CBN records 700,000 transactions worth N8 billion on eNaira platform in first year

The Central bank of Nigeria (CBN) announced that it recorded 700,000 transactions worth N8 billion on eNaira platform in first year of operation. This was disclosed at the first anniversary of the central bank digital currency (CBDC)

Launched in October 2021, the eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and is used like cash.

According to the CBN Governor, Mr Godwin Emefiele in his keynote address, “I am delighted to be here today to celebrate yet another milestone in our journey towards transforming Nigeria to a digital economy, and most importantly building the future monetary system of our  country in response to the emerging trends and developments in the global digital space.”

“Since its launch, the eNaira has offered Nigerians endless possibilities in using financial services, thus living up to the chosen slogan, “Same Naira, More Possibilities,” as well as accomplishing some set objectives.”

“Tthe eNaira is expected to enhance financial inclusion, support poverty reduction, enable direct welfare disbursement to citizens, support a resilient payments ecosystem, improve availability and usability of central bank money, facilitate diaspora remittances, reduce the cost of processing cash, and reduce cost and improve efficiency of cross-border payment among others.”

“Specifically, there has been overwhelming interest and encouraging response from Nigerians and other parties across the world as indicated by the following milestones:

“33 banks are fully integrated and live on the platform. N3.00 billion has been successfully minted by the bank. N2.10 billion has been issued to financial institutions. About 1.0 million (919,000) customers have been onboarded. Over 3,305 merchants have successfully registered on the eNaira platform across the country including Shoprite, Sahad Stores, A.A. Rano fuelling stations, Fraser Suites, and November Cubes, among others.

“Over 700,000 transactions amounting to about N8.00 billion have been recorded on the platform. Over 2.5 million daily visits to the eNaira website. “

The CBN Governor stated that the eNaira would leverage the huge mobile telco subscription base, which stood at 150 million as of June, to bring more Nigerians into the financial space.

Mr Emefiele stated that going forward, the eNaira will be onboarding revenue collection agencies to increase and simplify collections, collaborating with the Ministry of Humanitarian Affairs through the creation of sector-specific tokens to support the Federal Government’s social programmes and distribution of targeted welfare schemes in a bid to lift millions out of poverty by 2025.