Fidelis David in Akure
The Central Bank of Nigeria (CBN) yesterday, took its cashless policy sensitisation to the Federal University of Technology, Akure (FUTA), in Ondo State capital, urging the school to adopt its digital currency, the eNaira for collection of fees, levies, and revenues within the institution.
Speaking at the event, the CBN Acting Branch Controller, Ondo State, Mr. Giwa Samuel Ademola, said the policy was aimed at reducing physical cash transactions and creating awareness for the adoption of digital payment.
According to Ademola, the eNaira is CBN’s digital currency as well as a digital version of the physical naira that could be used for payment in all transactions which would also help in operating the cashless policy.
His words: “The eNaira is not just any currency; It is designed to complement the existing physical Naira and to provide a more efficient, secure, and accessible means of payment. It represents a remarkable leap forward in how we interact with money, and it is tailor-made to meet the needs of our vibrant and dynamic community.
“One of the primary advantages of the eNaira lies in its unparalleled convenience. With this digital currency, individuals can swiftly and easily make payments without relying on physical cash or traditional payment cards.
“The eNaira streamlines the payment process, allowing for seamless transactions in various scenarios. The eNaira operates on robust blockchain technology, ensuring a high level of security.
“Considering the multitude of benefits associated with the eNaira, I strongly urge FUTA to adopt this for the collection of fees, levies, and revenues within our institution. Furthermore, I encourage all businesses operating within our university to follow suit and embrace the eNaira.
“By doing so, we not only enhance our financial well-being, we also contribute to the broader goal of economic growth in Nigeria,” he stressed.
While explaining that other institutions in the state would benefit from the sensitisation, he added that the eNaira was safe, convenient, and accessible, and complements existing electronic payment systems rather than replacing them.
The Vice-Chancellor, Federal University of Technology Akure, Prof. Adenike Oladiji, represented by the Deputy VC, Academics, Prof. Titi Amos, commended the CBN for choosing FUTA for the sensitisation exercise, saying the institution with a huge student population was determined and well positioned to play a key role in that direction as its students will embrace the innovation.
The VC however urged the apex bank to ensure massive sensitisation and education on the new eNaira digital money platform to enable Nigerians understand its functions and features very well, as well as ensure that they implement other policies that would enhance its smooth operation.
