Digital currency is a means of payment that exists in a purely electronic form. Digital currencies are sometimes digital representations of their physical counterparts. An example of such is the e-Naira. As with all things, there are advantages and disadvantages. Some things though have more advantages than disadvantages. This article highlights 5 reasons why e-Naira is better than cash.
Originally, the Central Bank of Nigeria (CBN) wanted to launch the e-Naira on the 1st of October 2021. Due to some reasons, however, it was postponed. The e-Naira, a Central Bank Digital Currency (CBDC), is a big step towards becoming a cashless society. Apart from being a digital representation of the Naira, it has the same value. As such, it can be used in lieu of the Naira.
Many Nigerians have received this news with mixed feelings. While some can’t comprehend the idea, others think: what makes it better than the conventional cash?
Well, Here are 5 reasons why e-Naira is better than cash:
1. E-Naira can prevent the use of counterfeit notes
The e-Naira is built on a blockchain platform similar to those of cryptocurrencies. Therefore, each e-naira is unique and there can be no counterfeits. This eliminates the problem of checking if a Naira note is fake or not. Yeah, you don’t have to hold up that 1, 000 Naira note to the light to ascertain its quality. Now, how cool is that?
2. It’s universally accessible
This is another excellent feature of digital currency. It can be used anywhere. The usage of the e-Naira isn’t limited by country borders. Be it in Australia, China, or America, the e-Naira can be used there. Finally, a suitable means of exchange for cross-country trade!
3. E-Naira is safer and secure
Most times, anything “electronic” has more security than its physical counterpart. The same goes for the e-Naira. For starters, the e-Naira will be offered via electronic means only. So, from the comfort of your home, you can get the e-Naira. Also, you don’t have to worry about thieves. The security of the e-Naira is quite a force to reckon with.
4. With e-Naira, there’s no need for physical storage and manual accounting
Since the e-Naira will exist in a purely digital form, physical storage and manual accounting can be done away with. What a relief! Not everyone likes to sit over account books making sure every figure tallies. But won’t my e-Naira be accounted for? Of course but not just by you necessarily. Because, anything and everything involving the e-Naira will be done electronically, every single e-Naira will be accounted for automatically. There’ll be correct records and details enough to your heart’s content.
Moreover, statements like “keep the money in your purse not your bag” can be deemed irrelevant. The e-Naira is definitely the future.
5. E-Naira transactions can be made easily, quickly and at a low cost
This is my best part: easy and quick transactions. Long queues in the bank are definitely out of the question! The icing on the cake? Low transaction costs! Much lower than your conventional GT Bank will charge.
Notwithstanding the above advantages, a little problem may come up once in a while. Remember, nothing’s exactly a hundred percent perfect. Again, at the very beginning, things might not always run smoothly. However, there’s a customer service team that’ll be there to listen to your complaints and take the necessary actions. I’m getting my e-Naira as soon as it’s out. What about you?