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CBN urges tertiary institutions to adopt e-Naira for tuition, salary payment

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The Central Bank of Nigeria (CBN) has urged tertiary institutions to embrace the use of e-Naira for various transactions, including tuition fees and salary payments.

Ayodeji Adeboboye, an assistant director at the Ekiti State branch of the CBN, delivered this message during a sensitisation event held at Bamidele Olumilua University of Education, Science and Technology in Ikere-Ekiti.

According to the Guardian, the purpose of the advocacy was to educate students and other stakeholders about the benefits and significance of the e-Naira policy.

Adeboboye emphasised that the e-Naira provides a viable and efficient alternative to physical cash transactions, and he encouraged everyone to adopt it for seamless and cost-effective operations.

He clarified that “the e-Naira wallet facilitates various financial activities within the school community, such as school fee payments, salary disbursements, and peer-to-peer transactions.”

Adeboboye also highlighted that e-Naira transactions do not incur any fees.

He emphasised that ‘it is crucial for all Nigerians to embrace this new policy, as other countries have already transitioned from cash payments to electronic transactions.”

Izuchukwu Nwankpa, the CBN e-Naira Consultant, urged Nigerians to support the cashless policy, emphasising that it is essential for the nation to keep pace with the dynamic global financial ecosystem. Nwankpa acknowledged that the e-Naira initiative promotes financial inclusion, combats corruption and money laundering, and enhances the efficiency of the financial system.

He encouraged the university community and other stakeholders to embrace the e-Naira platform due to its cost-effectiveness, safety, security, user-friendliness, and overall effectiveness.

Veronica Makinde, the deputy vice chancellor, expressed appreciation to the CBN for introducing the e-Naira initiative and pledged the institution’s support in promoting the project.

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