.. explains identity framework
The Central Bank of Nigeria has announced that Nigerians without an internet enabled phones will also be able access eNaira portal for transaction.
The apex bank revealed this in a document titled “Design paper for the eNaira,” which was published on its website.
The apex stated that the new feature would ensure that the uneducated and people without internet connection are not left out.
However to access, users must have NIN and other existing identity infrastructure in Nigeria such as the BVN and TIN. The statement also revealed that the eNaira portal can be accessed through mobile banking apps, point-of-sale terminals, USSD, fast response code, and Internet banking.
“The account-based CBDC model at its core mirrors the progress made on the National Financial Inclusion Strategy which enables access to financial services by leveraging last-mile networks to identify users and to provide banking services through channels such as PoS and USSD.” the CBN said.
It noted that, “With the account-based model, the CBN seeks to enable access by leveraging the existing identity infrastructure in Nigeria such as the BVN, NIN, TIN, etc, to uniquely identify individuals and corporate entities.
“Specifically, identity frameworks such as the NIN will enable access for the financially excluded as they can be uniquely identified, thereby enabling the provision of financial services.
These identity systems will help ensure a robust KYC framework positioned to enable access for all Nigerians.”
Recall that in July, the CBN released the guidelines on eNaira. The eNaira will be a non-interest bearing currency and won’t serve as a hedge to escape inflation which many have used Bitcoin and Ethereum as the apex bank also noted Nigerians won’t be charged by the financial institution for the utilisation of the eNaira through POS or the banks.