CBN Reveals eNaira Wallets Downloaded Nears 1m With Users Transacting Over N3 Billion Since Launch

• The Central Bank of Nigeria (CBN) has lauded eNaira's popularity since it became available to Nigerians
• This commendation comes as the CBN reports that over N3 billion in transactions have been registered since the launch of eNaira
• CBN also stated that the number of downloads is approaching one million; however, the majority of them are inactive

The Central Bank of Nigeria (CBN) reports that more Nigerians are becoming aware of the eNaira app, although the large majority of downloads are inactive.

This was stated by CBN Governor Godwin Emefiele during the 27Monetary Policy Committee (MPC) meeting on Tuesday, September 27, 2022.

According to Emefiele, the eNaira application has so far recorded a total of 905,588 downloads, but out of this, only 282,600 are currently active.

The Cable reports that Emefiele also announced that about 13,136 wallets had been downloaded via the unstructured supplementary service data (USSD) route, which was introduced less than a month ago.

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He said:

“So far, 905,588 people have downloaded the app, with 282,600 of them currently active. So far, transactions have exceeded 1.49 million worth over N3.484 billion, with the breakdown as follows: 78,115 consumer-to-bank transactions worth about N1 billion, 90,760 bank-to-customer transactions worth N945 million, 35,800 consumer-to-consumer transactions worth about N480 million, and 171,000 consumers to merchant transactions worth over N387 million.”

Emefiele also highlighted the recent success of the USSD  linkage to eNaira.

He added:

“13,136 wallets have so far been created via the USSD channel – that was the channel we introduced about three-four weeks ago, and we are happy that progress has since been made’’.

He also stated that Nigerians have increased their use of eNaira for online transactions.

"For e-commerce, we have seen a 9.946 per cent increase between July and September, and this remains very encouraging.

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“We believe the eNaira is an alternative to you holding an analogue naira, so it is very convenient.”

CBN: New eNaira updates will support utility bills payment, air travel and USSD transactions

Recall Legit.ng reported that Nigeria’s apex bank, the Central Bank of Nigeria, has issued a new directive mandating bank customers to pay indemnity on bank transfers above N1 million and N10 million for individual corporate organizations.

The CBN pegged an upper limit on the amount transferable at N25 million and N250 million for individuals and corporate customers, respectively.

The new directive is to absolve the banks and put liabilities for any breach or risks arising from such transfers on the bank customers.

Source: Legit.ng