Service charge

CBN to Reduce Service Fees for Merchants on eNaira by 50%

The Central Bank of Nigeria (CBN) has revealed that service fees for traders using eNaira will be reduced by 50% to attract more transactions to the platform.

CBN Deputy Governor, Economic Policy, Dr. Kingsley Obiora, while onboarding traders to the platform this weekend, said the incentive was to enable adoption of the platform by the Nigerians.

Obiora, while stating that merchants could own gas stations, supermarkets, e-commerce and other businesses, said that they should take advantage of the opportunities offered by eNaira to improve cash management and realize significant savings on operating costs.

He said the platform is imbued with opportunities to increase business revenue as the availability of eNaira payment option on e-commerce merchant platforms such as Remita is expected to complement the payment system. digital technology, translating into an increase of approximately 50% in e-commerce transactions and at a lower cost.

“In addition, the implementation of cross-border transactions in phase 3 of the eNaira project is expected to increase cross-border trade by around 30%. In addition, lower transaction costs are expected to increase the usage (volume and value of transactions) of eNaira and improve revenue generation by businesses. »