Godwin Emefiele, the governor of the central bank, revealed Tuesday that eNaira had N8 billion worth of transactions in its first year of operation.
At the first anniversary of the central bank’s digital currency, he made this disclosure in Lagos (CBDC). The currency, which was revealed in October of last year, is viewed as one of the key steps taken by the bank to combat the swift uptake of privately produced digital currencies.
It was introduced a few months after the apex removed innovative investment assets from Nigeria’s financial system to reduce system risks.
Emefiele claimed that after being available for a year, the eNaira has succeeded in increasing financial inclusion and serving as a secure alternative to unrestrained digital currency.
The CBN president’s data shows that 919,000 new users have joined the site, and there have been 700,000 transactions so far.
The top bank also integrated 33 banks and issued a total of N3 billion in eNaira during this time, enabling nearly all depositors to move money from their bank accounts to online platforms for transactions.
Over 3,305 merchants from various industries and geographical areas have registered on the platform, and N2.1 billion of the entire N3 billion eNaira was issued to financial institutions. One of the merchants that has overlaid on the eNaira ecosystem is Shoprite, along with Sahad Stores, Fraser Suites, and Rano Filling Station.
On average, 2.5 million people visit the website every day as of right now.
Emefiele acknowledged the engagement with pertinent partners and exploitation of the current financial technology ecosystem for the success. According to him, the growth’s subsequent phase is more hopeful because an increase in adoption is anticipated.
“To enhance private sector participation and harness the innovative potential of Nigeria’s inspiring youth, the entire hackathon was organised. This event is a continuation of that journey, and the first among many to come given that the future of central banking is inextricably bound to innovation.”
The Hackathon was an initiative that creates a collaborative environment for experts with a diverse set of skills to drive sustained innovation geared towards making the eNaira the pinnacle for digital financial services and the gateway to the digital economy,” he said.
Emefiele claimed that the digital currency would use the massive mobile subscriber base, which as of June numbered 150 million, to attract more Nigerians to the banking sector.
To make the innovation more applicable to the economy, the Central Bank is also looking into additional use cases. Its intended uses include revenue collection and the production of certain tokens to help fund social programs run by the federal government.