eNaira gains traction, records average of 20,000 downloads per day since launch

As of November 29, 2021, approximately one month after eNaira went live, 589,000 downloads of the digital currency had been registered in the iOS and Android app stores, which translates into an average of 20,000 downloads per day from launch.

In October, the Central Bank of Nigeria (CBN) unveiled the first central bank digital currency (CBDC) in Africa with much national and international interest on how well electronic currency will work and what problems it would solve in banking and financing the space on the continent.

A breakdown of the data showed that of the 589,000 downloads, 461,000 have been from the Android side of the market, while iOS downloads came in at just 128,000 downloads. Most of the downloads on both platforms happened in the first few days after the coin went live.

According to reports from TheCable online, the magic number is 114,900. As of November 29, 2021, there were at least 114,900 activated wallets. These wallets are divided into two types: consumer wallets and merchant wallets. Consumer portfolios stood at around 112,870 activated portfolios. The merchants’ portfolios were just over 2,000 portfolios.

Most of the activated consumer portfolios have been activated by users of the top 10 financial institutions in the country.

The findings show that of this group, Guaranty Trust Bank (GTB) is in the lead, and by a mile. When it comes to consumer portfolios, GTB has more than 30 percent of total activated consumer portfolios held by all banks in Nigeria.

Access Bank, Zenith Bank, First Bank, UBA, Polaris Bank and Ecobank make up the top seven banks with the most activated consumer wallets. Union Bank, Stanbic IBTC, and Ecobank are leading business adoption, as more than 2,000 business wallets were active at the end of November 2021, and about 20 percent were domiciled at Ecobank.

Access Bank, Zenith Bank, Union Bank, First Bank, UBA and Polaris Bank are in the top seven for commercial adoption. Keystone Bank, GTB, and Wema Bank round out the top 10 banks, in this order.

Total transactions: A total of approximately 37,810 transactions were carried out using eNaira, bringing the total value of transactions to approximately N208.91 million in just over a month after activation began. As of November 29, 2021, eNaira shares outstanding amounted to 62.46 million naira.

The eNaira began operating on October 25, 2021, after initial delays due to the celebration of the anniversary of the country’s independence. Both merchant and consumer wallets were activated on the same day, but as expected more consumer wallets have been activated.

With more than 500,000 downloads in the first month and 114,900 active wallets being traded through the platform, the CBN, payment service banks (PSB) and other financial institutions expect to see more adoption in 2022.

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