The eNaira: A Digital Solution for Nigerian Transactions
Ibadan, Nigeria, July 04, 2023 — The eNaira, a central bank digital currency (CBDC) issued by the Central Bank of Nigeria (CBN) in October 2021, is revolutionizing the way Nigerians conduct financial transactions. This digital form of the Nigerian Naira aims to facilitate global trade, enhance financial inclusion, and reduce the cost of remittances within and outside Nigeria.
VCASH is proud to have worked closely with the CBN since 2020 to develop and integrate the eNaira API. This API, approved by the CBN, has been integrated and tested by over 5 International Money Transfer Operators (IMTOs), with 5 more in the pipeline. It is also available to other financial institutions in Nigeria that want to offer eNaira services to their customers.
Dr. Peter Ojo, the CEO of VCASH, expressed his excitement, stating, “We are proud to be the first fintech company in Nigeria to launch the eNaira API for IMTOs. This is a game-changer for the remittance industry, as it will enable Nigerians in the diaspora to send money home faster, cheaper, and more securely. It will also boost the adoption and utility of the eNaira as a digital currency that can be used for various purposes.”
In addition, he commended the CBN for its vision and leadership in introducing the eNaira as a CBDC and expressed VCASH’s commitment to working with the CBN and other stakeholders to ensure that the eNaira fulfills its potential as a catalyst for economic growth and development in Nigeria.
VCASH, a fintech company that provides innovative solutions for payments, remittances, and financial inclusion, operates VCASH, a mobile money platform that allows users to send and receive money, pay bills, buy airtime, and access other financial services. VCASH, together with the parent company VTNGLOBAL, also operates a global remittance platform that connects over 15,000 banks in more than 120 countries.
Partnership inquiries can be directed to Ayodeji Morakinyo at operations@virtualterminalnetwork.com or visit http://www.virtualterminalnetwork.com for more information about VTNetwork Limited.
The eNaira is undoubtedly changing the financial landscape in Nigeria and is poised to have a lasting impact on global trade, remittances, and financial inclusion. With its potential to create new opportunities for economic growth, the eNaira represents a significant development in the digital currency space. As it continues to gain traction, the eNaira is set to play a leading role in shaping the future of transactions in Nigeria and beyond.
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