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More Nigerians Embraces E-Naira Mobile Application, Nears 1 Million Downloads

E-Naira Mobile Application has so far recorded 905,588 downloads, with 282,600 active users. 

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E-Naira Mobile Application has so far recorded 905,588 downloads, with 282,600 active users. 

The Governor of the Central Bank of Nigeria, Godwin Emefile declared yesterday at the CBN headquarters in Abuja. The CBN governor said more Nigerians are gradually embracing the eNaira wallet. 

It could be recalled that the Central Bank of Nigeria (CBN) launched eNaira in October 2021 as a digital form of Naira which can be used just like cash. The eNaira is equal in value to the paper naira.

E-Naira clearly differs from cryptocurrency because it is issued by a central authority, regulated and subject to banking laws. 

According to the CBN governor, about 1.5 million transactions worth over N3.484 billion has been carried out on eNaira wallets. 

A partial breakdown shows that customers-to-banks transactions have reached 78,115 transactions with a monetary worth of about N1 billion while banks to customers transactions stood at 90,760 with monetary worth of N945 million. 

Furthermore, customers-to-customers transactions stood at 35,800 with a capital value of N480 million while customer-to-merchant transactions have reached 171,000 transactions with a worth of more than N387 million.

Meanwhile, the CBN governor added that the introduction of the USSD short code to access eNaira has further driven its adoption. In August 2022, the central bank introduced a short code *997# as a supplementary service for the eNaira. 

Emefiele stated that 13,136 e-Naira wallets have been created through the unstructured supplementary service data (USSD). He declared that the apex bank is happy with the growth of eNaira while the bank expects the number to rise exponentially in the coming months. 

Nigeria is the first country in Africa to launch a digital currency. According to the Central Bank, a digital naira is aimed to drive inclusion, digital economy and the cashless policy of the central bank. 

Investors King learnt that other countries which have a digital currency include China, Bahamas and Jamaica. 

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eNaira

CBN Engages Unilag Students as e-Naira Advocators

The Central Bank of Nigeria (CBN) has taken the drive for e-Naira to the University of Lagos. The apex bank intends to sensitise and engage students as advocates of the digital currency.

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The Central Bank of Nigeria (CBN) has taken the drive for e-Naira to the University of Lagos. The apex bank intends to sensitise and engage students as advocates of the digital currency.

According to the CBN, students are a critical factor in the adoption of e-Naira. The bank noted that the e-Naira is accepted as the naira notes while it can also be used to pay school fees. 

Speaking at the event, Director Information Technology Department, CBN/Co-ordinator Technical Working Committee e-Naira Secretariat, Hajiya Rakiya Mohammed who was represented by Dr. Khalifa Nuhu noted that the Central Bank has engaged several groups and organisations as part of the strategy to make e-Naira popular among Nigerians. 

The e-Naira adoption team also paid a courtesy visit to the Vice-Chancellor of the University, Professor Oluwatoyin T. Ogundipe, FAS, at his office. 

The team noted that the University of Lagos was selected as the pioneer institution for the onboarding exercise because the school is progressive and innovation-driven. 

Investors King had earlier reported that the e-Naira adoption team visited the tricycle driver in Abuja to inform them about the e-Naira platform.

While speaking at the awareness program in Abuja, the adoption team disclosed a 5 percent transaction discount for any tricycle driver who uses the e-Naira platform. The team added that any tricycle customer who uses the e-Naira platform to make payment will also enjoy the same discount. 

In another development, the Central Bank has disclosed that it will engage 7,740 e-Naira agents across the country as part of its efforts to boost adoption. 

The apex bank noted that it will install and engage a minimum of 10 e-Naira agents from each of the 774 local governments in Nigeria to make up for the targeted number. 

It will be recalled that the e-Naira was officially launched by President Muhammad Buhari, on October 25, 2021. It has a slogan of “Same Naira, More Possibilities” which symbolises the same quality as the naira note but with enhanced functionality.

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eNaira

Over 700,000 Transactions, N8 Billion in Value; CBN Celebrates eNaira 1 Year in Style

The Central Bank of Nigeria (CBN) celebrates eNaira’s one-year anniversary in grand style as over 700,000 transactions valued at N8 billion were processed within the last 12 months.

