Since its launch in 2021, the Central Bank of Nigeria’s digital currency, eNaira, has seen 200,000 users and N4 billion worth of transactions.
At the “eNaira Hackathon” grand finale, Mr. Godwin Emefiele, the CBN Governor, revealed this.
The African Fintech Foundry and the CBN collaborated on the hackathon (AFF). In order to develop innovative solutions for enhanced eNaira adoption, the event brought together teams of top African entrepreneurs, developers, designers, solution developers, and issue solvers.
What CBN is saying
Emefiele said “Since its inauguration, eNaira had reached 840,000 downloads, with about 270,000 active wallets comprising more than 252,000 consumer wallets and 17,000 merchant wallets. In addition, volume and value of transactions has been remarkable reaching above 200,000 and N4 billion Naira respectively”
“The eNaira will make a significant positive difference to Nigeria and Nigerians. It was also developed to provide Nigerians with a cheap, safe and trusted means of payment. It is unlike the offline payments channels like agent networks, USSD, wearables, cards and near-field communication technology.
“The eNaira would give access to financial services to underserved and unbanked segments of the population,” he said.
He asserted that the eNaira-based products and services would increase Nigerians’ engagement in the digital economy and encourage the expansion of the budding Fintech sector.
“To achieve these set-out objectives, the project adopted a phased approach with the first phase focusing on banked users, while the policy objective of the second phase borders around financial inclusion. In addition, the eNaira platform possesses an innovation layer for products and services to be built with the aim of enhancing Nigerians’ participation in the digital economy,” he said.
The project’s second phase, according to Emefiele, has started and aims to promote financial inclusion by bringing on unbanked consumers by utilizing offline channels. Using the eNaira platform, he said, the CBN was now prepared to accept unbanked Nigerians.
He said “Greater success is envisioned for the project with phase two expected to deliver more gains with a target of about eight million active users based on estimations using the diffusion of innovation model. When we launched the eNaira, we promised to increase the level of financial inclusion in the Country because just like the Naira, the eNaira is expected to be accessible to all Nigerians.
”I am pleased to inform you that by next week, Nigerians, both banked and unbanked, will be able to open an eNaira wallet and conduct transactions by simply dialling *997 from their phones.