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eNaira transactions reach N4 billion, as the CBN launches USSD code

eNaira Digital Currency

Since its inception on October 25, 2021, the value of transactions on the eNaira has increased to N4 billion, according to the Central Bank of Nigeria Governor Mr. Godwin Emefiele.

He made this statement on Thursday during the 2022 eNaira hackathon’s grand finale in Abuja.

At the 2021 Annual Bankers Dinner and Lecture hosted by the Enugu State branch of the Chartered Institute of Bankers of Nigeria in December of last year, Ch’Edozie Okonjo, the CBN Controller for the Enugu branch, stated that the CBN had recorded over 34,000 transactions on the eNaira platform with a total value of over N188m.

“We have registered approximately 583,000 consumer wallet downloads and over 83,000 merchant wallet downloads so far, with downloads occuring in over 160 countries,” Okonjo had stated (per Google Play Store and Apple Store data). Additionally, we have tallied over 34,000 transactions worth over N188 million. These figures imply that the adoption rate has been quite good.

According to CBN authorities, this indicates a rise of 2,027.66% from December to August.

The CBN governor added that there had been roughly 840,000 downloads and 200,000 transaction volumes during the 2022 eNaira Hackathon.

Since the beginning of this wonderful endeavor, the eNaira has had 840,000 downloads, and there are currently roughly 270,000 active wallets, including more than 252,000 consumer wallets and 17,000 commercial wallets. Additionally, the platform has seen exceptional growth in terms of transaction volume and value, with each exceeding 200,000 and N4 billion, respectively.

The CBN governor also revealed that starting the next week, both banked and unbanked Nigerians will be able to access an eNaira wallet and make transactions using the Unstructured Supplementary Service Data code by simply dialing *997# from their phones.

The governor of the central bank said, “Shortly after this, both businesses and customers with bank accounts can send and receive eNaira to any bank account via the NIBSS Instant Payment.

The eNaira’s integration with the current national payment infrastructure will be strengthened as a result.

Emefiele added that the second phase of the eNaira initiative will target roughly eight million active users.

Dr. Kingsley Obiora, the CBN’s deputy governor for economic policy, also spoke in support of the eNaira project and emphasized the dynamic transition toward a paperless economy.

He claims that the CBN has decreased currency production over the past few years to achieve a cashless society.

Daniel Awe, Group Head, Africa FinTech Foundry, a technical partner of the CBN, praised the apex bank for transitioning from a traditional regulator to a smart, innovative one, in his remarks.

With a total of 4,667 registrations, including 4,082 men and 582 women, the eNaira hackathon saw a significant amount of interest from young, creative Nigerians.

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Sheu Abdullateef Funsho
Sheu Abdullateef Funsho
I'm a certified tech expert with over a decade of experience. Serving as a Blogger, Copywriter, Web Designer, Crypto Expert, and Digital Marketer. I'm passionate about sharing unique insights and ideas on technology and trends. Need help with any of these areas? DM me, and let's collaborate to achieve your goals with cutting-edge expertise.
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