Fintech expert lauds proposed digital currency

A Financial Technology (Fintech) expert, Dr Yele Okeremi on Tuesday, lauded the proposed Digital Currency by the Central Bank of Nigeria (CBN).

Okeremi said in Lagos, that digital currency would encourage national progression.

He said the proposed digital currency would drive financial inclusiveness among the underserved.

Supreme recalls that the Federal Government, through the CBN, proposed a digital currency (e-naira), to be launched on Oct.1.

Okeremi, Chief Executive Officer, Presice Financial System, stressed the need for economic inclusiveness for financial inclusiveness to be achieved, to enhance the digital currency for national progression.

According to him, the challenge of the digital currency and financial inclusiveness is access to internet, availability and affordability of smart phones, especially at the rural areas.

“If internet facility and smart phones are made available and affordable, it will make the digital currency a reality.

“It does not mean that the work of the financial institutions will be taken away,’’ he said.

Okeremi said the only difference was that depositing of cash, would be minimal as people would be having the e-naira in their wallet.

The fintech expert also highlighted the difference between the digital currencies, saying all crypto currencies lay in the same technology of block chain but the difference was the issuer of the currency.

According to him, one can chose to transact with the e-naira, that one knows the issuer or choose another currency with an unknown issuer.

He said it could be likened to buying shares from a known company or from an unknown company, it was a matter of choice.

Supreme reports that digital currency is any currency, money, or money-like asset, that is primarily managed, stored or exchanged on digital computer systems, especially over the internet.