Saturday, September 23, 2023
  • SUBSCRIBE NOW
  • Login
  • Register
No Result
View All Result
The Kenya Times
  • News
    • All
    • Africa News
    • Diaspora News
    • East Africa News
    • Middle East News
    • National News
    • West Africa News
    • World News
    Chaos reported in Huruma following police shooting.

    Police Inspector Arrested Over Motivation Fee

    Double Blow for Waititu as Ksh 2B Family Wealth is Seized

    Double Blow for Waititu as Ksh 2B Family Wealth is Seized

    Secretary of Defense Lloyd J. Austin III to visit three African countries, Kenya included.

    Joe Biden Sends His Defense Secretary to Kenya

    Raila Odinga and Jalang'o sharing a moment

    Raila Loves Me So Much – Jalang’o

    Interior CS Kithure Kindiki. PHOTO/Interior.

    Kindiki: I Will Deal with You Same Way I Crushed Azimio Maandamano

    Transport CS Kipchumba Murkomen. PHOTO/Courtesy.

    Murkomen Copies Kindiki Style, Catches NTSA Flat-Footed

    Trending Tags

    • Business
      • All
      • Banking
      • Cryptocurrency
      • Economy
      • Energy
      • Money Markets
      • Personal Finance
      • Real Estate
      • Startups
      Family Bank Unveils Ksh50 Billion Kitty Exclusive for Women

      Family Bank Unveils Ksh50 Billion Kitty Exclusive for Women

      MP Pushes for Hefty Fines of Up to Ksh10M After Migori Gold Rush

      MP Pushes for Hefty Fines of Up to Ksh10M After Migori Gold Rush

      New Features for WhatsApp Business Announced

      New Features for WhatsApp Business Announced

      Kenyans Rush to Tanzania for Cheaper Fuel

      Kenyans Rush to Tanzania for Cheaper Fuel

      Ruto Signs Cheap Fuel Deal with the UAE

      Boost for Ruto as Fuel Deal with UAE Extended

      EPRA Deactivates MPESA Account, Gives Alternative

      Daniel Kiptoo: From Rugby Player to EPRA Boss

    • Health
      • All
      • Allergies
      • COVID-19
      • Health & Science
      • Mens Health
      • Mental Health
      • Wellness
      • Womens Health
      Public Service PS Amos Gathecha speaking during the opening ceremony of Public Service Counsellors workshop on September 18. PHOTO-Amos

      Govt Identifies Most Stressed Civil Servants

      UJI POWER: Benefits of Popular Sip Keeping Nairobians Full Amid Tough Times

      UJI POWER: Benefits of Popular Sip Keeping Nairobians Full Amid Tough Times

      Doctors to Hold Protests on the State of Healthcare in Kenya

      Doctors to Hold Protests, Issue Demands to Govt

      Worldcoin Eye Scans May Cause Health Complications

      CS Nakhumicha Warns Kenyans of Health Risks Linked to Worldcoin Eye Scans

      The Cabinet resolved to introduce three new funds

      Cabinet Approves Scrapping of NHIF

      The American Psychiatric Association defines anxiety as the anticipation of a future concern

      Managing Anxiety: Practical Strategies for Everyday Life 

      Trending Tags

      • Law & Order
        • All
        • Corruption
        • Courts
        • Crime
        • Cyber Crime
        • Elections
        • Fraud
        • Investigations
        • Military
        • Missing Persons
        • Press Freedom
        • Terrorism
        A photo of Billy Chemirmir- Kenyan man found dead in his prison cell in Texas on Septmber 19, 2023.

        Billy Chemirmir: Kenyan Serial Killer Murdered in US Prison

        Khalwale Proposes Tougher Regulations for Boda Boda Riders

        Law Seeking to Control How Kenyans Sit on Boda Boda Coming

        IG Koome Sued Over Uhuru-Era Killings

        IG Koome Sued Over Uhuru-Era Killings

        Ex-Mungiki Leader Maina Njenga Allegedly Abducted

        Ex-Mungiki Leader Maina Njenga Allegedly Abducted

        Government's Crackdown on Drug Trafficking and Illegal Brews

        Foreigner Nabbed at JKIA With Heroin Worth Ksh3.2M

        Homa Bay MP Peter Kaluma speaks during a media brifing at Parliament Buildings Nairobi.

