Lagos Missing as eNaira is Popular in Borno, Sokoto, Gombe, CBN Reveals over 100,000 Wallet Activated

Lagos Missing as eNaira is Popular in Borno, Sokoto, Gombe, CBN Reveals over 100,000 Wallet Activated

  • Northern region is showing more interest on eNaira, the recently introduced digital currency of the Central Bank of Nigeria.
  • eNaira which was activated in October CBN hopes will make digital payment in the country seamless and also deepen financial inclusion in the country
  • And it seems it is is rapidly gaining acceptance, especially in the northern part of Nigeria as the world watches on

Google trends has revealed that eNaira has its strongest interest in the core northern part of Nigeria.

The states include Borno leading with a perfect score of 100, followed by Sokoto, Gombe, Taraba, and Zamfara.

Ironically Lagos, Nigeria’s major economic hub, misses out of the top 25 on eNaira interest, Nairametrics reports.

eNaira is Popular in Borno, Sokoto, Gombe as CBN Reveals 114,900 Consumers, Merchants Activate eNaira Wallets
The states where eNaira search is coming from Credit: Googletrend
Source: Facebook

eNaira performance by banks

Meanwhile As of November 29, 2021, at least 114,900 consumers and merchants have activated the eNaira wallets since it was introduced in October 2021, a report by TheCable has revealed.

Read also

Lagos missing as North leads in eNaira adoption in Nigeria

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According to the report consumer wallets constitute about 112,870 of the activated wallets, while the merchant wallets account for just a little over 2,000 wallets.

Share of consumer wallets by banks

In terms of consumer wallets, GTB is the leading bank in Nigeria with more than 30% of all active consumer wallets.

There are seven banks with the highest number of activated consumer wallets: Access Bank, Zenith Bank, First Bank, UBA, Polaris Bank, and Ecobank.

As of the end of November 2021, more than 2,000 merchant wallets were active with Ecobank. Union Bank, Stanbic IBTC, and Ecobank are the leading banks in merchant adoption.

Analysis showed that Ecobank and GTBank are currently leading in customers’ adoption of the eNaira, with over 2,000 merchant wallets active, about 20 per cent are domiciled with Ecobank, while GTBank has the majority of the consumer wallets activated by users amongst the top 10 financial institutions in the country.

Read also

Report: Despite eNaira, Sanusi Lamido says CBN has a lot to learn from Ghana on fintech operations

Tanzania to copy Central Bank of Nigeria Model on eNaira

Meanwhile, Tanzania is looking at introducing its own digital currencies and will model it after Nigeria's eNaira.

On Monday, October 25th, 2021, Nigeria became the first African country to introduce a digital version of its paper currency.

Since its launch a month ago, CBN reveals the eNaira app has been downloaded 600,000 times from 160 countries.


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