In a bid to enhance efficiency and cost-effectiveness in financial transactions within the education sector, the Central Bank of Nigeria (CBN) has called on students and management of tertiary institutions across the country to adopt the e-Naira payment platform. The move is aimed at revolutionizing the way payments are made, including tuition fees, salaries, and other transactions.
During a sensitization drive on the e-Naira wallet at the Bamidele Olumilua University of Education, Science and Technology in Ikere-Ekiti, the Assistant Director of the CBN Ekiti State Branch, Mr Ayodeji Adeboboye, emphasized the advantages of embracing the digital payment system. Adeboboye emphasized that the e-Naira offered a viable alternative to physical cash transactions and urged all Nigerians to utilize the platform for seamless and cost-effective transactions.
Adeboboye stated, “The time has come for all Nigerians to key into the e-Naira wallet because of its numerous advantages. Other countries have gone beyond cash payment and are now using electronic payments.”
The CBN e-Naira Consultant, Izuchukwu Nwankpa, also highlighted the benefits of the e-Naira, including financial inclusion, improved efficiency of the financial system, and the ability to combat corruption and money laundering. Nwankpa encouraged the university community and other stakeholders to embrace the alternative platform, stressing its cost-effectiveness, safety, security, user-friendliness, and effectiveness.
In response, the Deputy Vice-Chancellor of the Bamidele Olumilua University of Education, Science and Technology, Dr Veronica Makinde, commended the CBN for introducing the e-Naira initiative. Makinde expressed the institution’s willingness to support the adoption of the e-Naira, as it would mitigate the risks associated with carrying cash and address issues such as bank bottlenecks, theft, and the loss of tuition and other fees.
“We will be ready to key into the e-Naira initiative as it will assist in saving our students the risk of carrying cash and help reduce students’ complaints,” Makinde affirmed.
The introduction of the e-Naira is expected to streamline financial transactions within tertiary institutions, offering students, staff, and other stakeholders a secure, convenient, and efficient means of making payments. By embracing digital payments, Nigerian tertiary institutions can align with global trends and contribute to the country’s financial inclusion objectives while reducing the reliance on physical cash and its associated challenges.