        Kaluma Gives Way Forward After Supreme Court Ruling on LGBTQ Rights

        Supreme Court Seals Fate of Judge

        Supreme Court Seals Fate of Judge

        An undated photo of Chief Justice Martha Koome.

        Win for LGBTQ as Supreme Court Determines Kaluma Petition

        Court Rules on Pauline Njoroge's Case

        Court Rules on Pauline Njoroge’s Case

        Trending Tags

        • Sports
          • All
          • Athletics
          • Basketball
          • Boxing
          • Cricket
          • Football
          • Formula 1
          • Golf
          • Marathons
          • Olympics
          • Rallies
          • Rugby
          • Tennis
          • World Cup
          From left Barcelona Coach Xavi Hernandez, Manchester City coach Pep Guardiola and Bayern Leverkusen boss Xavi Alonso. The 3 coaches are unbeaten.

          18 Unbeaten Teams in Europe’s Big 5 Leagues in 2023/24 Season

          A Love Story on the Runway: Mary Moraa's Surprise Airport Proposal

          Lucky Man Melts Mary Moraa’s Golden Heart with Airport Proposal

          President Ruto Awards Shujaa 7s Players Ksh200k Each

          Ruto Awards Shujaa 7s Players Ksh200k Each

          Image of CS Namwamba with President Ruto at a past event. PHOTO- CS Namwamba

          I am Not Resigning Anytime Soon – Ababu Namwamba

          Image of CS Namwamba with President Ruto at a past event. PHOTO- CS Namwamba

          Ababu Namwamba Brags of His Unbeaten Record

          CS Ababu Namwamba on the Spot Over His Performance

          Our Eyes Are on World Cup, Namwamba After Harambee Stars Beating

          Trending Tags

          • Entertainment
            • All
            • Gaming
            • Movies
            • Music
            Sonko's Emotional Message to Daughter as She Flies Out

            Sonko’s Emotional Message to Daughter as She Flies Out

            Abel Mutua Issues 'Joint Statement' After Kate Actress Divorce

            Abel Mutua Issues ‘Joint Statement’ After Kate Actress Divorce

            A collage of Kenyan Singer and Songwriter Nadia Mukami.

            Nadia Mukami Bags Prestigious Award in US

            A past photo of content creator Andrew Kibe.

            Google Breaks Silence on Andrew Kibe YouTube Channel

            Pulse Kenya stated that there are fraudulent players contacting 2023 nominees for pulse awards offering them votes at a price

            Pulse Kenya Condemns Fraudsters Selling Votes to Influencer Award Nominees

            Otile Brown Calls Out Diamond and Mbosso Over Fake Jewelry

            Otile Brown Calls Out Diamond and Mbosso Over Fake Jewelry

            Trending Tags

            • Lifestyle
              • All
              • Arts
              • Culture
              • Disabilities Matters
              • Ethics & Religion
              • Family
              • Fashion
              • Food
              • Human Interest
              • Tourism
              Ruto Under Pressure to Introduce One-Child Policy in Kenya

              Ruto Under Pressure to Introduce One-Child Policy in Kenya

              Inclusive Initiatives to Support Mobility for PWDs In Kenya

              Inclusive Initiatives to Support Mobility for PWDs In Kenya

              Sam Gituku: From Unknown Radio Reporter to High-Flying TV Anchor

              Sam Gituku: From Unknown Radio Reporter to High-Flying TV Anchor

              Dr. Kelvin Shikuku. PHOTO/Courtesy.

              Kenyan Feted by European Research Body After Emerging Top

              Diet Tips: What You Should Know Before Eating Matumbo

              Diet Tips: What You Should Know Before Eating Matumbo

              Wahu Recalls Losing 2 Pregnancies as Daughter Turns 10 Months

              Wahu Recalls Losing 2 Pregnancies as Daughter Turns 10 Months

              Trending Tags

              • Sci-Tech
                • All
                • Climate Changes
                • Cyber Security
                • Social Media
                • Space
                • Technology
                Elon Musk's Neuralink Chip That can Help You Control a Cursor With Your Mind

                Brain Chip That Can Help You Control Computer Cursor with Your Mind Approved

                With pressure from the European Union, Apple has thrown in the towel on its Lightning connector, left, in favor of the standard USB-C, right. Frederic J. Brown/AFP via Getty Images

                What is USB-C?

