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Nigeria Takes Big Steps in Expanding eNaira Technical Capabilities

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Pavan A Follow

INDIA

Aug, 23 2022

Aug, 23 2022

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An initiative launched by the Nigerian government aims to expand eNaira's technical capabilities as well as increase its user base.? Godwin Emefiele, governor of the Nigerian central bank, stated at the 2022 eNaira Hackathon in Abuja that eNaira, Nigeria's central bank digital currency (CBDC), is going to enter the second stage of its expansion through new technology. 


"We don’t have a choice but to live with the fact that we are now in a digital economy, in a digital space, where the user[s] of cash will dissipate almost to zero,” Emefiele said. 


As of October 2021, the CBDC has had approximately 270,000 active wallets, 93% of which are eNaira Speed Wallets for individual use. In that time frame, eNaira has been used to make nearly 200,000 transactions worth 4 billion nairas. 


Users can create eNaira wallets using a four-digit code on their mobile phones, regardless of whether they have bank accounts, according to Cointelegraph.? 


eNaira offers applications to pay for utilities and other services, and users with bank accounts can use the Nigeria Inter-Bank Settlement System (NIPS) to transfer funds between accounts. 


The Nigerian government is planning to use USSD to simplify the creation of the eNaira Speed Wallet for users who do not have bank accounts, as this form of payment will attract approximately 8 million new CBDC users. 


To promote the adoption of digital currencies, the Central Bank of Nigeria has sponsored the eNaira Hackathon 2022 in partnership with Africa Fintech Foundry (AFF). Over 4,500 fintech startups attended the hackathon, with ten receiving government grants to develop the technology.?? 

 


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Pavan A

CBW - External Analyst

INDIA

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