eNaira Records 694,000 Downloads 95 Days After Launch

eNaira, the Nigerian Central Bank’s (CBN) Digital Currency, has recorded 694,000 downloads in just 95 days since it launched.

A breakdown of this data shows that Android devices had the highest download than devices running the iOS.

Consequently, while downloads by iPhones and other devices running iOS stood at 136,000, downloads by Android devices totalled 558,000.

Also, the digital currency recorded about 90% in Bank-to-Person transactions within the period under review.

This, however, signifies that eNaira only recorded about 10% in Person-to-person (P2P) transactions.

Revealing this, a source with the CBN said the eNaira recorded the fit under some categories like Person-to-person (P2P).

Other areas include Person to Merchant (P2M), Bank to Person.

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Also, the apex bank said other categories include Person to Bank and Bank to Merchants and Merchants to Bank.

Observations:

Following the increasing number of downloads, it has become obvious that eNaira has gained acceptance in many countries.

For instance, the downloads are taking place not only from Africa but across the globe.

People from North America, Australia, Europe and Africa have been downloading the wallet to engage with the digital currency.

Other areas include South America, Asia and other regions of the world.

Meanwhile, in terms of merchant wallet downloads of the eNaira, Ecobank  leads the group with 22% downloads.

Similarly, Guaranty Trust Bank top the list with 33% in terms of consumer wallet downloads.

Meanwhile, keep in mind that CBN had engaged payment service providers for seamless adoption of the digital currency.

The Central Bank of Nigeria, CBN has engaged payment service Providers and fintech companies for a wider adoption of the eNaira.

The regulator also said that eNaira will work with other countries’ digital currencies.

Also, CBN has also revealed that it is not in competition with Deposit Money Banks (DMB) or other payment systems.

It said, DMOs and other payment systems are key stakeholders in the wider adoption of the digital currency.

The apex bank made this know during an engagement summit with payment service providers and fintech companies in Lagos.

Implication:

This implies that the Nigerian digital currency is gaining widespread acceptance, not only among Afrian countries but also the entire globe.

Also, the volume of transactions with the eNaira has increased and continued to increase following the global acceptance.