                President William Ruto (center) poses for a photo with US Ambassador to Kenya Meg Whitman (right) and a Starlink executive after a meetig on September 16, 2023.

                Ruto Pushes for Cheaper Internet in Meeting with Elon Musk’s Starlink

                Dr. Kelvin Shikuku. PHOTO/Courtesy.

                Kenyan Feted by European Research Body After Emerging Top

                Met Department Warns of El Nino Rains

                NEMA Sounds Warning to Businessowners

                Nairobi Declaration on Climate Change and Call to Action

                Details of Resolutions Adopted by African Presidents in Nairobi

                Trending Tags

                • Opinion
                  • All
                  • Editorials
                  • John Mukum Mbaku
                  • Letters to Editor
                  • Makau Mutua
                  • Peter Ongera
                  • Salim Lone
                  • XN Iraki
                  Wagner group founder Yevgeny Prigozhin, photographed on June 24, 2023, in Russia. Anadolu Agency via Getty Images

                  Wagner Group: What Yevgeny Prigozhin’s Death Means for Stability in Africa

                  Fulton County District Attorney Fani Willis speaks during a news conference after former President Donald Trump’s Aug. 15 indictments. Joe Raedle/Getty Images

                  RICO is Often Used to Target the Mob and Cartels

                  Niger coup and Junta leader Gen Abdourahmane Tchiani; part of a demonstration held by his supporters in Niamey on Sunday. Coutesy of Balima Boreima / Anadolu Agency via Getty Images

                  The Needless Return of the Coup

                  The indictment of Donald Trump and an aide was ‘laced with rhetorical and narrative techniques.’ Photo Illustration by Drew Angerer/Getty Images

                  Trump’s Classified-Documents Indictment Does More than Allege Crimes

                  Wagner group founder Yevgeny Prigozhin, photographed on June 24, 2023, in Russia. Anadolu Agency via Getty Images

                  Wagner Group’s Yevgeny Prigozhin Reportedly Died in Private Jet Crash

                  Africa is facing a lot of challenges.

                  Africa Must Chart Its Leadership Separate from Foreign Ideology

                • Contact Us
                • News
                  • All
                  • Africa News
                  • Diaspora News
                  • East Africa News
                  • Middle East News
                  • National News
                  • West Africa News
                  • World News
                  Chaos reported in Huruma following police shooting.

                  Police Inspector Arrested Over Motivation Fee

                  Double Blow for Waititu as Ksh 2B Family Wealth is Seized

                  Double Blow for Waititu as Ksh 2B Family Wealth is Seized

                  Secretary of Defense Lloyd J. Austin III to visit three African countries, Kenya included.

                  Joe Biden Sends His Defense Secretary to Kenya

                  Raila Odinga and Jalang'o sharing a moment

                  Raila Loves Me So Much – Jalang’o

                  Interior CS Kithure Kindiki. PHOTO/Interior.

                  Kindiki: I Will Deal with You Same Way I Crushed Azimio Maandamano

                  Transport CS Kipchumba Murkomen. PHOTO/Courtesy.

                  Murkomen Copies Kindiki Style, Catches NTSA Flat-Footed

                  Trending Tags

                  • Business
                    • All
                    • Banking
                    • Cryptocurrency
                    • Economy
                    • Energy
                    • Money Markets
                    • Personal Finance
                    • Real Estate
                    • Startups
                    Family Bank Unveils Ksh50 Billion Kitty Exclusive for Women

