The Nigerian Central Bank (CBN) has declared the eNaira to be completely implemented into the Nigeria Inter-Bank Settlement System (NIBSS)
Customers can now transfer money from their eNaira wallet to any Nigerian bank account of their choice thanks to the integration with NIBBS Instant Payments (NIP), the country’s main payment system.
NIP is a virtual real-time Inter-Bank payment method based on account numbers that was introduced and designed by Nigeria Inter-Bank Settlement System (NIBSS) in 2011.
Banks rely on the system, which has already handled 1.4 billion financial operations in the first four months of 2022, to offer more effective services at a variety of points, including:
- Web-based banking
- Bank locations
- Apps for mobile kiosks
- Unstructured Supplementary Service Data (USSD)
- Automated Teller (ATM)
- Point of Sale (POS)
By adding eNaira to this system, businesses and customers with bank accounts would be able to exchange eNaira for money from any bank account located in the nation.
To use the function, CBN advises customers to upgrade their eNaira Speed wallet via the Google Playstore (Android) or Apple App Store (iOS) or to simply log in to their wallet online at https://mywallet.enaira.gov.ng.
The eNaira wallet’s statistics are listed below:
- eNaira wallet downloads: 840,000
- Active wallets: 270,000
- Consumer wallets: 252,000
- Business wallets: 17000
- Transactions: 20,000
- Transaction volume: $9.3 million
- The Central Bank forecasts 8,000,000 users by the completion of the second phase of the project, which aims to connect innovation and offline channels.
The eNaira was one of the first central bank digital currencies (CBDCs) to launch, both in Africa and abroad. Its success or failure will probably serve as a model for other African nations, some of which have already begun comparing the performance of their own CBDCs to the eNaira.
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