D.E.T.A.I.L.E.D: Functions and Importance of eNaira Wallet in Nigeria

119

eNaira wallet in Nigeria serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money. Below are the functions and importance of enaira

eNaira Wallet in Nigeria

  • eNaira fosters Economic Growth
  • eNaira Provides Remittance
  • Traceability in case of fraud
  • eNaira helps in distribution of Welfare packages
  • eNaira provides Financial Inclusion
  • eNaira increases Local and International Trade
  • eNaira has a stronger security
  • eNaira aids Revenue collection

eNaira fosters Economic Growth

eNaira fosters Economic Growth by offering easier access to capital and financial services thereby increasing economic activities at low/no interest transaction rate.

eNaira Provides Remittance

eNaira provides a secure and cheaper diaspora Remittance option and an increase in the speed of such transactions.

Traceability in case of fraud

eNaira’s traceability limits its use for illicit or fraudulent purpose

eNaira helps in distribution of Welfare packages

eNaira enables effective, equitable, and faster distribution of cash assistance to households and communities included in government Social Welfare Programs

eNaira provides Financial Inclusion

eNaira provides Financial Inclusion by making financial services available to people or communities who do not have (enough) banking opportunity.

eNaira increases Local and International Trade

eNaira increases Local and International Trade by making transactions cheap, safe, quick, and better.

eNaira has a stronger security

eNaira has a stronger security because it cannot be forged or counterfeited as a result of its unique identity and security structure.

eNaira aids Revenue collection

eNaira aids Revenue collection by reducing cash handling costs.

  • Get Full Work -N4000
  • __________________
  • This topic contains:
  • Chapter 1-5
  • Abstract
  • References
  • Appendix/If applicable