eNaira central bank digital currency (CBDC) for financial inclusion in Nigeria

Peterson K Ozili

MPRA Paper from University Library of Munich, Germany

Abstract: There is much interest in central bank digital currency (CBDC) among central banks around the world. African countries have also joined the league of nations that are conducting research into CBDC. The launch of the eNaira CBDC in Nigeria has drawn substantial interest from observers around the world including central banks. The eNaira CBDC is envisaged to bring many benefits, and financial inclusion is considered to be one of such benefits. This paper explores the eNaira CBDC and its potential to increase financial inclusion in Nigeria. I show that the eNaira CBDC can increase financial inclusion by (i) offering an easy account opening process for greater financial inclusion (ii) enabling digital access to diverse financial services in the financial system, (iii) offering low-cost financial products and services, (iv) avoiding unexplained bank charges that causes financial exclusion, (v) attracting people who have lost confidence in banks, (vi) introducing interest-bearing eNaira, and (vii) using offline channels to access the eNaira.

Keywords: Nigeria; eNaira; central bank digital currency; CBDC; financial inclusion; eNaira wallet. (search for similar items in EconPapers)
JEL-codes: E50 E52 E58 G21 (search for similar items in EconPapers)
Date: 2023
New Economics Papers: this item is included in nep-afr, nep-ban, nep-fle, nep-mon and nep-pay
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