The number of adoption of the eNaira remains poor, when compared with the resources put in by the CBN to formulate the innovation, a report published by’Tekedia’ has said.
”Those numbers are really poor when you look at the resources they have put into this project. A GTV of N4 billion is sub-optimal. The biggest problem for eNaira is that Nigerians are more concerned about how to make Naira in any form and not whether it is paper Naira, mobile money Naira, eNaira, or the type in a fintech wallet. Provided it is Naira, they are fine.
Speaking on the USSD feature, the report acknowledged the efforts being made by the CBN to strengthen the capabilities of the eNaira.
“The newly unveiled USSD code according to the CBN will avail Nigerians opportunities to endless possibilities through financial services. The eNaira has been reported to have recorded 840,000 downloads since its launch in 2021 and has recorded N4 billion transactions across the 270,000 active wallets comprising 252,000 consumer wallets and 17,000 merchant wallets.
While there is a marginal saving of say N26 per N50,000 when you use eNaira, that is not the real headache for most people! I challenge the apex bank to think deeper about how using eNaira will help people make more Nairas as businesses or citizens.
Until that is figured out, this product will underperform. The lack of value acceleration or compounding is the challenge for eNaira. “the report said.