According to the Central Bank of Nigeria (CBN), as of October 2022, the eNaira app had processed digital transactions totalling about N8 billion.
You may recall that on October 25, 2021, President Muhammadu Buhari introduced the eNaira.
The announcement was made on Monday at the Presentation and Onboarding of the e-Naira session at the Second Africa Payment Systems Conference in Abuja by Hajiya Rakiyat Mohammed, the Bank’s Director of Information Technology.
Mohammed, who was represented by Abayomi Oyeleke, the Deputy Director of Information Technology at CBN, said that Nigerians who invest in the eNaira platform would reap many benefits, such as conducting transactions in real-time using a secure digital wallet that will never experience downtime.
She explained that the eNaira was created so that more people could use digital payment systems in Nigeria, which might speed up monetary transactions between governments and between individuals and businesses, as well as international remittances and other types of capital movement.
According to Mohammed, eNaira’s launch altered the business ecosystem, decreased the use of cash, removed the dangers connected with cash transactions, and expanded the reach of digital financial services available to bank customers.
Mohammed stated that the eNaira created new avenues for business and expanded access to banking services for previously unbanked Nigerians, allowing the country’s sizeable unemployed youth population to capitalise on the eNaira’s success.
Shortly, she promised, the eNaira platform would be expanded to cover additional financial services.
To prevent unauthorised access to eNaira clients’ wallets, Mohammed suggested various levels of protection and transaction limits have been deliberately implemented.
“Since its launch, a total of N8 billion, consisting of over 700,000 transactions, has passed through the eNaira platform.
“As part of the CBN’s effort to further integrate and broaden the usage of the eNaira, it was assigned an Unstructured Supplementary Service Data (USSD) code, enabling payments by simply dialling *997# on a mobile phone”, she said.