CBN Urges Tertiary Institutions to Embrace e-Naira for Fees, Salaries

Olufemi Adeyemi 

Central Bank of Nigeria(CBN) has explained why students of higher institutions across the country should embrace payment of their school fees through the use of its digital currency platform, the eNaira.

The Central Bank of Nigeria (CBN) has called on students and management of tertiary institutions to adopt e-Naira for payment of tuition, salary and other sundry transactions.

Assistant Director, Ekiti State branch of the apex bank, Ayodeji Adeboboye, gave the advice yesterday during a sensitisation on the e-Naira wallet at the Bamidele Olumilua University of Education, Science and Technology, Ikere-Ekiti. He said the advocacy was to sensitise the students and other stakeholders on benefits and importance of the policy.

Adeboboye, who said the apex bank has so far taken the sensitisation to 14 tertiary institutions, added that the policy remains a viable alternative payment platform to physical cash transactions, and should be embraced by all for hitch-free and cost- effective operations.

The CBN official clarified that every financial transaction like payment of school fees, salaries and buying and selling within the school community could be done seamlessly through the e-Naira wallet.

He said there is no fee charged for e-Naira transactions, noting that the time has come for all Nigerians to key into the new policy owing to its numerous advantages, as other countries have gone beyond cash payment and embraced electronic payment.

The CBN e-Naira Consultant, Izuchukwu Nwankpa, encouraged Nigerians to key into the cashless policy, saying the nation could not afford to be left behind in the dynamic global financial ecosystem. He observed that e-Naira initiative had promoted financial inclusion and checked corruption and money laundering, as well as improved efficiency of the financial system.

Nwankpa, however, encouraged the university community and other stakeholders to identify with the alternative platform due to its cost effectiveness, safety, security, user-friendliness and effectiveness.

In her remarks, the Deputy Vice Chancellor, Dr. Veronica Makinde, lauded the CBN for the initiative, and assured of the institution’s support in promoting the project.

June 23, 2023