eNaira: CBN Plans To Introduce New App For Unbanked Individual

Following the launch of the eNaira App last month, the Central Bank of Nigeria is planning to launch a new eNaira application for unbanked individuals.  According to the apex bank, inclusion is a core objective of the eNaira. 

Brian Popelka, the Chief Executive Officer of Bitt Inc., Nigeria’s technical partner on eNaira in a recent interview said that a new phone application for individuals without bank accounts will be rolled out.

In an interview with CoinDesk, Popelka said, “In Nigeria, it is a methodological rollout; this is our initial stage. A phone app specific for folks that are unbanked will be rolling out very soon, considering the fast follow-up from us.

“So that is how we see the financial inclusion question coming through. As far as interest goes, it is hard to say this early what the interest is. I imagine that the concept has a newness to it; people want to understand the inner workings of it and what to use it for.”

Brian Popelka said the company’s past digital experience with Barbados and the Eastern Caribbean came in handy to tackle the challenges that occurred in the process of launching the eNaira app.

Popelka added, “It is a sort of methodological rollout. We like the idea that there are stages. Nigeria has a very foursome rollout for all of the users for which we hope to get to over the course of many years, which means that they and we, of course, are in it for the long haul.

“Post-launch though, as you can imagine, as the initial rollouts, it is really just sign-ups. Well, the central bank has minted and disbursed digital currencies to several key financial institutions. And therefore, there are merchants and consumers that are really just getting into the app store, downloading the app, and moving their traditional currencies into digital format at this stage.”

Bitt Inc. CEO said that Financial institutions are saddled with the responsibilities of ensuring that more individuals trust and make use of eNaira.

The CEO also affirmed that individual transaction histories on the eNaira app would not be accessible to the government, however, the bulk transaction histories would be accessible to FG.

In order to track fraud and other illegal activities, the banks would have access to individual transactions histories.