How to Make eNaira More Popular in the Informal Sector. The eNaira, Nigeria’s central bank digital currency (CBDC), has the potential to revolutionize the way payments and transfers are made in the country. However, for it to be truly successful, it needs to be embraced by the informal sector, which accounts for a significant portion of the Nigerian economy.
According to eNaira website, “eNaira provides Financial Inclusion by making financial services available to people or communities who do not have (enough) banking opportunity“. eNaira has not done much on this claim, I cannot imagine how communities that do not have (enough) banking opportunities can open and onboard easily on the eNaira app, sincerely the app is meant for pro users based on my experience.
How to Make eNaira More Popular in the Informal Sector
Here are some things that can be done to make the eNaira more popular in the informal sector, just like Opay:
1. Make account opening easy and accessible. Opay makes it very easy to open an account, which is one of the reasons why it is so popular. The eNaira onboarding process should be just as easy and straightforward. The Central Bank of Nigeria (CBN) could partner with telecom operators to make it possible for people to open eNaira accounts using their mobile phone numbers.
2. Educate the public about the benefits of the eNaira. Many people in the informal sector are not aware of the benefits of the eNaira. The CBN needs to launch a public awareness campaign to educate people about the eNaira and its benefits, such as lower transaction fees, faster transfers, and increased security.
3. Partner with popular fintech companies. Opay has partnered with a number of popular fintech companies in Nigeria, such as Flutterwave and Paystack. This has helped to make Opay more accessible to a wider range of consumers. The CBN could also partner with popular fintech companies in Nigeria to offer the eNaira on their platforms.
4. Make the eNaira more versatile. The eNaira should be used for more than just payments and transfers. For example, it could be used to pay for government services or to invest in financial products. also pay bills, book flights, buy movie tickets, order food, and even invest in mutual funds. This will make eNaira app a one-stop shop for all kinds of financial transactions.
5. Educate artisans about the benefits of the eNaira. Many artisans may not be aware of the benefits of the eNaira, such as lower transaction fees, faster transfers, and increased security. The Central Bank of Nigeria (CBN) could launch a public awareness campaign to educate artisans about the eNaira and its benefits.
6. Multiple Languages: The CBN should improve the app to be available in multiple languages such as English, Hausa, Igbo and Yoruba.
The recent introduction of the USSD code is also a sign of the CBN’s commitment to financial inclusion. The CBN is committed to ensuring that all Nigerians have access to financial services, regardless of their income or social status. The introduction of the USSD code for eNaira will help to achieve this goal by making it easier for people in the informal sector and rural areas to use the eNaira.
By taking these steps, the CBN can make the eNaira more popular in the informal sector and encourage more Nigerians to use it.