December 08, (THEWILL) – The Central Bank of Nigeria (CBN) has said its eNaira application has so far recorded a total digital transaction valued at about N8 billion, as at the end of October, 2022.
Recall that the eNaira was launched on the 25th of October, 2021, by President Muhammadu Buhari.
Hajiya Rakiyat Mohammed, the Bank’s Director of Information Technology, made the disclosure on Monday, at the Presentation and Onboarding of e-Naira session during the Second Africa Payment Systems Conference in Abuja.
Represented by Abayomi Oyeleke, the Deputy Director Information Technology of CBN, Mohammed said Nigerians, who buy into the e-naira platform stand to gain a lot of benefits including real-time transactions on a secured digital wallet with zero downtime, adding that the project is supported with a very resilient blockchain technology.
She said the eNaira was developed to broaden payment platforms in Nigeria, foster digital financial inclusion with a potential for fast-tracking intergovernmental and social transfers, capital flow and remittances.
Mohammed said the introduction of the eNaira has changed the business ecosystem, reduced cash transactions, eliminated the risks associated with cash transactions and opened more digital financial frontiers for bank customers.
Explaining the eNaira, Mohammed said it opened business opportunities, enhanced financial inclusion as the teeming unemployed youths in Nigeria can cash into the opportunities by providing financial services to bank customers in remote and underbanked parts of the country.
She said the eNaira platform will be expanded in the nearest future to include more financial products.
Mohammed hinted that several layers of security and transaction limits have been consciously put in place to ensure that the wallet of eNaira customers are not compromised.
“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.
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