Nigeria to load CBDC eNaira with more features, aims to onboard millions of unbanked

Binance in Talks to Create Crypto-Centric Hub In Nigeria

The government of Nigeria is trying to promote the efficiency of a digital currency called eNaira. Launched as Africa’s first CBDC in October last year, eNaira is now gaining new features, aimed at onboarding Nigeria’s unbanked citizens into the country’s existing financial system. The Nigerian government is targeting more than 8 million people to accept eNaira as a payment method in the coming months. Nigerian Central Bank Governor Godwin Emefiele announced details of eNaira-related developments during a recent hackathon event.

Nigerian authorities will soon allow eNaira users to create wallets for CBDC by dialing a four-digit code on their mobile telephones, whether they have bank accounts or not.

Besides, the specially created eNaira hackathon platform will be integrated with CBDC to enhance its functionality. The hackathon platform will connect people with eNaira’s developers and coders so that any problems or issues are resolved immediately.

“We are now in a digital economy, in a digital space, where the user[s] Cash will go to almost zero,” Emefiele said in a statement.

Since its launch, eNaira has achieved 840,000 downloads in over 270,000 active wallets. So far, around 200,000 transactions worth $9.5 million (roughly Rs. 75 crore) have been recorded through the eNaira digital currency.

Earlier in May, the Central Bank of Nigeria (CBN) had begun considering allowing people to use eNaira for everyday payments such as booking flight tickets and paying utility bills.

According to CBN official Bariboloka Koyor, the main difference between eNaira transactions and traditional online payment methods is the speed of transaction processing.

Crypto markets in Nigeria, Kenya, Tanzania and South Africa saw a combined 1,200 percent growth, reaching a market value of $105.6 billion (roughly Rs. 775 crore) in a year, a Chinalysis report claimed in September last year.

Research firm Triple-A It is estimated that in 2021 over 13 million Nigerians owned cryptocurrencies. That is 6.3 percent of Nigeria’s total population.


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