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Remita Adds eNaira To List Of Payment Options

Remita Payment Services Limited (RPSL) has added Nigeria’s Digital Currency, the eNaira to its list of payment options on its platform.

In a statement, Remita’s Managing Director, DeRemi Atanda disclosed that the development was part of efforts to simplify everyday payments to its customers.

Atanda stated that such innovations by the platform were aimed at enhancing safer, faster, and cost-effective payment solutions for its clients.

This, he said is in addition to empowering its clients across boards.
“We remain committed to our mission of empowering everyone, everywhere to do more as we continue to simplify everyday payments.

“Our goal is to continue to introduce innovations that deliver ease to our customers in the retail, business, and government segments in a way that not only guarantees safer, faster, and cost-effective payments but also helps them extend the frontiers of possibilities while transacting locally or internationally,” he said.

Speaking on the innovative strides of the company, Atanda explained that the company decided on the development having observed that the eNaira currently has low adoption.

He said that the inclusion of the digital currency by Remita would help address this challenge.

“The Remita eNaira e-commerce proposition is another first from Remita, well known over the years for being a fintech and payments innovation leader.

“Until now, the eNaira had contended with low adoption due to a low level of awareness of its benefits or practical use cases over subsisting electronic payment options.

“The initiative will deliver faster transaction processing time, increased transaction security, elimination of multiple transaction failure points that lead to repeated visits to banks for
resolution, transaction fees optimization, ease of receiving foreign remittances, among others, to individuals and businesses.

“With the introduction of the eNaira across all Remita touch points such as web, mobile, and agent locations, payers can now select eNaira as their preferred payment option for electricity token, airtime, data, and cable TV subscription renewal, JAMB/WAEC/NECO forms and results checker, as well as payments to federal, state, and local governments across Nigeria.

The eNaira payment option also features on the Remita payment gateway, available to integrating partners, fintech, and merchants,” he noted.

Nigeria’s eNaira Adoption
Recently, the Deputy Governor of the CBN, Kingsley Obiora, at the IMF African Department Speakers Series held virtually said that the CBN was introducing the Unstructured
Supplementary (USSD) code as part of strategies to improve the Central Bank Digital Currency (CBDC).

The eNaira is Africa’s first digital currency launched by Nigeria in 2021.
Obiora had restated that the CBN would continue growing and improving on the system.

The CBN eNaira hackathon is currently ongoing to find ways of addressing possible glitches that could hamper smooth transactions being carried out with the eNaira.

The hackathon, which opened its registration portal on Monday is organized in partnership with the African Fintech Foundry (AFF).

“We desire to achieve this and more with the eNaira with the underlying goal to boost Nigeria’s economic outlook.

Innovators at the hackathon will develop solutions in the areas of international remittance, trans-border payment, blockchain, financial inclusion, and trade (AfCTFA)We cannot deny the fact that the newly introduced CBDC (eNaira) would be necessary in the future to ensure Nigeria is competitive as the world becomes increasingly digital.

“We have seen in the past few years how digital currencies have opened international economies to individuals who wield them and how seamless they have made trading, buying, investing and other economic activities.” CBN’s Governor, Godwin Emefiele said in this regard.

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