CBN Makes Case for e-Naira Adoption for Fees, Salaries in Tertiary Institutions

The Central Bank of Nigeria on Thursday admonished students and management of tertiary institutions in the country to adopt the e-Naira for payment of tuition fees, salaries, and other transactions in view of its benefits.

The Assistant Director, CBN Ekiti State Branch, Mr Ayodeji Adeboboye, said that e-Naira remained “a viable alternative payment platform to physical cash transaction and should be utilised by all Nigerians for hitch-free and cost-effective transactions.”

Adeboboye, who spoke during a sensitisation drive on e-Naira wallet by CBN at Bamidele Olumilua University of Education, Science and Technology, Ikere-Ekiti, said the exercise was to sensitise the students and other stakeholders on the need to embrace the platform.

He said, “Every financial transaction 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.

“The time has come for all Nigerians to key into the e-Naira wallet because of its numerous advantages. Other countries have gone beyond cash payment and are now using electronic payments”, Adeboboye said.

CBN e-Naira Consultant, Izuchukwu Nwankpa, said that “e-Naira offers financial inclusion and helps tackle corruption and money laundering as well as improve the efficiency of the financial system.

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Nwankpa encouraged the university community and other stakeholders to embrace the alternative platform, which he said “is cost-effective, safe, secure, user-friendly and effective”.

The Deputy Vice-Chancellor, BOUESTI, Dr Veronica Makinde, lauded the CBN for the initiative and assured of the institution’s support in promoting the use of the e-Naira.

Makinde said, “We will be ready to key into the e-Naira initiative as it will assist in saving our students the risk of carrying cash and help reduce students’ complaints of bank bottlenecks, theft, and loss of tuition and other sundry fees”.