Nigeria is the first African country to launch a central bank digital currency. 10 months after the launch of this Crypto eNaira project, the results are more than satisfactory. Nigeria is on the right track. This is indeed an exploit for the platform. The volume and value of transactions are “remarkable” as Goldwin Emefiele, the governor of the central bank of Nigeria, put it.
Review of the eNaira platform
Last Thursday, the Governor of the Central Bank of Nigeria, Goldwin Emefiele, established the balance sheet of the eNaira Crypto platform. The implementation of the latter dates back to October 2021.
The app has been downloaded 840,000 times and currently has 270,000 active wallets. 17,000 belong to traders and 252,000 to consumers. Transactions made since its launch amount to 4 billion naira. Which equals $9.3 million.
According to the governor of the central bank, this result is more than appreciable. However, this does not prevent the launch of the second phase. This is in collaboration with private sector operators.
The second phase of eNaira
The first objective of the eNaira crypto is to help the Nigerian economy. This crypto project is indeed expected to improve financial inclusion and support poverty reduction. This, by allowing the direct payment of social assistance to citizens, for example. But given the number of wallets registered compared to the number of the population, the objective is far from being achieved.
It is for this reason that the bank plans to educate 8 million people to register on the platform and use it in its second phase. This is to target Nigeriens who do not have a bank account. To do this, the protocol is facilitated: just download the application and dial a four-digit code on the mobile phone.
Indeed, the second phase aims to promote financial inclusion in Nigeria. If it is estimated that 40% of the population does not have a bank account (including 59 million adults), it is therefore normal that this category of people is targeted for the second phase. But of course, this second phase also targets the underserved.
The eNaira platform has proven itself in its first ten months of existence. The second phase is also launched, focusing more on people who were excluded during the first phase (unbanked). However, the non-acceptance of digital currency by the population is still noticeable. Awareness actions need to be further strengthened.
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