A financial technology expert, Mr. Seun Dania has argued that rather supporting and promoting the eNaira platform, launched by the Central Bank of Nigeria (CBN) recently, the federal government should support the Fintech ecosystem that is providing solutions to real-life challenges faced by Nigerians.
Speaking to ITPulse recently, Mr. Seun, who is also the Founder of Tradefada noted that the eNaira is merely a Federal Government politically motivated creation with zero consideration for how it may affect the lives of the average Nigerian or businesses.
“The Nigerian fintech space is filled with very brilliant minds who are providing solutions to real life problems faced by Nigerians, while the eNaira is merely a Federal Government politically motivated creation with zero consideration for how it may affect the lives of the average Nigerian or businesses,” he said.
He believes that the launch of the eNaira is not in anyway a competitor to other fintech players, who provide safety of funds, high interest rates, access to credit and low transactions fees. Rather, eNairas only competition is itself.
Speaking further, Mr. Seun added that the blockchain technology and digital currencies built on the eNaira platform are designed to provide faster and more efficient transactions and bypass central authorities.
“The eNaira is built on the Hyperledger fabric which allows for monitoring and other great regulated features that governments can control, however, the architecture of the eNaira isn’t any different from the existing financial systems internet banking. If it operates differently, it will mean that the role of NIBSS (Nigerian Interbank Settlement System) would no longer be necessary, this will in tun lead to loss of jobs,” he said.
He said while Fintech players build solutions that create employment, the eNaira launch has paved no way for financial inclusion, and merely seems to be a tool for the elite, emphasizing thagt not so many Nigerians have smart phones, internet or even know how to operate them.