Some financial analysts have urged the Central Bank of Nigeria (CBN) to ensure enhanced enlightenment campaign for the masses to embrace the eNaira digital currency to boost financial inclusion. They said this in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Tuesday. NAN reports that President Muhammadu Buhari on Oct. 25 launched the apex bank digital currency, the eNaira. The eNaira is a culmination of several years of research work by the CBN in advancing the boundaries of payments system in order to make financial transactions easier and seamless for every stratum of society.
The launch was described by the CBN Governor, Mr Godwin Emefiele, as the first in Africa and one of the earliest around the world. Dr Uju Ogubunka, a former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN), told NAN that the apex bank must ensure enlightenment campaign in all the states for the masses to embrace the digital currency. “The monetary authority must continue to enlighten the masses about the importance of harnessing such innovation. “Especially for payment solution in the hinterland where there are poor utility services,” he said. Ogubunka, who lauded the CBN for the novel initiative, described the innovation as a reflection of the times. “Digital currency is recognised globally as a medium of exchange.
“The launch of ours is to meet the country’s digital currency needs, considering that our economy is the largest in the continent,” he said. He noted that the Federal Government should ensure that Nigerians get used to the electronic wallet as quickly as possible. Also speaking, the Chief Executive Officer, Espera Global Corporation, Dr Glenn PrinceAbbi, said the apex bank idea was good for the economy because the world was becoming borderless. First Bank of Nigeria Ltd. has unveiled its first fully automated branch, called FirstBank Digital Experience Centre for customers. The Chief Executive Officer of FirstBank, Dr Adesola Adeduntan, said this in a statement made available to the News Agency of Nigeria (NAN) on Tuesday in Lagos.
Adeduntan said the digital experience centre would afford customers the opportunity to carry out various banking activities on their own without interacting with anyone. He said the branch was a reinvention of digital banking solutions in the country as customers were exposed to a seamless worldclass banking experience. “The self-service branch is built with a wide range of phased modern banking facilities, which include humanoid robots equipped with Video Banking and Artificial Intelligence (AI),” said Adeduntan. According to him, the device takes on the role of friendly branch staff; Teller Cash Recyclers (TCRs); Self-Service kiosks for non-financial transactions such as account update. He said it also performed the role of Fast Track (Contactless) ATMs; Interactive Smart Screen to ensure effective and comprehensive consultation with bank sales staff via remote video connection. “Other services include funds transfer, dispensing of new ATM cards; fixed deposit booking between N100,000.00 to N5,000,000.00, card services and management, cheque management, email and phone number update, amongst many others.
“With our Digital Experience Centre, we have reiterated our role in pioneering leading innovative technology-driven solutions. “Our self-service branch exemplifies the future of banking in Nigeria and we remain committed to putting You, our customers First,” he said.
Adeduntan also noted that the FirstBank Digital Experience Centre was piloted by the bank’s remodeled Adetokunbo Ademola branch, Victoria Island. The National Association of Petroleum Explorationists (NAPE) has called for the creation of a Special Energy Bank to finance petroleum exploration activities in the country. Mrs Patricia Ochogbu, President, NAPE, made the call during a panel session at the Association of Energy Correspondents of Nigeria (NAEC) 2021 Strategic International Conference on Tuesday in Lagos.
The News Agency of Nigeria (NAN) reports that the conference had as its theme: ‘Petroleum Industry Act: Energy Transition and the Future of Nigeria’s Oil and Gas.’ Ochogbu noted that the PIA had set aside funds for exploration of frontier basins in the country, however, the money would not be available for private sector investors. She said exploration activities take a long time to mature, which makes commercial banks not favourably disposed to granting loans for such purposes. Ochogbu said, “We need to have a dedicated bank like the Bank of Industry or Nigerian Export Import Bank. “They can grant loans for exploration activities at reduced interest rates. So, I believe energy bank is the way to go.” Also, the Conference Chairman, Mr Biodun Adesanya, lauded the setting aside of 30 per cent of the profit of the Nigerian National Petroleum Corporation for exploration activities in the frontier basins in the PIA. First Bank unveils fully automated branch.