The Central Bank of Nigeria (CBN) has reached out to the National Youth Service Corps (NYSC) to explore the possibility of using internet money for Corps Members.
The CBN’s Deputy Director of the Information Technology Department, Mr Habib Yusuf, highlighted the benefits of this collaboration during a visit to the NYSC National Directorate Headquarters in Maitama, Abuja.
Mr Yusuf stated that the electronic platform, eNaira, would provide users with ease of payment and no risk. eNaira is the first of its kind in Africa and includes digital wallets which would allow for the onboarding of many users and offline payments for goods and services. Additionally, it would also offer opportunities for many innovations with ease.
The Acting Director General of the National Youth Service Corps, Mrs Christy Ifeyinwa Uba, praised the CBN for this innovation. She noted that the Scheme is ready for collaborations that would make the service year memorable for Corps Members.
However, she also added that NYSC Management would need to consider the request from the CBN before making a decision.
This partnership between the CBN and NYSC has the potential to revolutionize the way Corps Members handle their financial transactions.
The use of internet money would simplify the process of making payments and eliminate the need for physical cash, while also providing a secure and convenient method of conducting transactions. It is a great opportunity for the NYSC to explore the benefits of digital finance, and could serve as a model for other organizations to adopt.
This partnership between the CBN and NYSC is a positive step forward in terms of financial innovation and convenience for Corps Members.
It is also in line with the CBN’s efforts to promote digital financial inclusion and encourage the adoption of digital payment systems in Nigeria. It remains to be seen how this partnership will progress, but it is definitely a promising development for the NYSC and the broader Nigerian economy.