eNaira Platform Records N46.3m Transactions in Two Weeks

By Sodeinde Temidayo David

The Central Bank of Nigeria (CBN) has announced that the eNaira platform has recorded transactions worth N46.3 million in the first two weeks of its launch.

This is coming despite the mixed reactions that trialled the introduction of the digital Naira, which led to the bringing down of the mobile app on the Google Play Store hours after it was unveiled by President Muhammadu Buhari.

A senior official of the CBN informed a United Kingdom newspaper that the value of transactions seen in the first two weeks has proven that the eNaira will drive financial inclusion.

“The currency’s first week and a half, 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,” he noted.

A quick analysis of the CBN’s communications shows that it is a five-layered system.

The first layer is known as the eNaira Stock Wallet, in which the CBN offers little detail about how the stock wallet operates other than that it belongs exclusively to the central bank. This is where the currency is struck into existence but reserved in the issuer’s coffers until it is ready to be distributed more widely.

The second layer is known as the eNaira Treasury Wallet. This is for banks to warehouse eNaira received from the CBN for institutional use.

The third layer is the eNaira Branch Wallet, for sub-dividing institutional balances originating from Treasury wallets on a seemingly fully-funded basis.

The fourth layer is the eNaira Merchant Speed Wallet. This is an exclusive sub-division provided by financial institutions to merchants. These, however, can only be dispensed to merchants providing they accept all relevant terms and conditions, and provide all mandatory information.

The final fifth layer is the eNaira Speed Wallet, also to be supplied by banks, which is available to all users and can be operated on behalf of holders or trustees. It allows users to hold funds in their accounts.

President Buhari officially unveiled eNaira on October 25, 2021, and its speed wallet app had over 200,000 downloads 48 hours after launch.

The CBN has urged all Nigerians to embrace the eNaira, saying that it is more reliable than cryptocurrencies.

The apex bank’s embrace of technology to address financial inclusion has also gathered praises both from home and abroad.