-Alade, Chief of Business Planning, Operations, and Resources at 9PSB, addressed the students, underscoring the importance of cultivating positive financial habits, particularly considering economic uncertainties. She stressed the need for young individuals to integrate into the formal financial system, stating,

“We encourage every young person with a regular income to open a bank account as an essential step towards financial independence and savings for future needs. Money is necessary for day-to-day transactions and to manage unforeseen circumstances. Early planning is crucial, as these needs are inevitable.”

Tolani further highlighted the significance of World Savings Day, as championed by CBN, which aims to raise awareness of financial literacy and promote a culture of saving, particularly among students and youth. She emphasized the importance of understanding and leveraging formal financial services for long-term financial security.

Oladimeji Saka, Lead for Retail Banking and Customer Acquisition at 9PSB, echoed these sentiments, noting that financial literacy should begin at an early age. He advised that parents play an instrumental role in guiding their children through transitional stages to adulthood, equipping them with the necessary financial knowledge to manage their finances responsibly.

In his remarks, the Vice Principal Academics, Mr. Romanus Emegwakor, who represented the Principal of Fountain Heights Secondary School, expressed his gratitude to 9PSB for their commitment to empowering students with financial knowledge.

“We are extremely appreciative of 9PSB for this invaluable financial literacy programme. It is crucial for our students to understand the significance of financial discipline, and we believe this initiative will help them develop the necessary skills to make informed financial decisions in the future,” he said.

World Savings Day is an annual global campaign dedicated to educating individuals, particularly the youth, on the importance of prudent financial planning and saving through formal banking systems.


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Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches

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Kudirat Kekere-Ekun, chief Justice of Nigeria and chairman of the Board of Governors, National Judicial Institute Justice has blamed telecommunications companies for the glitches experienced in the country’s banking sector.

Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches

Kudirat Kekere-Ekun, chief Justice of Nigeria

Kekere-Ekun said this in her keynote address at the 2024 National Workshop for Justice and Judges on Legal Issues in Telecommunications with the theme, ‘The Role of the Judiciary in Accelerating Digital Transformation in Nigeria.’

The blame on telcos comes in the wake of multiple glitches in online services. On August 14, 2024, customers reported that the Guaranty Trust Bank (GTBank) website was down, leading to speculation that it had been cloned and customer data intercepted.

The CJN said, “I will like to quickly bring our attention to two issues which I consider to be pivotal and which revolve around cyber security and the attendant challenges of exploring the digital space.

“The first is the increased risk of the personal data of consumers being misused or compromised by unscrupulous persons, thus necessitating the need for improved strategies and innovation for consumer protection in the telecommunications sector.

“Also, worth noting are deficiencies in the Banking Sector and which are attributable to reliance on digital services provided by the Telecommunications Sector. There is for instance the major challenge posed by electronically backed transactions which is commonplace in the Banking Sector.”

The CJN said these glitches have led to several issues including hacking of online banking platforms as well as banks being compromised.

“Concerns in this regard include the spate of customers whose online banking platforms have been hacked, as well as banks being compromised due to technological glitches not factored into their day-to-day operations. Consequently, these and several other challenges have resulted in a number of disputes which frequently require adjudication,” she said.

Kekere-Ekun said the deployment of technology in telecommunications plays a pivotal role in the advancement economic system of any country.

She, however, said there is a need to proffer solutions to legal issues arising from digital services provided by the telecommunications sector.

“It is also my expectation that the forum will equip Judicial Officers with the technical skills required for adjudicating disputes arising from the sector and keep them abreast with global standards and best practices,” she added.


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Ecobank Serves Customers Notice of Planned Service Disruption

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Ecobank Nigeria has alerted its customers to an upcoming brief service disruption due to scheduled system maintenance on its card services.

Ecobank Serves Customers Notice of Planned Service Disruption

The maintenance is set to occur from 11:00 p.m. on Thursday, November 7, 2024, until 1:00 a.m. on Friday, November 8, 2024.

In a notification to customers, the bank explained that during the maintenance window, cardholders might experience intermittent issues when using Ecobank cards on other banks’ channels.

However, the bank said all its specific channels, including ATMs and POS terminals, will remain operational.

Additionally, other digital platforms—such as the Ecobank Mobile App, USSD *326#, Ecobank Online, Omni Lite, and Omni Plus—will be fully accessible throughout the maintenance period.

The bank expressed apologies for any inconvenience, reaffirming its commitment to providing seamless banking experiences across Africa.

 

 

 

 

 

 

 


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