Godwin Emefiele, governor of the Central Bank of Nigeria
(CBN), says the value of transactions on the eNaira platform has hit $8
billion.
The eNaira platform was launched in October 2021.
Speaking on Wednesday at CBN’s in-house executive seminar in
Abuja, Emefiele said the eNaira has been globally acclaimed as a success story.
According to NAN, he was represented at the event by Aishah
Ahmad, CBN deputy governor in charge of financial system stability.
“Since its launch, a
total of N8 billion, consisting over 700,000 transactions has passed through
the eNaira platform,” he was quoted as saying.
“As part of the CBN’s effort to further integrate and
broaden the usage of the eNaira, it was assigned an Unstructured Supplementary
Service Data (USSD) code, enabling payments by simply dialling ‘*997#’ on a
mobile phone.
“I am proud to announce to you today that the eNaira has
been attracting accolades across the globe as a monumental success.
“It topped the charts
on retail CBDCs projects globally, as at April (PwC, 2022) and several central
banks across the globe have been requesting for our success template on the
eNaira.”
Emefiele added that as part of the CBN’s digitisation drive,
the apex bank had taken transformational steps in entrenching a culture of “big
data” and data analytics as tools for effective policy making.
“To this end, the CBN Data Architecture Project (CeDAP),
code-named “Project OXYGEN” was commissioned, with the objectives of providing
a repository of a variety of data from different sources,” he said.
The CBN governor said considerable gains have been achieved
in boosting financial inclusion in Nigeria.
“While cash-based
transactions have declined significantly in the last decade, it is still the
dominant means of payment, amidst a large informal sector,” Emefiele said.
“Nigeria boasts of one of the fastest growing FinTech
ecosystems in Africa, with the industry projected to grow by 12 per cent
annually.
“But the technological space is still maturing, with limited
market size, funding and venture capitalists, access to baseline technologies,
and skills, as common features.”
Also speaking at the event, Kingsley Obiora, deputy governor, economic policy, CBN, said the eNaira platform has so far recorded 927,000 downloads, and 317,560 activated consumer wallets with 33 banks fully integrated and live on the platform.
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