Over 620,000 eNaira Accounts Inactive, More Than Active Users

The Central Bank of Nigeria (CBN) has released new details about the adoption of eNaira in the country, disclosing that the total app downloads have risen to 905,588.

Prime Business Africa understands that out of the total downloads, 622,988 are inactive, as the Governor of the CBN, Godwin Emefiele, during the Tuesday’s Monetary Policy Committee (MPC) meeting, said only 282,600 are currently active. 

On the Unstructured Supplementary Service Data (USSD) platform, which service individuals without smartphone, about 13,136 wallets have been downloaded less than a month ago. 

Since the CBN released the eNaira app in late October 2021, among the active eNaira accounts, over 1.49 million transactions, worth over N3.484 billion have been made. 

Also, about 171,000 transactions were made between consumers and merchants, worth over N387 million. This is the lowest among other transactions which includes consumer-to-bank, consumer-to-consumer, and bank-to-customer. 

“So far, 905,588 people have downloaded the app, with 282,600 of them currently active. So far, transactions have exceeded 1.49 million worth over N3.484 billion, with the breakdown as follows: 78,115 consumer-to-bank transactions worth about N1 billion, 90,760 bank-to-customer transactions worth N945 million, 35,800 consumer-to-consumer transactions worth about N480 million, and 171,000 consumers to merchant transactions worth over N387 million.” Emefiele said. 

The CBN governor further revealed that online transactions facilitated with eNaira have increased in the third quarter of this year, “For e-commerce, we have seen a 9.946 percent increase between July and September, and this remains very encouraging. We believe the eNaira is an alternative to you holding an analogue naira and so it is very convenient.”