To increase the attractiveness of merchants and other businesses to adopt eNaira as a payment system, the Central Bank of Nigeria (CBN) has announced a number of initiatives.
The apex bank offered to subsidize merchant service fees by 50%. The merchant service fee is 0.5% of the transaction value, up to a maximum of N1,000. CBN Governor Godwin Emefiele announced the new measures yesterday in Abuja at the event eNaira Merchants Mega which officially brought traders to the eNaira platform. Represented by Dr Kingsley Obiora, Deputy Governor, Economic Policy, Emefiele said CBN Bank has approved a rewards program for merchants and other eNaira users.
Some of the rewards he listed include, “providing merchants with required promotional (marketing) materials, subsidizing current merchant service fees by 50%, and activating nationwide awareness that early adopters of eNaira can lean on to market its wider adoption.”
The CBN Governor noted that there are many opportunities to increase business revenue through the adoption of eNaira.” According to Emefiele, “The availability of eNaira payment option on e-commerce merchant platform such as Remita is expected to complement the existing digital payment system, resulting in approximately 50% increase in e-commerce transactions and cheaper”.
He added that the implementation of cross-border transactions in Phase III 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.
Emefiele assured traders using eNaira that “the CBN will continue to innovate and upgrade the eNaira platform to serve businesses and deepen the digital economy in Nigeria.” To this end, the CBN, he said, “is already partnering with Fintechs and has also established a robust helpdesk to provide support to merchants and other users to ensure seamless adoption. of eNaira”.
Speaking at the 33rd Seminar for Financial Correspondents and Business Writers, Emefiele also said that in order to maintain the success recorded by eNaira, “it must be recognized that the journey ahead requires cutting-edge innovation and out-of-the-box thinking to achieve overall economic diversification goals”.
Therefore, he advocated that “out-of-the-box solutions would be those that promote financial inclusion.
n, the growth of SMEs and the creation of start-ups; facilitate cross-border exchanges and transfers”.
In addition, eNaira will improve international remittances and currency exchanges; ensure the effective implementation of government programs focused on well-being; and improve the efficiency of the interbank market.
Earlier, the Chairman of the Abuja Chamber of Commerce and Industry, Dr. Al-Mujtaba Abubakar said that the eNaira Merchants Mega event “is aimed at merchants, traders, cooperative societies, trade associations, supermarkets , hotels, restaurant chains, service providers, proprietary private schools, carriers, small and medium enterprises among others, to help them understand the importance of eNaira”.