Central Bank of Nigeria (CBN) is outlining plans to process salaries, pensions, and social welfare benefits through the eNaira.
The proposal is outlined in the Nigeria Payments System Vision 2028 (PSV2028), a strategic roadmap aimed at transforming the eNaira from a pilot project into a core component of the country’s payment infrastructure.
Under the framework, the CBN plans to drive wider adoption by integrating the eNaira into government-to-person payments, payroll systems, offline transactions and financial services targeted at micro-enterprises.
Launched in October 2021 as Africa’s first Central Bank Digital Currency (CBDC), the eNaira was introduced to promote financial inclusion, reduce transaction costs, improve remittance flows and support Nigeria’s transition to a cashless economy. However, adoption has remained below expectations despite continued regulatory support.
According to the CBN, the digital currency framework will be reviewed and strengthened to better align with emerging market needs.
The roadmap identifies government disbursements as a key driver for increasing usage and integrating the eNaira into everyday transactions.
If implemented, public sector salaries, pension payments, conditional cash transfers and other welfare programmes could be distributed through the platform, potentially improving payment efficiency and expanding access to digital financial services.
The roadmap also highlights programmable-money capabilities that could set the eNaira apart from traditional payment systems. These features include time-restricted spending, purpose-specific payments, automated payment splitting and dedicated sub-wallets for different financial needs.
The CBN believes these functionalities could improve transparency, strengthen fund management and enhance the effectiveness of targeted government interventions.
Beyond consumer payments, the apex bank said the eNaira could support settlement systems, banking operations and tokenised financial assets such as bonds and securities, strengthening Nigeria’s broader financial market infrastructure.
Olayemi Cardoso, governor, CBN, said the Payments System Vision 2028 strategy is designed to strengthen Nigeria’s position as a leading digital payments market while improving efficiency, resilience and inclusiveness across the financial system.
Despite millions of eNaira wallets being created and transactions worth approximately N22 billion processed, the digital currency has yet to achieve widespread everyday use.
The CBN identified challenges including limited merchant acceptance, weak integration with banking and fintech applications, and the absence of cross-border CBDC payment corridors.
To address these issues, the bank plans to position the eNaira as a preferred platform for government payments, remittances and trade settlements while opening its APIs to fintech firms for broader integration and innovation.
The CBN also intends to explore bilateral CBDC corridor pilots with major trade and remittance partners to facilitate faster and more efficient cross-border transactions.
For MSMEs, wider eNaira adoption could reduce transaction costs, improve access to digital payments, streamline government support programmes and create new opportunities for participation in Nigeria’s growing digital economy.
