CBN to reduce service charge for merchants on eNaira by 50%

The Central Bank of Nigeria (CBN) has disclosed that service charges for merchants using the eNaira will be reduced by 50 per cent to attract more transactions on the platform.

The Deputy Governor of CBN, Economic Policies, Dr Kingsley Obiora, during the onboarding of merchants on the platform at the weekend said the incentive is to enable the adoption of the platform by Nigerians.

• FG inaugurates reconstructed Gombe-Yola Highway
• Reps probe N13bn ‘extra-budgetary’ spending by Nigeria’s missions

Obiora, while stating that merchants could be owners of petrol stations, supermarkets, e-Commerce and other businesses, said they should leverage the opportunities offered by eNaira to improve cash management and make significant savings in operating costs.

He stated that the platform is imbued with opportunities for increasing business income as the availability of the eNaira payment option on e-Commerce merchant platforms such as Remita is expected to complement the existing digital payment system, translating to about a 50% increment in e-commerce transactions and at a lower cost.

“Also, the implementation of cross-border transactions in phase 3 of the eNaira project is expected to increase cross-border trade by about 30%. Furthermore, the lower transaction cost is expected to increase the usage (transaction volume and value) of eNaira and improve income generation by businesses.”