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How eNaira recorded N8bn transactions in 1 year – CBN

The eNaira recorded a total digital transaction value at about N8 billion as of the end of October 2022, one year after its take-off, the…

The eNaira recorded a total digital transaction value at about N8 billion as of the end of October 2022, one year after its take-off, the Director of Information Technology of the Central Bank of Nigeria (CBN), Hajiya Rakiyat Mohammed, has said.

Rakiyat stated this while delivering an address at the presentation and unboarding of the e-naira session during the second Africa Payment Systems Conference on Monday in Abuja.

Represented by Abayomi Oyeleke, Deputy Director, Information Technology of the CBN, she said Nigerians who bought into the e-naira platform stand to gain a lot including real-time transactions on a secured digital wallet with zero down time.

Muhammed also said the introduction of the eNaira has changed the business ecosystem, reduced cash transactions, eliminated the risks associated with cash transactions and opened more digital financial frontiers for bank customers.

According to her, eNaira also opened business opportunities, enhanced financial inclusion as the teeming unemployed youths in Nigeria can cash into the opportunities, adding that “Since its launch, a total of N8 billion, consisting of over 700,000 transactions has passed through the eNaira platform.”

Director General of Nigeria Information Technology Development Agency (NITDA), Inuwa Kashifu Abdullahi, said the future of cash was now becoming bleak on daily basis, adding that investing into cashless infrastructure would not only reduce the cost implication of cash maintenance, curb insecurity, reduce corruption, reduce financial losses, but more importantly lead to more investment in financial infrastructure and job creation.

A Director at Foreign Investment Network (FIN), Akin Fayomi, said the event would serve as a launching pad for the international business community to explore investment opportunities in Africa and other emerging markets.


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