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eNaira Transactions Rise To N4bn, CBN Introduces USSD


Aug 19, 2022

eNaira Is Better Than Cryptocurrencies - CBN Tells Nigerians

The value of transactions on the eNaira has risen to N4 billion since its launch on October 25, 2021.

The Governor of the Central Bank of Nigeria, Godwin Emefiele, revealed this on Thursday at the finale of the 2022 eNaira hackathon in Abuja.

The Controller for CBN in Enugu State, Chedozie Okonjo, last year December, said the apex bank recorded over 34,000 transactions on the eNaira platform, with a total value of over N188m.

Okonjo revealed this at the 2021 Annual Bankers Dinner and Lecture organised by the Enugu State branch of the Chartered Institute of Bankers of Nigeria.

Okonjo had said, “So far, we have recorded over 583,000 consumer wallets and about 83,000 merchant wallets downloads, with downloads occurring in over 160 countries (per Google Play Store and Apple Store data).  We have also recorded over 34,000 transactions amounting to over N188m. These numbers suggest the adoption rate has been excellent.”

According to the CBN officials, this shows an increase of 2,027.66 per cent from December to August.

Emefiele, while speaking at the 2022 eNaira Hackathon, said that there had been about 840,000 downloads and 200,000 transaction volumes.

Emefiele said, “Since the launch of this great initiative, the eNaira has reached 840,000 downloads, with about 270,000 active wallets comprising over 252,000 consumer wallets and 17,000 merchant wallets. In addition, the volume and value of transactions on the platform have been remarkable, reaching above 200,000 and N4bn, respectively.

“Shortly after this, both merchants and consumers with bank accounts can use the NIBSS Instant Payment to transfer and receive eNaira to any bank account.

“This will further deepen the integration of the eNaira with the existing national payment infrastructure.”

The CBN Governors revealed that the apex bank targeted about eight million active users for the next phase of the eNaira project.

The Deputy Governor, Economic Policy of the CBN, Kingsley Obiora, also hailed the eNaira initiative, stressing the dynamic shift into a paperless economy.

According to him, the CBN has reduced the minting of currencies over the last couple of years to ensure a cashless economy.

This article was originally published on Naija News