                    Family Bank Unveils Ksh50 Billion Kitty Exclusive for Women

                    MP Pushes for Hefty Fines of Up to Ksh10M After Migori Gold Rush

                    MP Pushes for Hefty Fines of Up to Ksh10M After Migori Gold Rush

                    New Features for WhatsApp Business Announced

                    New Features for WhatsApp Business Announced

                    Kenyans Rush to Tanzania for Cheaper Fuel

                    Kenyans Rush to Tanzania for Cheaper Fuel

                    Ruto Signs Cheap Fuel Deal with the UAE

                    Boost for Ruto as Fuel Deal with UAE Extended

                    EPRA Deactivates MPESA Account, Gives Alternative

                    Daniel Kiptoo: From Rugby Player to EPRA Boss

                  • Health
                    • All
                    • Allergies
                    • COVID-19
                    • Health & Science
                    • Mens Health
                    • Mental Health
                    • Wellness
                    • Womens Health
                    Public Service PS Amos Gathecha speaking during the opening ceremony of Public Service Counsellors workshop on September 18. PHOTO-Amos

                    Govt Identifies Most Stressed Civil Servants

                    UJI POWER: Benefits of Popular Sip Keeping Nairobians Full Amid Tough Times

                    UJI POWER: Benefits of Popular Sip Keeping Nairobians Full Amid Tough Times

                    Doctors to Hold Protests on the State of Healthcare in Kenya

                    Doctors to Hold Protests, Issue Demands to Govt

                    Worldcoin Eye Scans May Cause Health Complications

                    CS Nakhumicha Warns Kenyans of Health Risks Linked to Worldcoin Eye Scans

                    The Cabinet resolved to introduce three new funds

                    Cabinet Approves Scrapping of NHIF

                    The American Psychiatric Association defines anxiety as the anticipation of a future concern

                    Managing Anxiety: Practical Strategies for Everyday Life 

                    Trending Tags

                    • Law & Order
                      • All
                      • Corruption
                      • Courts
                      • Crime
                      • Cyber Crime
                      • Elections
                      • Fraud
                      • Investigations
                      • Military
                      • Missing Persons
                      • Press Freedom
                      • Terrorism
                      A photo of Billy Chemirmir- Kenyan man found dead in his prison cell in Texas on Septmber 19, 2023.

                      Billy Chemirmir: Kenyan Serial Killer Murdered in US Prison

                      Khalwale Proposes Tougher Regulations for Boda Boda Riders

                      Law Seeking to Control How Kenyans Sit on Boda Boda Coming

                      IG Koome Sued Over Uhuru-Era Killings

                      IG Koome Sued Over Uhuru-Era Killings

                      Ex-Mungiki Leader Maina Njenga Allegedly Abducted

                      Ex-Mungiki Leader Maina Njenga Allegedly Abducted

                      Government's Crackdown on Drug Trafficking and Illegal Brews

                      Foreigner Nabbed at JKIA With Heroin Worth Ksh3.2M

                      Homa Bay MP Peter Kaluma speaks during a media brifing at Parliament Buildings Nairobi.

                      Kaluma Gives Way Forward After Supreme Court Ruling on LGBTQ Rights

                      Supreme Court Seals Fate of Judge

                      Supreme Court Seals Fate of Judge

                      An undated photo of Chief Justice Martha Koome.

                      Win for LGBTQ as Supreme Court Determines Kaluma Petition

                      Court Rules on Pauline Njoroge's Case

                      Court Rules on Pauline Njoroge’s Case

                      Trending Tags

                      • Sports
                        • All
                        • Athletics
                        • Basketball
                        • Boxing
                        • Cricket
                        • Football
                        • Formula 1
                        • Golf
                        • Marathons
                        • Olympics
                        • Rallies
                        • Rugby
                        • Tennis
                        • World Cup
                        From left Barcelona Coach Xavi Hernandez, Manchester City coach Pep Guardiola and Bayern Leverkusen boss Xavi Alonso. The 3 coaches are unbeaten.

