The Central Bank of Nigeria’s (CBN) Digital Currency, the eNaira, is expected to bring more people into the financial system, expand access to financial services at the grassroots and boost its economy.
The eNaira has so far attracted widespread acceptance across diverse segments of the economy. So far, the apex bank has onboarded over 488,000 consumer wallets and about 78,000 merchant wallets, with these downloads occurring in over 160 countries (per Google Playstore and Apple Store data).
The apex bank has also recorded almost 17,000 transactions amounting to over N62 million with the average transaction being about $9.3 each. These numbers suggest the adoption rate has been excellent.
Speaking at the Lagos International Trade Fair, CBN Director, Corporate Communications, Osita Nwanisobi, said the eNaira, like the physical naira, remains a legal tender and a liability of the apex bank.
He said: “The eNaira is expected to deepen financial inclusion by bringing more people into the financial space, supporting a resilient payment system, reducing cost of processing cash, enabling direct and transparent welfare intervention to citizens, increase transparency in revenue and tax collections, among others.”
Nwanisobi said since the eNaira platform went live, there have been overwhelming interest and encouraging response from Nigerians and other parties across the world.
“Today, customers who download the eNaira Speed Wallet App will be able to onboard and create their wallet, fund their eNaira wallet from their bank account, transfer eNaira from their wallet to another wallet and make payment for purchases at registered merchant locations,” he said.
Nwanisobi said the CBN found the theme for this year’s Lagos Trade Fair: “Connecting businesses, creating value” very apt, as it aligns with its strategic focus of consistently creating enabling policies that would make business enterprises to grow and contribute to sustainable economic development, while creating jobs for the people.
He said the apex bank will continue to demonstrate commitment to support businesses to enable them create the desired economic and social value.
“Over the years, the bank has played a leading role in the efforts of the Federal Government to create a more business friendly environment through various policies such as the Secured Transactions in Movable Assets Act and Credit Registry Act,” he said.
Nwanisobi said the CBN, under the leadership of Godwin Emefiele, will not only continue to deliver on its primary mandate of ensuring monetary and price stability, but also create an environment for inclusive growth sustainable development of the country.
The Nation.
