A Financial Technology (Fintech) expert, Dr Yele Okeremi has lauded the proposed e-Naira, a digital Currency by the Central Bank of Nigeria (CBN).
Okeremi while speaking to the News Agency of Nigeria (NAN) in Lagos, opined that digital currency would encourage national progression and drive financial inclusiveness among the underserved.
Recall that the Central Bank of Nigeria had earlier proposed to launch a digital currency named e-naira on 1st of October, 2021.
Okeremi who is the Chief Executive Officer of Presice Financial System, stressed the need for economic inclusiveness for financial inclusiveness to be achieved, to enhance the digital currency for national progression.
According to him, the challenge of digital currency and financial inclusiveness is access to the internet, availability, and affordability of smartphones, especially in rural areas.
“If internet facility and smartphones are made available and affordable, it will make the digital currency a reality. It does not mean that the work of the financial institutions will be taken away,’’ he said.
Okeremi said the only difference was that depositing of cash, would be minimal as people would be having the e-naira in their wallet.
The fintech expert also highlighted the difference between the digital currencies, saying all cryptocurrencies lay in the same technology of blockchain but the difference was the issuer of the currency.
According to him, one can choose to transact with the e-naira, that one knows the issuer, or choose another currency with an unknown issuer.
He compared it to buying shares from a known company or from an unknown company, it was a matter of choice.
Naijabusiness.com.ng understands that digital currency is any currency that is primarily managed, stored, or exchanged through a digital process, such as the internet