Nigeria: CBN Encourages Tertiary Institutions to Embrace e-Naira for Fees and Salaries

The Central Bank of Nigeria (CBN) has urged students and management of tertiary institutions in the country to embrace the use of e-Naira for the payment of tuition fees, salaries, and other transactions due to its numerous benefits.

Mr Ayodeji Adeboboye, the Assistant Director of CBN Ekiti State Branch, emphasized that e-Naira is a viable alternative payment platform that offers a seamless and cost-effective solution compared to physical cash transactions. He conducted a sensitization drive on the e-Naira wallet at Bamidele Olumilua University of Education, Science, and Technology in Ikere-Ekiti to educate students and stakeholders about the importance of adopting the platform.

Adeboboye stated, “All financial transactions such as payment of school fees by students, payment of staff salaries, and buying and selling within the school community can be done seamlessly through the e-Naira wallet. It is time for all Nigerians to embrace the e-Naira wallet due to its numerous advantages. Other countries have already transitioned from cash payments to electronic transactions.”

Izuchukwu Nwankpa, CBN e-Naira Consultant, highlighted the financial inclusion benefits of e-Naira and its potential to address issues like corruption, money laundering, and improved efficiency within the financial system. Nwankpa encouraged the university community and other stakeholders to adopt the e-Naira platform, emphasizing its cost-effectiveness, safety, security, user-friendliness, and effectiveness.

Dr. Veronica Makinde, Deputy Vice-Chancellor of BOUESTI, commended the CBN for introducing the e-Naira initiative and expressed the institution’s support in promoting its use. Makinde stated, “We are ready to embrace the e-Naira initiative as it will help students avoid the risk of carrying cash and reduce complaints related to banking complications, theft, and loss of tuition and other fees.”

The CBN’s call for the adoption of e-Naira in tertiary institutions aims to enhance financial efficiency, convenience, and security for students, staff, and the entire university community.