Since its inception in October, the E-Naira app has had about 600,000 downloads in less than four weeks, according to Godwin Emefiele, Governor of the Central Bank of Nigeria.
On Friday night at the Federal Palace Hotel in Lagos, Emefiele said this during the 56th Chartered Institute of Bankers of Nigeria Annual Bankers Dinner.
In less than 4 weeks since its launch, almost 600,000 downloads of the e-Naira application have taken place. Efforts are ongoing to encourage faster adoption of the e-Naira by Nigerians who do not have smartphones.
The support of the financial industry will be critical in the ongoing deployment of the e-Naira and efforts are ongoing to encourage continued partnership between the CBN and stakeholders in the financial industry,’’ he said.
The governor of the Central Bank of Nigeria stated that the central bank has always prioritized the development of a comprehensive payment system that provides inexpensive, efficient, and speedier payment options for the majority of Nigerians.
“The increasing rate of digitization around the world necessitates that we use digital means to achieve this goal,” he says.
Between 2018 and 2020, total transaction volumes via digital channels more than doubled, rising from 1.3 billion to over 3.3 billion financial transactions in 2020, according to Emefiele. He added that digital payment channels aided in the continuation of corporate operations during the closure.
He stated that the banking sector’s robust payment system has continued to evolve to meet the needs of Nigerian households and businesses, reflecting the confidence in our payment system, indicating that approximately US$900 million has been invested in firms run by Nigerian founders between 2015 and September 2021.
Notwithstanding these gains, close to 36 per cent of adult Nigerians do not have access to financial services.
“Improving access to finance for individuals and businesses through digital channels can help to improve financial inclusion, lower the cost of transactions, and increase the flow of credit to households and businesses,’’ he stressed.