Nigerian Central Bank Advances eNaira Project with NFC Upgrade, Expanding Contactless Payment Options

News Jul 23, 2023

The Central Bank of Nigeria (CBN) is making significant strides in its ambitious central bank digital currency (CBDC) project, eNaira, with a recent announcement of an upgrade that incorporates Near Field Communication (NFC) technology. This development is expected to enhance user experience and further accelerate the adoption rates for the digital currency.

The NFC technology integration allows for seamless interaction between mobile devices and payment terminals when they are in close proximity, facilitating convenient and secure contactless eNaira payments. Building on previous iterations that included QR codes, the CBN is demonstrating its unwavering commitment to leveraging cutting-edge technology to drive the widespread acceptance and usage of eNaira.

Joseph Angaye, the deputy director of the CBN's risk management department, expressed the banking regulator's strong resolve to enhance user experience through the utilization of innovative technology. He shed light on the programmability features of the CBDC, which introduces new possibilities for targeted fund allocation to designated government programs. This approach is designed to mitigate fraud risks and ensure that funds transferred into eNaira wallets are exclusively utilized for their intended purposes, such as supporting farmers with essential tools acquisition.

Angaye emphasized the various advantages that CBDCs bring to retail users in Nigeria, including the reduction of settlement risks and enabling swift transaction processing. The overarching goal of the eNaira initiative remains focused on addressing financial inclusion within the country. Nigeria's pioneering role in adopting CBDCs is garnering interest from economic players and entities around the world, who are keen to learn from the nation's experience.


The eNaira was launched in 2021, marking Nigeria's entry into an exclusive group of countries with CBDC offerings. However, the adoption rates have not met initial expectations, prompting the central bank to actively explore strategies to drive widespread usage. To achieve this, the CBN has successfully introduced use cases in the transport sector and integrated USSD functionality into the eNaira platform.

Former CBN Governor Godwin Emefiele had previously voiced concerns over commercial banks potentially stifling the growth of eNaira to prioritize their profitability. Despite the recent change in leadership, the CBN remains steadfast in its commitment to the eNaira project and continues to refine its features while addressing any prevailing challenges.

ith the introduction of NFC technology and programmability features, the CBN aims to reignite interest in eNaira and boost its adoption among the Nigerian population. The inclusion of contactless payment capabilities is expected to significantly attract more users, making eNaira the preferred choice for secure and efficient digital transactions across the country.

Looking ahead, the CBN plans to collaborate closely with various stakeholders, including financial institutions, merchants, and government agencies, to foster an ecosystem that embraces the potential of eNaira. As the project progresses, the CBN remains optimistic about achieving its vision of a more inclusive and technologically advanced financial landscape for Nigeria.


Cryptanil Team

With our safe and easy-to-use crypto payment gateway, we enable your business to accept crypto payments and quickly increase your revenue.