CBN, ANAACOP Launch Agro eNaira Wallet, Targets Five Million Farmers in Northern Nigeria

*Says digital solution will address cash scarcity challenge

Fidelis David in Akure and Daji Sani in Yola

The Association of Northern Agricultural and Allied Commodities Practitioners (ANAACOP) in collaboration with Central Bank Of Nigeria (CBN) have unveiled the,  “Agro eNaira Wallet Engagement.”

The initiative is targeting to enroll five million farmers across northern states in the 2023 to 2024 dry and wet farming seasons.

At the Launching of the Agro E-naira Wallet, in Yola, Adamawa State, over the weekend, the National President of ANAACOP, Alhaji Sadiq Umar Daware, said the initiative targets one million farmers across the northern states for the first year of the 2023 dry and wet season and four million farmers for the 2024 seasons.
According to Daware, under the intervention farmers would create eNaira wallet accounts with a sub-wallet account specifically for the programmable intervention and submit their information to enable them access soft loans.

He said 50 farmers were drawn from Ribadu cluster in Adamawa to test the programme for onward progression across the northern states.
Daware further explained that the programme had identified agro dealers, processors and the CBN to find easy way of disbursement of funds to farmers. He added that the scheme would provide small holders farmers the platform to get loans with no hitches leveraging on their eNaira wallet, assuring that it would removed glitches hitherto experienced by farmers.

The Chief Launcher and CBN Governor, Godwin Emefiele lauded the ANAACOP for the initiative, describing it as the first of its kind geared to assisting local farmers with farm implements through their eNaira wallet.

Emefiele represented by Hajiya Rakiya Mohammed, Director Information and Communication Technology (ICT) of the CBN observed that the noble idea of the digital currency of the apex bank was the first in Africa and second in the world.

In his vote of thanks on behalf of the beneficiaries, Malam Mijinyawa Mahmud, called for more assistance to farmers so as to attain sustainable food security and make the country net exporter of raw materials.

Meanwhile, amid the cash shortages in the country, the CBN has reiterated that the usage of eNaira wallet would address the scarcity of cash in the country.
Speaking at the weekend, at the Palace of the Deji of Akure and Oja Oba Market in Akure, while sensitising traders and people of the state  on the need to embrace the cashless platform for transactions, the Acting Branch Manager of CBN in the state, Mr. Samuel Giwa, said the policy was an initiative spearheaded by the CBN which aimed to reduce the physical cash in transactions and promote the adoption of digital payments.

Giwa added that the policy, which was introduced in 2021, would increase financial inclusion, reduce corruption and money laundering, and improve the efficiency of the financial system.

His words: “The eNaira is not just a currency, but an important step towards building a more robust and secure financial ecosystem.

“It was designed to make transactions easier, efficient, and more secure. The eNaira has indeed become a critical part of the Nigerian financial ecosystem, and an alternate channel. It will not only support the Ondo State economy, but Nigeria as a whole; a symbol of progress and innovation and will pave the way for a more secure and efficient financial system,” he stated.

The acting branch manager said that as a people-focused central bank, the regulatory bank understood the current challenges associated with the implementation of the currency redesign policy, the CBN was currently making efforts to address them.

“However, to provide succour, we urge the people of Akure and Ondo State generally to download the eNaira Speed Wallet for easy payment for goods and services, as well as have convenient access to banking services,” he said.

While sensitising traders at Oja Oba Market in Akure,  the Special Assistant on Payment to the Governor of the CBN, Mrs. Mary Fasheitan,  said the CBN in collaboration with the Bankers Committee organised the sensitisation for people to understand all the benefits that eNaira brought to the banking system.
Also, a Nollywood actor, Gabriel Afolayan, while speaking at the event said the platform would add value to Nigerian currency beyond the physical one, describing the platform as brighter initiative that would enable Nigerian residents to move around  without being scared.
He asked Nigerians to embrace it and use it, saying it was a next level to seamless transactions.

In his remark, the Deji of Akure,  Oba Aladelusi Aladetoyinbo applauded all the alternative means of economic transactions introduced by the CBN, but called on the apex bank and DMOs to ensure that reliable and efficient infrastructure are put in place to make the policy endeared to Nigerians and hitch-free.