Nigeria has launched new money, a digital form of money, the first in Africa, a welcome development for the country; E-Naira will be able to enable easy movement of cash, online transactions. This is happening at the central bank in the capital Abuja. It is e-wallet even though you cannot tell the common man to jump on board and do the creation of an account but with time through regular information spread and facilitation of dissemination techniques this will be new source of income generating activity, after all there are some technical advantages to its side.
Generally an e-wallet has e-cash which is digital currency, it is a form of currency available only in digital or electronic form also can be called electronic money, cyber cash and there are two types of digital currency, virtual currency and crypto currency. The digital currency refers to the electronic form of fiat money issued by governments whereas crypto currency is a store of value secured by encryption. The use of digital wallets flourished as technology evolved in the past decade, digital currency refers to the electronic form of fiat money issued by governments. Virtual money is largely unregulated and is usually issued and controlled by its developers and used or accepted among the members of a specific virtual community, stay in the loop, know what happens, and keep updates with the changing times of the latest developments.
Features of E-Naira
1) Safety of transfer
2) Security
3) Cost effective, no fees for some transactions
4) Save to purchase goods on large scale done by merchants who understand the scheme.
E-Naira still sketchy in the mind of the ordinary, it is the paper form that is known and accepted but E-Naira can be widely adopted because it is portable and adaptable, with a potential to curb money laundering reducing hacking as each person must be identified through usage.
Femi Oladeye was speaking to the BBC about the subject this week, he said it has the same legal tender status as the paper Naira, as an illustration he used the classic example of airtime which could be easily converted to cash every stop down the road. E-Naira will take the same tone when understood just like airtime and it will be converted, it will go at its pace 50 people then 100 then 1000 and so on and so forth. Create new opportunity; it is a chance at your doorstep.
