eNaira to Boost e-Commerce by 50% – Emefiele

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has said that eNaira could boost e-commerce in Nigeria by 50 percent.

Emefiele stated this while speaking at the opening of the ABUJA eNaira Merchants Mega Event over the weekend.

Emefiele, who was represented by Deputy Governor, Economic Policies Department, CBN, Dr. Kingsley Obiora said that the inclusion of eNaira payment options on some e-commerce merchant platforms will lead to about 50 percent increment in e-commerce transactions at a reduced cost.

Outlining the benefits of the eNaira for merchants, Emefiele stated that the eNaira would help in reducing cash handling costs, eliminate failed transactions, and allow for instant settlements.

This is in addition to increasing the speed of transactions, improving record keeping, and eliminating challenges associated with giving change to customers.

Emefiele noted that merchants could drive adoption of the eNaira given the opportunities available to them, including improved cash management and the ability to make significant savings in operating costs.

“Newspaper research recently revealed that major retailers and vendors in the country are yet to adopt it about 10 months after the launch.“If fully embrace, there are several benefits attached to it for the business community. Some of the benefits include speedy delivery, safe, and simple trading and transactional opportunities to customers and end-users.” he said




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