CBN ADVISES EDUCATIONAL INSTITUTIONS TO SWITCH TO USING E-NAIRA FOR PAYMENTS OF TUITION AND SALARIES

By Tunji Wusu 

In light of its advantages, the Central Bank of Nigeria on Thursday urged students and administrators of the nation’s higher institutions to switch to using the e-Naira to pay for tuition, salaries, and other activities.

e-Naira is still “a viable alternative payment platform to physical cash transaction and should be utilized by all Nigerians for hitch-free and cost-effective transactions,” according to Mr. Ayodeji Adeboboye, Assistant Director of the CBN Ekiti State Branch.

Adeboboye stated that the purpose of the exercise was to educate the students and other stakeholders on the importance of embracing the platform during a CBN-sponsored awareness campaign on the e-Naira wallet at the Bamidele Olumilua University of Education, Science, and Technology, Ikere-Ekiti.

Every financial transaction, including the payment of staff salaries, the payment of student tuition, and the buying and selling of goods within the school community, he claimed, could be completed without a hitch using the e-Naira wallet.

“Due to the many benefits of the e-Naira wallet, it is now imperative that all Nigerians sign up. Electronic payments have replaced cash payments in other nations, according to Adeboboye.

Izuchukwu Nwankpa, a CBN e-Naira Consultant, stated that the currency “provides financial inclusion and helps battle corruption and money laundering as well as increase the efficiency of the financial system.

The alternative platform, which Nwankpa urged the university community and other stakeholders to use, is “cheap, safe, secure, user-friendly, and effective,” he said.

Dr. Veronica Makinde, the Deputy Vice-Chancellor of BOUESTI, praised the CBN for the initiative and promised that the institution will promote the promotion of the use of the e-Naira.

We will be prepared to participate in the e-Naira program, according to Makinde, as it will help our students avoid the risk of carrying cash and decrease their complaints about bank delays, theft, and lost tuition and other costs.