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eNaira Transactions Rise To N4bn, CBN Rolls Out USSD

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The brand equity of eNaira has received a remarkable boost as the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, has said that the value of transactions on the app has risen to N4bn.

eNaira was launched by President Muhammadu Buhari on October 25, 2021, becoming the first country in Africa to introduce a digital currency to its citizens.

The CBN Governor while speaking at the grand finale of the 2022 eNaira hackathon in Abuja on Thursday said the transactions on the digital currency app have risen to N4bn, this is as he said that transactions can now be made through the Unstructured Supplementary Service Data, USSD code.

The eNaira Hackathon recorded a sizeable interest from young and innovative Nigerians with a total of 4,667 registrations, comprising 4,082 male and 582 female applicants.

During the eNaira Hackathon, the CBN governor also said that there had been about 840,000 downloads and 200,000 transaction volumes.

Emefiele said, “Since the launch of this great initiative, the eNaira has reached 840,000 downloads, with about 270,000 active wallets comprising over 252,000 consumer wallets and 17,000 merchant wallets. In addition, volume and value of transactions on the platform have been remarkable, reaching above 200,000 and N4bn, respectively.”

The CBN governor further said that from next week, banked and unbanked Nigerians would be able to open an eNaira wallet and conduct transactions through the Unstructured Supplementary Service Data code by simply dialling *997# from their phones.

The apex bank governor added, “Shortly after this, both merchants and consumers with bank accounts can use the NIBSS Instant Payment to transfer and receive eNaira to any bank account.

“This will further deepen the integration of the eNaira with the existing national payment infrastructure.”

Emefiele also said that the apex bank targeted about eight million active users for the next phase of the eNaira project.

Also speaking, the Deputy Governor, Economic Policy of the CBN, Dr. Kingsley Obiora, hailed the eNaira initiative, stressing the dynamic shift into a paperless economy.

According to him, the CBN has reduced the minting of currencies over the last couple of years in order to ensure a cashless economy.

In his remarks, the Group Head, Africa FinTech Foundry, Daniel Awe, a technical partner to CBN, commended the apex bank for transforming from a traditional regulator to a smart, innovative one.

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