The new e naira money is a novel idea formulated by the Federal Government through the central bank to make payments and receipts for goods and services easier and more user-friendly.
As more and more countries of the world are developing electronic currencies to reduce the cost and risk associated with handling paper money; coupled with the wear and year associated with the paper means of exchange.
The benefits associated with the e-naira are boundless. With the soul purpose of improving the Nigerian economy by encouraging trade and exchange of goods and services.
Here are 4 benefits that could be gained from it’s introduction.
1 Supports the Digital Economy.
The new scheme would go a long way to reducing the burden associated with paper money. Nigerians can now make payments with ease and at lesser risk. The reduced business risk would translate to improved profits and ultimately better living standards.
2. Improved Economic Activities.
With the improvement in business profits and income,, more and more people are encouraged to start small and medium scale businesses which ultimately will increase the level of economic activities and lead to an improved economy.
3 . Simplified and Easy Cross Border Payments and Trade.
With payments being made electronically, international trade and exchange become easy and less risky. More goods and services are exchanged at lower cost.
4 . More and More People are Included InThe Financial System.
The new e- naira guarantees financial inclusion and better penetration of financial services. Since the adequate supply of paper money is no longer a factor for exchange. The unbanked segment of the populace can now be included into the mainstream economy.