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Transactions On eNaira App Hit N4bn –CBN

Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Thursday revealed that financial transactions on the eNaira app has hit N4 billion since its launch on October 25, 2021.

Emefiele, who stated this at the grand finale of the 2022 eNaira Hackathon in Abuja, further disclosed that from next week, banked and unbanked Nigerians will be able to open an eNaira wallet and conduct transactions by simply dialling *997 from their phones.

“Shortly after this, both merchants and consumers with bank accounts can use the Nigerian Inter-Bank Settlement Scheme’s (NIBSS) Instant Payment (NIP) to transfer and receive eNaira to any bank account.  This will further deepen the integration of the eNaira with the existing national payment infrastructure”, he said.

The CBN Governor added that since the launch of the eNaira, downloads have reached 840,000 with about 270,000 active wallets; comprising over 252,000 consumer wallets and 17,000 merchant wallets. 

“In addition, volume and value of transactions on the platform have been remarkable, reaching above 200,000 and N4 billion, respectively”, Emefiele noted.

According to the CBN Governor, the second phase of the project has begun and it is intended to drive financial inclusion by boarding unbanked and underserved users leveraging offline channels. 

The second phase is also expected to deliver more gains with a target of about 8,000,000 active users based on estimations using the diffusion of innovation model.

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Emefiele revealed that the eNaira hackathon recorded a sizeable interest from young and innovative Nigerians with a total of 4,667 registrations, comprising 4,082 male and 582 female applicants.

“From an initial cohort of over 105 groups that made the quarter finals and 75 teams that progressed to the semi-finals, the Hackathon has reached its climax today with 20 teams in the finals from which the top 10 teams would emerge as Prize winners.

“This further corroborates the fact that Nigerians, both within and outside the country, possess innovative ideas and are willing and ready to leverage on exciting opportunities that the eNaira presents for enhancing  digital financial services and contributing to national development”, he said. 

The CBN Governor added that enabling private sector innovation remains one of the three foundational principles of Central bank Digital Currency (CBDC).  

“The Hackathon is an initiative that creates a collaborative environment for experts with a diverse set of skills  to drive sustained innovation geared towards making the eNaira the pinnacle for digital financial services and the gateway to the digital economy.

“It is intended to sought solutions that would: drive financial inclusion, SME growth and the creation of start-ups; facilitate cross border trades and transfers as well as international remittances and FX exchanges; effective implementation of welfare-inclined government programmes; and enhance efficiency in the interbank market. “Today’s event is targeted at providing an engagement with critical stakeholders in the financial technology space to deepen the link between eNaira and Fintechs”.

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Emefiele added that the eNaira remains a journey as seeks to help the economy transit to a digital and charting the course for innovation in the financial sector.

He added that the digital currency would help in complementing the various diversification and digitisation initiatives of the Federal Government including the launch of the Nigeria Digital Economy Policy and Strategy (NDEPS).

Also speaking, the Deputy Governor, Economic Policy of the CBN, Dr Kingsley Obiora, hailed the eNaira initiative as it has grown the value of electronic transactions  from N393 billion in 2014 to N2.4 trillion today.

“In South Korea, 77 per cent no longer use cash to do payment, while in the Philippines, it is 30 per cent. In Nigeria too, we are also seeing the same decline in the use of cash, the minting of currencies in the CBN has been reducing in the last couple of years. “So, if you look at this movement, you will realize that the Central Banks in the world are responding to the yearnings of citizens which is why citizens in 96 per cent of Central Banks in the world are either working on digital currencies or they have done so already”, he added.

Source: Sun

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