The success of the eNaira project will indeed depend on how we resolve the country's structural challenges which the eNaira cannot solve. I personally do not think the eNaira is a financial inclusion innovation ( it would have been if there was a different way to bring in the financially excluded without a banking related solution). The lack of convertibility as of now from eNaira to bank money is itself a challenge and that should be reconsidered. The current KYC system is what hinders banks from significantly increasing financial inclusion and that process needs to be thought differently. Success of NIN program could aid inclusion and this should be focused on. The follow on would be automatic NIN- BVN integration and we will be closer to home especially if the PSB's can leverage the Telco customer base and bring them into the NIN-BVN accessibility. Lastly will be to settle international currencies into eNaira ( this is still far in the journey but could be made possible and border trades will become possible especially with a way that non-banks could also be involved in the eNaira issuance). It's however a good start. Let's watch the development
Thanks for this:
The success of the eNaira project will indeed depend on how we resolve the country's structural challenges which the eNaira cannot solve. I personally do not think the eNaira is a financial inclusion innovation ( it would have been if there was a different way to bring in the financially excluded without a banking related solution). The lack of convertibility as of now from eNaira to bank money is itself a challenge and that should be reconsidered. The current KYC system is what hinders banks from significantly increasing financial inclusion and that process needs to be thought differently. Success of NIN program could aid inclusion and this should be focused on. The follow on would be automatic NIN- BVN integration and we will be closer to home especially if the PSB's can leverage the Telco customer base and bring them into the NIN-BVN accessibility. Lastly will be to settle international currencies into eNaira ( this is still far in the journey but could be made possible and border trades will become possible especially with a way that non-banks could also be involved in the eNaira issuance). It's however a good start. Let's watch the development
Crystal clear
I love this breakdown. It quickly brought me to speed regarding a significant Government policy in my country. Asante!
You should write on medium to broaden your base. This is incredible stuff.
Love the Emmanuel Augustus reference. Great piece.
Well done Samora and thank you.