Banks, others may create e-wallet after e-Naira deadline- CBN
The Central Bank has said after the launch of the e-Naira project, banks and other licensed operators may provide their own wallets since it does not intend to compete against them.
It was reported that the CBN sent a presentation to banks about the e-Naira project, releasing more details and guidelines about the project to banks. According to the presentation, the apex bank said the e-Naira would be a legal tender for the entire country.
The report said the e-naira would have non-interest bearing CBDC status, a transaction limit for customers, and a value-based transaction limit.
According to the report, the participants in the e-Naira program will feature in five stages.
It said, “Monetary authority suite: The Central bank will be handling the first product component that includes issue, distribute, redeem and destroy the currency. Store data on a cloud server, monitor and analyze currency transaction.
“Financial institution suite: licensed financial institution will be able to request currency or issue stable coins, manage digital currency across branches, KYC, identify and AML compliance capability.
“eGovernment suite: The government would be able to efficiently process digital payments sent to and received from citizens and businesses. Merchants will provide low cost payment and management software, PoS, remote payment solutions, online capabilities, transaction analysis and reconciliation.
“Retail consumer suite: features user-centered designs for a great user experience. The architecture will be expandable and enable innovation; features advanced privacy and security”.
The report added that the proposed transaction cost for the e-Naira wallet was stated. It said the digital currency infrastructure would not charge for user-to-merchant transactions and P2P wallet transactions.
According to the CBN’s presentation, the responsibility is on banks to promote and market the centrally issued digital currency as a cash alternative to existing and potential customers in support of its goal for financial inclusion.
It said banks would facilitate the onboarding process of the e-Naira and provide world class customer service.
According to the CBN, since the e-Naira is a national critical Infrastructure, its system will be subjected to comprehensive security checks, all data and personally identifiable information will be kept off the ledger and not be stored on the ledger.