                        18 Unbeaten Teams in Europe’s Big 5 Leagues in 2023/24 Season

                        A Love Story on the Runway: Mary Moraa's Surprise Airport Proposal

                        Lucky Man Melts Mary Moraa’s Golden Heart with Airport Proposal

                        President Ruto Awards Shujaa 7s Players Ksh200k Each

                        Ruto Awards Shujaa 7s Players Ksh200k Each

                        Image of CS Namwamba with President Ruto at a past event. PHOTO- CS Namwamba

                        I am Not Resigning Anytime Soon – Ababu Namwamba

                        Image of CS Namwamba with President Ruto at a past event. PHOTO- CS Namwamba

                        Ababu Namwamba Brags of His Unbeaten Record

                        CS Ababu Namwamba on the Spot Over His Performance

                        Our Eyes Are on World Cup, Namwamba After Harambee Stars Beating

                        Trending Tags

                        • Entertainment
                          • All
                          • Gaming
                          • Movies
                          • Music
                          Sonko's Emotional Message to Daughter as She Flies Out

                          Sonko’s Emotional Message to Daughter as She Flies Out

                          Abel Mutua Issues 'Joint Statement' After Kate Actress Divorce

                          Abel Mutua Issues ‘Joint Statement’ After Kate Actress Divorce

                          A collage of Kenyan Singer and Songwriter Nadia Mukami.

                          Nadia Mukami Bags Prestigious Award in US

                          A past photo of content creator Andrew Kibe.

                          Google Breaks Silence on Andrew Kibe YouTube Channel

                          Pulse Kenya stated that there are fraudulent players contacting 2023 nominees for pulse awards offering them votes at a price

                          Pulse Kenya Condemns Fraudsters Selling Votes to Influencer Award Nominees

                          Otile Brown Calls Out Diamond and Mbosso Over Fake Jewelry

                          Otile Brown Calls Out Diamond and Mbosso Over Fake Jewelry

                          Trending Tags

                          • Lifestyle
                            • All
                            • Arts
                            • Culture
                            • Disabilities Matters
                            • Ethics & Religion
                            • Family
                            • Fashion
                            • Food
                            • Human Interest
                            • Tourism
                            Ruto Under Pressure to Introduce One-Child Policy in Kenya

                            Ruto Under Pressure to Introduce One-Child Policy in Kenya

                            Inclusive Initiatives to Support Mobility for PWDs In Kenya

                            Inclusive Initiatives to Support Mobility for PWDs In Kenya

                            Sam Gituku: From Unknown Radio Reporter to High-Flying TV Anchor

                            Sam Gituku: From Unknown Radio Reporter to High-Flying TV Anchor

                            Dr. Kelvin Shikuku. PHOTO/Courtesy.

                            Kenyan Feted by European Research Body After Emerging Top

                            Diet Tips: What You Should Know Before Eating Matumbo

                            Diet Tips: What You Should Know Before Eating Matumbo

                            Wahu Recalls Losing 2 Pregnancies as Daughter Turns 10 Months

                            Wahu Recalls Losing 2 Pregnancies as Daughter Turns 10 Months

                            Trending Tags

                            • Sci-Tech
                              • All
                              • Climate Changes
                              • Cyber Security
                              • Social Media
                              • Space
                              • Technology
                              Elon Musk's Neuralink Chip That can Help You Control a Cursor With Your Mind

                              Brain Chip That Can Help You Control Computer Cursor with Your Mind Approved

                              With pressure from the European Union, Apple has thrown in the towel on its Lightning connector, left, in favor of the standard USB-C, right. Frederic J. Brown/AFP via Getty Images

                              What is USB-C?

                              President William Ruto (center) poses for a photo with US Ambassador to Kenya Meg Whitman (right) and a Starlink executive after a meetig on September 16, 2023.

                              Ruto Pushes for Cheaper Internet in Meeting with Elon Musk’s Starlink

                              Dr. Kelvin Shikuku. PHOTO/Courtesy.

                              Kenyan Feted by European Research Body After Emerging Top

                              Met Department Warns of El Nino Rains

                              NEMA Sounds Warning to Businessowners

                              Nairobi Declaration on Climate Change and Call to Action

                              Details of Resolutions Adopted by African Presidents in Nairobi

                              Trending Tags

                              • Opinion
                                • All
                                • Editorials
                                • John Mukum Mbaku
                                • Letters to Editor
                                • Makau Mutua
                                • Peter Ongera
                                • Salim Lone
                                • XN Iraki
                                Wagner group founder Yevgeny Prigozhin, photographed on June 24, 2023, in Russia. Anadolu Agency via Getty Images