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The Central Bank of Nigeria (CBN) celebrates eNaira’s one-year anniversary in grand style as over 700,000 transactions valued at N8 billion were processed within the last 12 months.

Godwin Emefiele, the apex bank governor, who spoke at an event organised to mark the digital currency milestone in Lagos, expressed his profound joy at the success of the Central Bank Digital Currency (CBDC) since its inception.

Emefiele said it has been an overwhelming first year, the encouragement and genuine interest from the citizen of Nigeria and others across the world has been unending and has helped propel the vision of the nation’s cashless economy despite the challenges faced in the process.

He said being the first country in Africa and second in the world to introduce a digital currency to its citizens is no child’s play.

Emefiele Said, “there has been overwhelming interest and encouraging response from Nigerians and other parties across the world, with 33 banks fully integrated and live on the platform. N3 billion has been successfully minted by the Central Bank, N2.10 billion issued to financial institutions, and about one million (919,000) customers are on board.

“Over 3,305 merchants have successfully registered on the eNaira platform across the country, including Shoprite, Sahad Stores, A.A. Rano fuel stations, Fraser Suites, and November Cubes, among others. Over 700,000 transactions amounting to about N8 billion have been recorded on the platform and over 2.5 million daily visits to the eNaira website.”

In the spirit of festivity, Godwin stated that plans are underway by the central bank and Bankers’ Committee to ensure the implementation of its cashless policy throughout Nigeria, adding that the apex bank has expended so much in the adoption of a 100% cashless economy.

Godwin said, “Banks have incurred a lot of costs in an attempt to embrace a cashless economy. We also had collaborations with mobile networks and had payment service banks (PSB) using all sorts of channels. The destination, as far as I am concerned, is to achieve a 100% cashless economy in Nigeria. I know that those who doubt will say that 100% cashless is unattainable.”

Emefiele further stated that the CBN had provided the needed infrastructure nationwide to enable the smooth transition into a cashless economy.

It might not be a juicy transition for some individuals but necessary pronouncements will be made on that effect in the coming weeks, he concluded.

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eNaira

Central Bank to Engage 7,740 e-Naira Agents Across Nigeria

To boost grassroots adoption, the Central Bank of Nigeria has disclosed that it will install and engage a minimum of 10 e-Naira agents from each of the 774 local governments in Nigeria. 

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To boost grassroots adoption, the Central Bank of Nigeria has disclosed that it will install and engage a minimum of 10 e-Naira agents from each of the 774 local governments in Nigeria. 

Speaking at an awareness programme organised for tricycle drivers in Abuja, the CBN coordinator, and the technical working committee on e-Naira, Hajiya Rekiya Mohammed stated that the apex bank aims to drive adoption among those who make frequent daily transactions. 

Hajiya Reikiya further stated that e-Naira will be incentivised for tricycle drivers and their customers. 

She noted that any tricycle driver who does payment transactions with his customer on the e-Naira platform will get a 5 percent discount while the customer also gets an equal amount of discount on the actual price of the transport fare.

Hajiya Reikiya who was represented at the sensitisation program by Dr Khalipha Nuhu also revealed that the awareness programme will be taken to all nooks and crannies of the country until the e-Naira is widely accepted. 

Furthermore, Dr Nuhu also informed the tricycle drivers that the e-Naira platform does not require literacy before it can be used. 

Investors King learnt that the e-Naira platform can be used in any of the three major languages in Nigeria.

Meanwhile, Dr Aminu Bizi, a consultant with the CBN who was part of the sensitisation program also disclosed that the apex bank is targeting a minimum of 10 agents in each of the 774 local governments across Nigeria. Putting the total number of agents expected to be engaged at 7,740.

It will be recalled that in October 2021, the Central Bank of Nigeria launched the e-Naira as a form of digital Naira. This makes Nigeria become the first African country and one of the very few in the world to adopt a digital currency. 

Investors King had earlier reported in August that the e-Naira platform has recorded more than N4 billion in transactions since its take-off last year.

So far, the e-Naira platform has attracted almost a million active users. It can be downloaded on both Google Playstore and Apple Store or used by simply dialling *997# on any mobile phone.

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