The eNaira, Africa’s first digital currency, successfully completed N46.3 million worth of transactions in less than two weeks of launch.
This was disclosed by a senior Central Bank of Nigeria (CBN) official to the Financial Times.
The CBN’s embrace of technology to address financial inclusion has gathered praises both from home and abroad. However, there have been some bumps on the road.
What the CBN said
The currency’s first week and a half, according to the senior Central Bank of Nigeria official who spoke to the Financial Times, was a “resounding success,” with roughly 400,000 new wallets registered in dozens of nations and clients making 12,500 transactions worth N46.3 million ($113,000). This success is in spite of customers complaints about a time-consuming sign-up process.
Africa’s first digital currency made its debut on the 25th of October 2021 and had over 200,000 downloads 24 hours after launch.
A few days after, the eNaira speed wallet disappeared from the Android Play Store, raising concerns among Nigerians. The problem was quickly resolved, however.
The CBN has urged all Nigerians to embrace the eNaira saying that it is more reliable than cryptocurrencies.
CBN’s technical partner, Bitt Inc has announced plans to roll out a new mobile application that allows the unbanked population to access eNaira.