                                Wagner Group: What Yevgeny Prigozhin’s Death Means for Stability in Africa

                                Fulton County District Attorney Fani Willis speaks during a news conference after former President Donald Trump’s Aug. 15 indictments. Joe Raedle/Getty Images

                                RICO is Often Used to Target the Mob and Cartels

                                Niger coup and Junta leader Gen Abdourahmane Tchiani; part of a demonstration held by his supporters in Niamey on Sunday. Coutesy of Balima Boreima / Anadolu Agency via Getty Images

                                The Needless Return of the Coup

                                The indictment of Donald Trump and an aide was ‘laced with rhetorical and narrative techniques.’ Photo Illustration by Drew Angerer/Getty Images

                                Trump’s Classified-Documents Indictment Does More than Allege Crimes

                                Wagner group founder Yevgeny Prigozhin, photographed on June 24, 2023, in Russia. Anadolu Agency via Getty Images

                                Wagner Group’s Yevgeny Prigozhin Reportedly Died in Private Jet Crash

                                Africa is facing a lot of challenges.

                                Africa Must Chart Its Leadership Separate from Foreign Ideology

                              • Contact Us
                              No Result
                              View All Result
                              The Kenya Times ~ Breaking News, Business, Politics, Sports and Entertainment
                              No Result
                              View All Result

                              eNaira: Nigeria’s Digital Currency has had a Slow Start – What’s Holding it Back

                              Iwa Salami by Iwa Salami
                              July 22, 2023

                              Nigeria was the first country in Africa to roll out a central bank digital currency. The eNaira was launched in October 2021. The main reasons were to promote financial inclusion, increase cross-border transactions, facilitate diaspora remittances, and complement existing payment systems.

                              But adoption has been low so far. Less than 0.5% of Nigerians were using it a year after it was launched.

                              Since October 2022, the number of e-Naira wallets has reportedly increased more than 12-fold to 13 million. There has also been a 63% increase to N22 billion (US$48 million) in the value of transactions so far in 2023, thanks to the currency crisis earlier in the year.

                              Still, a lot needs to be done to encourage the financially excluded to adopt the eNaira.

                              It’s important for Nigeria and other African economies to use central bank digital currencies because the widespread use of crypto assets poses a real threat to their monetary sovereignty. If a globally accessible and transferable currency exists to settle transactions, particularly over the internet, domestic currencies become less relevant and won’t be used.


                              Also Read: Nearly a Third of Nigerians Don’t Have Access to a Basic Supply of Water


                              Another key reason for adoption is the global drive to tokenize assets – the representation of the ownership rights of real-world assets as digital tokens/assets on a blockchain. Central bank digital currencies are well placed to serve as the anchor for all forms of digital assets and digital currencies.

                              Projects to develop them are also happening at a frenetic pace.

                              The Bank for International Settlements – the bank of all central banks – has launched numerous projects through its Innovation Hub Centres, to test the uses of central bank digital currencies at the domestic and global levels. It does this in collaboration with Central Banks located in these Centres. BIS Innovation Hub Centres exist in Europe, North America and Asia; there is a need for one on the African continent.

                              The Central Bank of the Bahamas and the Eastern Caribbean Central Bank have issued their own central bank digital currency. This is primarily to facilitate financial inclusion for remote island communities and to strengthen the payments system’s resilience to natural disasters and pandemics.

                              Adoption has been slow and accessing central bank digital currency has been a challenge. This is mostly the result of a weak awareness campaign and poor infrastructure.


                              Also Read: China in Africa: Kenya Railway Study Shows Investment Projects aren’t a One-Way Street


                              The story is the same in China. It is piloting its central bank digital currency, called e-CNY, in 26 cities but still experiencing poor adoption. In response, the Chinese government recently announced its intention to broaden the use of the e-CNY in educational institutions. That includes areas like scholarship distribution, tax payment and school purchases.

                              I have researched and contributed to the policy discussions on the regulation of crypto-assets domestically and globally. I have also been involved in public consultations on central bank digital currency. I understand the role it can play for the future use of money and for international monetary and financial stability.

                              The eNaira, in my view, would need to get past certain challenges before it can be widely adopted domestically. These challenges include absence of technology infrastructure, lack of training for financial institution staff who have to manage the process, data privacy concerns, the electricity crisis and fear of financial crimes.

