Monday, June 5

Nigeria’s poor internet connection could spell difficulty for eNaira transactions – Report

The eNaira’s acceptability has been hampered by a lack of reliable mobile networks and the restricted availability of internet-enabled devices.

This was disclosed in a report by Omaplex Law Firm titled ‘Omaplex 365: Nigeria 2022 socio-economic and technological outlook’.

The report also stated that concerns associated with the launch of the eNaira are the attendant cybersecurity threats that may arise.

What the report is saying

Omaplex Law Firm stated in the report that since the purpose of the creation and launch of eNaira is to promote financial inclusion, the unavailability of dependable internet could be a problem.

The report said, “The lack of quality mobile networks and the limited spread of internet-enabled devices have been a significant bottleneck in the acceptance of the eNaira. This is so because, in most rural regions of Nigeria, network penetration is still heavily dependent on 2G and 3G networks, which spells difficulty for eNaira transactions hinged on the internet “

“If the primary stated purpose of the creation and launch of eNaira is to promote financial inclusion, the highlighted issues may pose a threat to achieving that goal,” the report added.

The report also raised concerns about the number of Nigerians that owe mobile devices. The report said, “Owing to the indigent status of a significant fraction of the Nigerian populace, owning internet-enabled devices may be put on hold in favour of more immediate necessities.”

The report draws attention to the propriety of Nigeria acceding to international cybersecurity conventions, saying it “cannot be overemphasized”.

The report said, “In light of the decision of the United Nation’s General Assembly to design a new global treaty on cybersecurity in 2022, Nigeria must actively participate in the said deliberations as part of steps to ensure that it adopts the best global practices in ensuring cybersecurity.”