The Central Bank of Nigeria has announced the launch of the second phase of the eNaira project, aimed at increasing financial inclusion for the unbanked and underserved through offline channels. Governor Godwin Emefiele made the announcement at the Grand Finale of the eNaira Hackathon, which saw a huge interest from young Nigerians, with 4,667 registrations.
The first phase of eNaira, launched in 2021, has already seen remarkable success with over 840,000 downloads and 270,000 active wallets, resulting in a significant volume and value of transactions. The second phase will now allow merchants and consumers with bank accounts to use the NIBSS Instant Payment (NIP) to transfer and receive eNaira to any bank account, further integrating the eNaira with the national payment infrastructure.
The eNaira project has a target of reaching eight million users, based on an estimation using the diffusion of innovation model. With its accessibility through mobile phones by dialing *997, the eNaira wallet is expected to be available to all Nigerians.
The success of the eNaira project so far, with a volume and value of transactions reaching over 200,000 and NGN 4.4 billion, is a testament to its potential to bring financial inclusion to a wider audience. Governor Emefiele commended the participants of the hackathon for their innovative ideas and contributions to the growth of the financial ecosystem.
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