                              Barriers to adoption

                              Technology infrastructure: The Central Bank of Nigeria needs to ensure that a robust technology infrastructure is in place to manage the eNaira. This doesn’t appear to have been clearly thought out before the launch. In February 2023, it was announced that Nigeria was in talks with a new technology provider to develop a new system to run and manage the eNaira.

                              The original system was built by Bitt, a global financial technology company.

                              It is believed that the Central Bank of Nigeria wants to develop its own software for the digital currency. The new partner would help the central bank to control the underlying technology.

                              A change of technology provider two years into the project suggests the country does not have the right programme for rolling out a robust system.

                              Training: The idea is that financial institutions would give users access to central bank digital currency wallets while the central bank oversees the ledger and manages the system. It is, however, reported that banks and financial institution staff do not appear well trained to get users on board. So, the system is not fully ready for adoption.

                              Data privacy: Under the current design, the central bank will be able to see all transactions of users of the eNaira. Potential users are apprehensive about this, and a solution is needed.

                              Prevention of financial crimes: A tiered mechanism is in place for the issuance of eNaira wallet, depending on the level of identification documentation users provide. Each tier has certain balance and transaction limits to prevent abuse of the system.

                              But this is likely to limit access for the people who need financial inclusion the most. This is so as they are likely to find it difficult fulfilling the more stringent identification requirements needed for a larger transaction limit. Also, the eNaira design uses the existing Bank Verification Number and National Identity Number regime. Poorer people are likely to be challenged to get the documentation needed for this and it can be an expensive and cumbersome process.

                              As this system is currently only accessible to those with bank accounts, it does not facilitate financial inclusion.

                              Nigeria’s electricity and internet crisis: The electricity crisis and lack of widespread access to internet connectivity across the country, especially in rural communities, is a challenge. There would be a need for offline access to the eNaira platform.

                              Workable solutions

                              To drive the smooth and speedy adoption of the eNaira, it must be made accessible to everyone with a mobile phone. Users could also get incentives to use the digital currency, in the form of discounts when paying taxes and for other public services.

                              Another strategy is to embed mobile networks or payment apps into the central bank digital currency wallets, to make it possible to operate across different mobile network operators.

                              If these challenges can be surmounted and policy approaches to adoption implemented, adoption of the eNaira is likely to pick up.The Conversation

                              Iwa Salami, Reader (Associate Professor) in Law, University of East London

                              This article is republished from The Conversation under a Creative Commons license. Read the original article.

                              Tags: Central bank digital currencies (CBDC)Central Bank of NigeriaDigital CurrenciesEconomyeNairaMonetary PolicyNigeria

                              Get real time update about this post categories directly on your device, subscribe now.

                              Unsubscribe
                              Iwa Salami

                              Iwa Salami

                              Dr Iwa Salami is a Reader (Associate Professor) in Law at the Royal Docks School of Business and Law, University of East London (UEL). She is Director of the Centre of FinTech at UEL and the Programme Leader for the LLM in FinTech Law. She is a member of the Executive Board of the Centre for the Study of States, Markets and People and was a member of the Governing Council of the British Institute in Eastern Africa (BIEA) between 2017-2022. Prior to joining UEL, she was a research fellow at the Centre for Commercial Law Studies at Queen Mary, University of London where she also lectured. She has previously worked in the UK and abroad, including at the Government Legal Service and the African Development Bank. Dr Salami has published extensively in the field of financial regulation in emerging economies and financial technology (FinTech) regulation. Her publications include numerous articles in internationally refereed journals and a book: Financial Regulation in Africa (Ashgate, 2012). She is currently researching regulatory frameworks for mobile payments; crowd-funding; Web 3.0 application in finance including crypto-assets, stablecoins, decentralized finance (DeFi), Non-fungible tokens (NFTs) and the metaverse; Central Bank Digital Currencies (CBDCs) - wholesale and retail; CBDCs and regional projects; and legal dimensions of DLT/ Blockchain Technology.

                              Next Post
                              Police officer battles protesters.

                              Student with 9 Bullets Lodged in Body Recounts Police Ordeal

                              ADVERTISEMENT

                              RECENT NEWS

                              Chaos reported in Huruma following police shooting.

