Nigeria's CBDC ambitions continue with NFC upgrade, despite leadership change.
According to a report by local news outlet The Sun, the central bank recentlythe CBDC mobile app by incorporating Near Field Communication technology. This upgrade enables mobile devices and payment terminals to interact when in close proximity, facilitating convenient and contactless eNaira payments.
Despite previous versions incorporating QR codes, the CBN reportedly emphasizes that the latest addition of NFC technology will play a crucial role in boosting the adoption rates for the CBDC. Joseph Angaye, the deputy director of the CBN’s risk management department, reportedly revealed that the banking regulator is committed to utilizing innovative technology to enhance user experience.
In further explanation, Angaye reportedly emphasized that the CBDC's programmability allows for targeted fund allocation to farmers, enabling specific purposes such as tool acquisition. By implementing this approach, the funds transferred into their eNaira wallet become non-divertible for any unrelated purposes, ensuring that the intended use is strictly adhered to.
As per reports, the deputy director highlighted numerous advantages of CBDCs for retail users in the country, such as mitigating settlement risks and enabling rapid transaction processing. Angaye emphasized that the eNaira aims to and Nigeria's pioneering role in adopting CBDCs provides valuable insights for various economic players and entities to learn from the country's experience.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Seattle Seahawks News 7/22: Why Seahawks will win NFC West over 49ersPre-Snap Reads 7/22: Why Seahawks will win NFC West over 49ers
Baca lebih lajut »
Ex-NFL GM says Jordan Love is the best quarterback in the NFC NorthJordan Love will succeed Aaron Rodgers as the Packers starting quarterback this season
Baca lebih lajut »
NFC East training camp primer: Catching up with Giants’ competitionThe Post takes a look at the NFC East as training camp gets underway.
Baca lebih lajut »
Ripple (XRP) Forms New Partnership to Foster Stablecoin AdoptionRipple wants to test issuance of CBDCs and stablecoins through a new partnership.
Baca lebih lajut »
Nigerian Goalkeeper Notches Epic Game-Saver At The Women's World CupChiamaka Nnadozie spectacularly denied Canadian great Christine Sinclair for underdog Nigeria.
Baca lebih lajut »
Nigerian social payments app shuts down crypto exchange servicesNigerian social payments app, Bundle, has announced the shutdown of its crypto exchange arm to focus on expanding its payment solution, Cashlink. This decision was made by the shareholders to align with the growing Web3 and blockchain community.
Baca lebih lajut »