The E naira is the first digital currency to be launched in Nigeria. Just days after the app was made available on the google play store, it has been reported to have been taken down. According to the Cable NG, the reason for the removal from the play store app was because it was said to violate policies.
Many Nigerians gave negative reviews about the app after encountering problems during registration. These problems were what caused the poor ratings and eventual removal because the app couldn’t meet the minimum functionality policy
Although the E naira is a good innovation, seeing as it aims to facilitate digital transactions. However, there are some challenges that are bound to come up when trying to implement this digital currency. In this article, we would examine the likely problems likely to be encountered while implementing the app in Nigeria. These challenges include:
1. Cyber Threats:
It is no news that the Nigerian cyber space is very vulnerable, and because of that it is easily susceptible to cyber attacks. According to Punch NG, Nigeria ranked 47th out of 182 countries on the Global Cyber Security Index for 2020 and occupied the fourth position in Africa.
For the E-naira to be properly implemented, attention has to be drawn to issues of cyberspace. Otherwise, the digital currency stands at a risk of facing and falling victim of cyber attacks
2. Data privacy and protection concerns:
Section 37 of the Nigerian Constitution provides for the privacy of individuals their communications, homes, etc. However, there haven’t been many other laws that have been enacted to protect the personal data of Nigerian citizens.
A lot of citizens are also ignorant of rights and laws concerning data protection and privacy, and the non enforcement of this worsens the issue. If steps are not taken to correct this, it will have an adverse effect on the implementation of the E-naira
Although Nigeria has many literate citizens, there are also quite a number of people that are illiterate. Even among the number of literate people we have, not so many of them are tech savvy. This is bound to create problems in the use and enforcement of the digital currency.
4. Power supply:
Many places in Nigeria have issues with electricity. For this reason, a large number of people have to opt for generators and solar electricity. This can pose a huge problem in the proper implementation of the E naira currency as it requires a need for constant power supply.
5. Internet Connectivity issues:
Although Nigeria is one of the most populated countries worldwide, many areas in Nigeria have terrible internet connectivity issues. While we have quite a number of network providers, there is no guarantee that an outage will not occur. This is a major problem that can hinder the implementation of the E-naira.