eNaira records N8 billion transactions in one year

•N3 billion in circulation as 700,000 Nigerians subscribe

The Central Bank Governor, Godwin Emefiele, yesterday, disclosed that eNaira has recorded N8 billion in transaction value in its first year in operation.

He disclosed this in Lagos at the first anniversary of the central bank digital currency (CBDC). The currency, unveiled in October last year, is seen as one of the bank’s major moves to counter the aggressive adoption rate of private-issued digital currencies.

It was introduced a few months after the apex axed the country’s financial system from the novel investment assets to curtail the system risks they pose to Nigeria.

Emefiele said the eNaira has proved to be a success story 12 months into its introduction as a tool for deepening financial inclusion and providing a safe alternative to unregulated digital money.

According to the data shared by the CBN boss, 919,000 customers have been onboarded on the platform with 700,000 transactions recorded in the period.

The apex bank has also minted a total of N3 billion eNaira and integrated 33 banks in the period, allowing almost all depositors to transfer from the bank accounts to the digital platforms for transactions.

Of the total N3 billion eNaira, N2.1 billion was issued to financial institutions while over 3,305 merchants across sectors and regions have registered on the platform. Shoprite, Sahad Stores, Fraser Suites and Rano Filling Station are among the merchants that have layered on eNaira ecosystem.

The current daily visit to the website is pegged at an average of 2.5 million.

Emefiele attributed the success to collaboration with relevant partners and leveraging the existing financial technology ecosystem. He said the next phase of growth is more promising with the adoption rate expected to speed up.

“To enhance private sector participation and harness the innovative potential of Nigeria’s inspiring youth, the entire hackathon was organised. This event is a continuation of that journey, and the first among many to come given that the future of central banking is inextricably bound to innovation.

The Hackathon was 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,” he said.

Emefiele said the digital currency would leverage the huge mobile subscription base, which stood at 150 million as of June, to bring more Nigerians into the financial space.

The Central Bank is also exploring other use cases of the innovation to make it more relevant to the economy. Envisaged functionalities include using it for revenue collection and the creation of specific tokens to support Federal Government’s social programmes.