Sir: Nigeria joined the e-currency player on October 25, 2021, when it was officially launched by President Muhammadu Buhari. It is a historic event because it is the first African country to bring that into existence in Africa which is worth celebrating.
However, before Nigeria made this mark, most advanced countries of the world are already operating this e-currency system and so far there have not been issues of negativity, which means it has been proved and tested, so Nigeria joined the train of the digital currency is indeed good with high expectation of excellence in line with global best practice.
Also, it is a well-known fact that banking operations will not be too cumbersome as their system of operation is already digital in nature. Maybe at this time, the bank might update its digital system for this e-naira operation mechanism.
Be that as it may, the e-currency mechanism is not new to the elite group as it is a network-based entity –both in computers/mobile phone systems, the only point is that the banks have to create that enabling environment so as to engage the elitist group and non-elitist group respectively.
E-currency is assumed to have come to stay in Nigeria; now a legal tender that will be accepted nationally and internationally, considering the level of education between the elite group and non-elitist group that is the percentage of people that can easily operate this e-currency system.
Will there be an orientation for those who cannot operate the internet? I think it is a question for the entire authority to answer now. It is the rural folks who by birth as Nigerians, have not even seen the four walls of a school not to talk of the digitalisation; these set of people who cannot read or write, have their way more complex and they need money, how will the authorities handle this too?
However, having seen the relevance of the digital currency to the global world, Nigeria being the first of its kind to bring this currency into the African continent is indeed commendable. On the other hand, how will the group of people who has no knowledge of Internet and the group who cannot read and write participate fully in the 21st-century global e-currency operational system?
It is a fact that change is dynamic in nature. There is no human being on the surface of the earth that cannot learn new ideas or innovations but is the government ready to provide the enabling environment and the equipment for these set of people who are ignorant of the digital world, so as to learn the Internet skills and become vibrant and useful digitally.
Patrick Eromonsele is the CEO of Ostrich Business Venture.