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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

Africa Processed 49Bn Transactions in 2023 – SIIPS Report

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The SIIPS Report which offers valuable insights into the opportunities and challenges facing Africa’s digital payment systems has said that 2023 was a landmark year, with 49 billion transactions processed across the continent—the highest volume recorded to date.

Africa Processed 49Bn Transactions in 2023 – SIIPS Report

This staggering number underscores a broader trend: the shift towards digital, fast, and efficient payments is becoming a cornerstone of Africa’s economic growth.

The SIIPS Report 2024, launched in Accra on Thursday, showcases the remarkable growth of Instant Payment Systems (IPS) across Africa, emphasizing their role in advancing financial inclusion.

With 31 operational IPS in 26 countries and another 27 on the way, the report reveals a 37% growth in transaction volume over five years.

While digital payment adoption surges, barriers remain for vulnerable groups, especially women, who face security and fraud concerns.

Despite progress, no system has fully achieved inclusive access, affordability, or transparency.

The report emphasizes the need for collective efforts to expand IPS, particularly in rural areas, to ensure universal financial inclusion by 2030.

Supported by partners like the World Bank and UNECA, the SIIPS Report offers valuable insights into the opportunities and challenges facing Africa’s digital payment systems, calling for innovation and regulatory support to achieve seamless, cross-border payments across the continent.

More importantly, the total value transacted surged at a remarkable average annual growth rate of 39% from 2019 to 2023, reaching over $1 trillion last year.

Such figures highlight Africa’s increasing reliance on digital financial systems and indicate a seismic shift in how money moves.

 

 

 

 


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CBN Issues Scam Alert, Warns of Fake SWIFT Messages Linked to Transfer Claim

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Central Bank of Nigeria (CBN) has advised bank customers to be cautious about the use of fake SWIFT messages during foreign exchange (FX) remittances.

CBN Issues Scam Alert, Warns of Fake SWIFT Messages Linked to Transfer Claim

 

SWIFT messages are sent through the Society for Worldwide Interbank Financial Telecommunication network to facilitate financial transactions between banks and financial institutions.

The CBN gave the warning in a statement signed by Hakama Sidi-Ali, acting director of corporate communications department, on Tuesday in Abuja.

The apex bank said it had been inundated with claims by some stakeholders about the conclusion of foreign currency transfer to their Nigeria bank accounts.

According to Sidi Ali, stakeholders like private entities, individuals, law firms, and government agencies complained that foreign currency funds allegedly transferred to them by foreign entities have yet to be credited to their accounts with Nigerian banks.

“In some instances, the claimants alleged that the funds were withheld by either the beneficiary bank in Nigeria or the CBN and requested assistance towards releasing the funds to them,” She said.

“The requests are usually supported with fake documents such as SWIFT MT103, SWIFT Ack copy, etc.

“It has become imperative to state that the SWIFT ack copy and SWIFT MT103 that these claimants usually attach as evidence of remittance to beneficiary banks in Nigeria are not reliable.”

Sidi Ali added that the SWIFT messages are always not traceable on the SWIFT platform and the funds are not received to enable their application to the beneficiary’s account.

“In a situation where a fund transfer beneficiary receiving bank claims non-receipt of funds remitted by the foreign entity, the standard practice is for the sending customer to contact the sending bank.

“The purpose for the sending bank to send a tracer to trace where the fund is hanging and recall it.

“For the avoidance of doubt, we wish to state emphatically that the CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities.

“Consequently, petitioners’ claim that the alleged expected inflows for onward credit into the accounts of private business entities are trapped in the CBN is not only spurious but deceitful.”

The CBN spokesperson urged the general public to be careful with such unauthentic SWIFT messages and documents containing spurious claims of non-application of substantial foreign currency funds allegedly transferred into the beneficiary’s account.

She also warned that the CBN would not hesitate to report any bank customer making unsubstantiated and illegitimate claims to law enforcement agencies for investigation and prosecution.

 

 

 

 


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FG to Establish National Youth Development Bank to Support Young Nigerians

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Federal Government is to establish a National Youth Development Bank and a Youth Data Bank, according to President Bola Tinubu.

FG to Establish National Youth Development Bank to Support Young Nigerians

President Bola Tinubu, represented by Kashim Shettima, his vice, , disclosed this at a Stakeholders Roundtable on Northern Youth Development organised by the Sir Ahmadu Bello Memorial Foundation, in Abuja.

The President described the banks as crucial tools for “providing financial and informational support to young Nigerians.”

He said since assumption of office, his administration unveiled a comprehensive youth development strategy spanning multiple key sectors to drive Nigeria’s economic transformation.

Tinubu extolled the legacy of the late Sardauna of Sokoto and former Premier of Northern Nigeria, Ahmadu Bello

” The late Sir Ahmadu Bello, the Sardauna of Sokoto, was one of the towering giants on whose shoulders we have ascended as a nation.

” His vision was clear: the North cannot progress in isolation, and Nigeria cannot prosper unless every part of this nation thrives,” he said.

Tinubu declared that the development of Northern Nigeria remains fundamental to the nation’s prosperity.

According to him, “whatever disrupts the growth of one region sets back the entire nation.

“For far too long, we have been taunted as a nation with the most children out of school—a reality that should not elicit pride but provoke urgent action.

“This alarming statistic has turned the promise of our population into a challenge rather than the dividend it ought to be,” he added.

 

 

 


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