Oct 26 (Lagos) - The E-Naira was launched today by President Buhari in Abuja. The digital wallet of the masses will help FG reach the people like never before. This can really be a game-changer in reducing poverty and improving financial inclusion.
The launch of the E-Naira will also affect stocks.
The E-Naira can be used to expand financial services in the country. The Banks will face a massive challenge if people can have E-Naira wallets and carry out transactions from the wallets. Insurance sector could benefit especially if government gives its backing.
The stock exchange can also use E-Naira to reach more people. Many people want to invest but do not know how to invest or have been cheated in the past. The E-Naira can be used by people to invest in the best stocks under new business concepts as long as the Government is ready to back such Companies. Easykobo will expore this.
The e-Naira will add a big push to the cashless phase that the people adopted in the last decade.
To become a huge success the e-Naira will require huge data-center and bandwidth processing power. The huge population that the FG is looking to target will require infrastructure that can match that of some of the biggest Banks or run on their infrastructures. These stocks can become interesting if a public-private partnership can be struck between all parties to make E-Naira as the new normal for money.
Most banks have online banking apps which are similar to having e-Naira wallets today so we are really talking about the most underserved and backward areas. The difference that the e-Naira will bring is that there will be more liquidity.
reporting for easykobo.com on Monday, Oct 25 2021 from Lagos, Nigeria