Indigenous tech firm BULLNET's CEO, Bayo Akintoye, has called on the Federal Government to use the newly introduced eNaira, the Central Bank of Nigeria's digital currency, to pay workers and contractors. This would support the government's cashless policy and alleviate the current scarcity of cash in the country as it transitions to a cashless economy.
During a media briefing in Lagos, Akintoye suggested that the eNaira USSD channel be used to make payments to workers and contractors, as it can be accessed even in areas without internet connectivity. He also emphasized that the BULLNET platform, which powers the USSD channel, is fully secured.
The CBN's eNaira coordinator, Rakiya Mohammed, explained that the digital currency was introduced to promote financial inclusion, facilitate cross-border transactions, and boost diaspora remittances. She commended BULLNET for introducing the USSD feature and its efforts towards improving the adoption of eNaira.
Using the eNaira to pay workers and contractors could serve as an innovative solution to the current cash scarcity in Nigeria, and further accelerate the country's move towards a cashless economy.