The usecases and scalability of the eNaira have been a point of debate since its launch. Lorien Gamaroff, the founder of Centbee on the Inside Blockchain Show advised the Nigerian government to rather issue the eNaira on the BSV Blockchain. He mentioned that if the Nigerian government wanted to issue an eNaira on a scalable, low-cost platform that is robust and resilient,, they should consider issuing the eNaira on the BSV Blockchain.
The BSV Blockchain is the blockchain for enterprise & government projects. Gamaroff pointed out that his reasons for recommending that the Nigerian government should consider the BSV Blockchain is to accommodate the users they are looking at, using robust and resilient technology. “If the Nigerian government is considering Blockchain-based currencies and issuing their CBDC or eNaira, they should look at the BSV Blockchain because frankly, it can scale an enormous number of people; It is low cost and has proven itself to be robust,” he said. I believe it is going to be the only blockchain that covers all the world’s use cases, he added.
Defining the eNaira Jeffrey Williams Edem, a Fintech expert, expressed that the eNaira is like a proper currency that will be accepted by the government, by any bank, and any institution for trade and transactions.
However, aside issuing the eNaira on the BSV Blockchain like Gamaroff recommended, it needs to have an adoption strategy. Jeffrey said to improve the adoption of the eNaira, it needs to be applied in the right perspective or the right context. “Everybody is trying to look at the bank for adoption but the government has a lot of transaction at grassroot level with the people.”
If the government should integrate the use of the eNaira in settling local transactions like the local government levies, local services, and train stations, the adoption of the eNaira will become faster, Jeffrey said. However, he spoke against the over-reliance on Financial institutions in driving eNaira adoption.
Expounding on the possible use cases of the eNaira, Adedeji Owonibi Founder/COO at Convexity mentioned that the central bank through the eNaira wallet could run conditional and conditional cash transfers to citizens directly, example palliative. “The eNaira wallet could help them keep tabs with what is happening in the economy,” he established.
Nigeria is quiet active in the cryptocurrency market and the eNaira could be a further step into interacting with digital currency despite the eNaira not being a crypto. Gbemi Akande of Pacer Ventures, agrees that eNaira could be a point of entry into the cryptocurrency space for the people and “addresses the problem of the unbanked and it’s actually quite impactful from a national Development standpoint.”