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eNaira App Suddenly Disappears From Google Play Store

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A look at the Google play store today shows the sudden disappearance of the eNaira Speed Wallet app from the play store, barely two days after the app was made available for download.

Recall that Investors king reported that the eNaira Speed Wallet had been downloaded over 100,000 times on the Google play store. The app however had a very low rating of 2.0 and that may be part of the reason for its removal from the play store. It is unclear however if the app was removed by Google or by the Central Bank of Nigeria. The eNaira speed merchant app was still available on the Google play store as at the time of reporting.

Users have to download the eNaira speed wallet app to access the eNaira, this allows users to conduct transactions with speed and ease. The speed wallet app is the digital storage that holds the eNaira and is held and managed on a distributed ledger. The app not being available definitely hurts the implementation of the eNaira and it remains to be seen how the CBN addresses this challenge.

The app is still available on the Apple Play store, there are however multiple bad reviews which led to the application having a rating of 2.8. A Mr Peroo said “I’ve been trying to register the wallet since yesterday. Initially, it said try again later with my Access bank account yesterday. Today, I tried with my Zenith Bank account and it initially gave an error that the account doesn’t exist, then it said I have tried too many times with the same BVN, that I should contact tech support. A few hours later at the end, it said I need to enter my email but now it’s not even asking for email anymore. I uninstalled the app, downloaded it again, and tried again with the same issue.”

Most of the complaints seem to be about BVN and not being linked with email addresses. Another user gave a similar complaint to the first reported complaint. The user said “The wallet account is supposed to be an easy setup process, Isn’t there an email linked to BVN? I hope it would not be made compulsory for us to contact our bank just to link email addresses to BVN. CBN should have done better, this process seems stressful already.”

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eNaira Compatible With Other Countries’ Digital Currencies

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The Central Bank of Nigeria (CBN) has stated that the execution of the country’s digital currency will be done in four different phases, and also lead to the cooperation of the eNaira with the digital currencies from other central banks.

This was said at the licensed payment service providers’ engagement session by the apex bank’s Director of the Information Technology Department, Rakiya Mohammed. The session took place in Lagos on Monday and consisted of interaction with a much wider category of industry players.

A statement released by Rakiya Mohammed stated that the CBN and important stakeholders in the payments ecosystem, especially the Payment Service Providers (PSPs) and a wide community of fintech groups, during the engagement session decided to collaborate and ensure that the eNaira which was launched recently is adopted by more people or groups.

Mohammed stated that the complete execution of the digital currency would be done in four different phases, which would culminate in eNaira payment solutions offline, payment across borders and the “interoperability of the eNaira with those of other central banks.”

She also confirmed that the CBN was not competing with the Deposit Banks, neither was it competing with other actors in the payment system space in Nigeria.

According to Mohammed, the engagement session was a continuation of the CBN’s plan to include every stakeholder. She also stated that the country’s apex bank was welcoming of any suggestions and transformations which are directed at adding value to the digital currency and improving the currency’s user experience.

The PSPs (as well as the huge community of fintech groups) were also encouraged to look for more innovative ways to assist members of the public when possible, in the onboarding process and use of eNaira. They have also been encouraged to develop solutions for offline eNaira services, which include cards, wearables and Unstructured Supplementary Service Data (USSD).

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eNaira Wallet Records Over 566,000 Downloads from 160 Countries – CBN

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The Central Bank of Nigeria has revealed that the country’s newly-released eNaira wallet has been downloaded more than 566,000 times across 160 countries.

In a statement, the apex bank said that over 488,000 consumer wallets have been onboarded so far, with around 78,000 merchant wallets being acquired. The statement further stated that these downloads have occurred across 160 countries, according to data obtained from the Google Playstore and the Apple Store.

The bank also revealed that close to 17,000 transactions have been recorded, amounting to over N62 million. The average transaction falls at $9.3 each, as the numbers suggest a successful adoption rate.

The country’s Central Bank Digital Currency (CBDC), the eNaira was officially unveiled by the Federal Government in October, in the country’s capital Abuja. The CBN stated that the launch of the CBDC was a result of several years of solid research in pushing the boundaries of the payment system, in order to make financial transactions much easier for all the classes of society.

The eNaira is also explained by the CBN as the digital form of the Naira, the country’s official currency and is issued in accordance with Section 19 of the CBN Act. The CBN stated that the eNaira is a legal tender and a direct liability of the bank. The CBDC will form part of the circulating currency and will be on the same level with the physical naira.

The guidelines introduced by the CBN concerning the eNaira state that the digital currency will complement the physical naira as a less costly, safe, more efficient and generally acceptable means of payment.

These numbers – which come less than a month after the official unveiling of the digital currency – show a general anticipation of the CBDC, both domestically (in Nigeria) and in the international market. The high number of downloads shows that people all over the world (Nigerian or not) have been patiently waiting for the digital currency to come out, so that they can acquire it. This bodes well for the future of the digital currency, which looks to be used very often when it finally kicks off properly.

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CBN Urges Nigerians to Embrace eNaira amid Bitcoin Surge

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The Central Bank of Nigeria has continued to encourage Nigerians to embrace the eNaira, Africa’s first Central Bank Digital Currency (CBDC).

The appeal was made by the Director of the Corporate Communications Department of the CBN, Osita Nwanisobi at the Lagos International Trade Fair.

After inflation data from the United States further strengthened the notion that Bitcoin is a hedge against rising cost pressures, Bitcoin hit another record high and is currently weaving around the $64,000 range. However, the CBN’s ban on cryptocurrency transactions will not enable Nigeria to benefit from the fast-booming crypto market.

The CBN is introducing the eNaira to give the country’s citizens a secure option and satisfy those who have a high appetite for blockchain technology.

Nwanisobi highlighted some of the benefits of the new digital currency, stating that it is expected to “deepen financial inclusion” by bringing more Nigerians into the financial space, support a payment ecosystem with recognizable resilience, reduce the cost of processing cash in the country, enable direct intervention to the welfare of citizens while being completely transparent in dealings, increase transparency in the collection of tax collections and revenue, and reduce the cost of financial transactions.

Nwanisobi also mentioned that the digital currency will facilitate remittances concerning the diaspora, and improve the efficacy of regular payments.

Nwanisobi also acknowledged the positive responses to the launch of the digital currency. He said that customers who download the eNaira Speed Wallet App will be able to create a wallet, fund said wallet from their own bank accounts, transfer eNaira from their wallet to another eNaira wallet, and make payments for purchases at some registered locations. Nwanisobi referred to the naira (physical) as the pride of the nation, urging citizens to embrace the eNaira the way the naira is being embraced.

The CBN’s stance on cryptocurrency has since been known to be negative, as Nwanisobi himself once stated in an email that the Nigerian financial system lacks adequate space for cryptocurrency.

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