eNaira: Defying Stereotypes, Ensuring Financial Inclusion for Nigerian Women

eNaira: Defying Stereotypes, Ensuring Financial Inclusion for Nigerian Women

By Abdulrahman Abdulraheem

A part of the above title was derived from the very apt theme of the 2023 Law Ladies’ Day programme held recently at the University of Lagos (UNILAG).

The timely theme which read: “Defying Stereotypes: Celebrating the Different Shades of Femininity,” underscores the fact that the law students and the university authorities themselves are in tune with contemporary realities. Realities that we can no longer pretend about. Realities that we can no longer run away from.

Realities of gender inclusion and gender sensitivity. The fact that Nigerian women have come of age. They have waited long enough to be allowed to mount the stage and be at the table. Now, their time has come and something has to give, not because of the women themselves but because of the children and the society at large.

Everyone has seen the light, that the issue of women empowerment is no longer a matter of choice. It is a matter of necessity. With the way our amazons in different fields of human endeavour are raising the stake and shaking the world, women empowerment is no longer what has to be done just for the sake of the women, it is now what must be done as a matter of enlightened self interest for the rest of mankind.

Since American stateswoman, Hilary Clinton, famously argued that, “women’s rights are human rights and human rights are women’s rights,” we must also at this point concede to the fact that any agitation for financial inclusion and economic empowerment for women is also a matter of fighting for global peace and prosperity.

One of Nigeria’s amazons and a rare gift to the global literary community, Chimamanda Ngozi Adichie, also argued that “we should all be feminists” irrespective of whether we are male or female. We should then all be excited on hearing that a particular government agency is encouraging women to embrace a policy that was formulated to elevate them and give them financial freedom.

Since the Central Bank Digital Currency (CBDC), known as eNaira, was launched in 2021 by President Muhammadu Buhari, it has been growing in leaps and bounds. But nothing is ever said to have done well if it has not gone round to fulfill the demands and expectations of gender balance and equality.

The eNaira is no doubt a piece of brilliant news for all and sundry. Even as a store of value and medium of exchange that does what the physical cash does, it goes the extra mile to offer comfort, convenience and peace of mind since it is immune to the network problems, bank charges and money losses people encounter in conventional banking.

Again, the CBN has imbued in the eNaira platform incentives and facilities that help in the area of job creation, youth and women empowerment as well as financial freedom and inclusion for the downtrodden.

So, when the CBN eNaira team took the sensitisation drive to the Law Ladies Day at UNILAG a few days ago, the good news was received with the pomp and pageantry it deserves.
In line with the law ladies’ day programme themed, ‘Defying stereotypes: Celebrating the different shades of femininity,’ the CBN used the opportunity to reach out to students and others within the university campus, to sensitise them on the benefits and importance of eNaira transactions and why they should use the channel.

The Special Adviser on Payment Systems to the Governor, CBN, Mary Fasheitan, who took women through the importance of eNaira, advantages and opportunities the digital currency offered to the financial community and women, stated that it was high time women embraced eNaira for transactions.

According to her, eNaira offered financial freedom and women inclusivity where other financial instruments did not provide.

She said: “eNaira provides a unique form of money denominated in Naira. eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. It has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.”

Fasheitan observed that the whole world was going digital, and CBN was responding appropriately to the innovation by introducing a lot of cashless policies, of which eNaira was one.

Fasheitan encouraged female law students to embrace eNaira and transact with it because it was safe, secure and fully digitalised.

“You have nothing to be afraid of because it is one of the most secured channels from the apex bank for transactions,” she said.

With the tumultuous applause that greeted the crusade on campus, there is no doubting the fact that the eNaira revolution is here to stay to break more grounds. It is only a matter of months and years and it will completely take over transactions in the country.

Abdulrahman Abdulraheem is the Managing Editor of PRNigeria and Economic Confidential