                              Police Inspector Arrested Over Motivation Fee

                              September 23, 2023
                              Double Blow for Waititu as Ksh 2B Family Wealth is Seized

                              Double Blow for Waititu as Ksh 2B Family Wealth is Seized

                              September 23, 2023
                              Secretary of Defense Lloyd J. Austin III to visit three African countries, Kenya included.

                              Joe Biden Sends His Defense Secretary to Kenya

                              September 23, 2023
                              Raila Odinga and Jalang'o sharing a moment

                              Raila Loves Me So Much – Jalang’o

                              September 23, 2023
                              Interior CS Kithure Kindiki. PHOTO/Interior.

                              Kindiki: I Will Deal with You Same Way I Crushed Azimio Maandamano

                              September 23, 2023
                              Transport CS Kipchumba Murkomen. PHOTO/Courtesy.

                              Murkomen Copies Kindiki Style, Catches NTSA Flat-Footed

                              September 23, 2023

                              THE MOST IMPORTANT NATIONAL AND GLOBAL NEWS OF THE DAY

                              Subscribe to our mailing list to receives daily updates direct to your inbox!

                              Join our WhatsApp: WhatsApp News Channel
                              Call us: +254 714 544 390

                              © 2023 The Kenya Times | Contact Us | Privacy Policy | Standards & Policies | House Rules

                              • Login
                              • Sign Up
                              • Cart
                              Subscribe Now
                              No Result
                              View All Result
                              • News
                                • Africa News
                                • Diaspora News
                                • East Africa News
                                • Middle East News
                                • National News
                                • World News
                              • Business
                                • Banking
                                • Cryptocurrency
                                • Economy
                                • Energy
                                • Money Markets
                                • Startups
                                • Real Estate
                                • Technology
                              • Health
                                • COVID-19
                                • Health & Science
                                • Mens Health
                                • Mental Health
                                • Wellness
                                • Womens Health
                              • Law & Order
                                • Cyber Crime
                                • Corruption
                                • Courts
                                • Financial Fraud
                                • Investigations
                                • Missing Persons
                                • Terrorism
                              • Sports
                                • Athletics
                                • Basketball
                                • Boxing
                                • Cricket
                                • Football
                                • Formula 1
                                • Golf
                                • Marathons
                                • Olympics
                                • Rugby
                                • World Cup
                              • Entertainment
                                • Gaming
                                • Music
                                • Movies
                              • Lifestyle
                                • Arts
                                • Culture
                                • Disabilities Matters
                                • Ethics & Religion
                                • Family
                                • Fashion
                                • Food
                                • Human Interest
                                • Tourism
                              • Opinion
                                • Editorials
                                • Letters to Editor
                                • John Mukum Mbaku
                                • Makau Mutua
                                • Peter Ongera
                                • Salim Lone
                                • XN Iraki
                              • Sci-Tech
                                • Climate Changes
                                • Cyber Security
                                • Technology
                                • Social Media
                                • Space
                              • Contact Us

                              © 2023 The Kenya Times | Our Privacy Policy | Standards and Policies | House Rules

                              Welcome Back!

                              Sign In with Facebook
                              Sign In with Google
                              Sign In with Linked In
                              OR

                              Login to your account below

                              Forgotten Password? Sign Up

                              Create New Account!

                              Sign Up with Facebook
                              Sign Up with Google
                              Sign Up with Linked In
                              OR

                              Fill the forms below to register

                              All fields are required. Log In

                              Retrieve your password

                              Please enter your username or email address to reset your password.

                              Log In
                              Your Privacy and Cookies
                              We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
                              Do not sell my personal information.
                              Cookie settingsACCEPT
                              Privacy & Cookies Policy

                              Privacy Overview

                              This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
                              Necessary
                              Always Enabled
                              Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
                              Functional
                              Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
                              Performance
                              Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
                              Analytics
                              Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
                              Advertisement
                              Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
                              Others
                              Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
                              SAVE & ACCEPT

                              Add New Playlist

                              Are you sure want to unlock this post?
                              Unlock left : 0
                              Are you sure want to cancel subscription?