Emefiele Pushes for Cashless Economy as CBN Mints 3 Billion eNaira in One Year

In a bid to make Nigeria a 100% cash-less system, the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has disclosed that 3 billion eNaira has been successfully minted by the apex bank.

Emefiele said this as CBN marks the first anniversary of the eNaira with a promise to bring enhanced features and improved user experience.

The CBN governor also said the Central Bank Digital Currency (CBDC) was part of the central bank’s plan to make Nigeria fully a cashless economy.

Emefiele, also noted that in the coming days, the CBN and the Bankers’ Committee would unveil plans which would ensure the cashless policy is fully integrated across the county.

Highlighting the success recorded in a year, he notes that 33 banks are fully integrated and live on the platform, N2.10 billion has been issued to financial institutions and about one million (919,000) customers have been on-boarded with over 3,305 merchants successfully registered on the eNaira platform across the country including Shoprite, Sahad Stores, A.A. Rano fuelling stations, Fraser Suites, November Cubes, among others.

Also he stated that over 700,000 transactions amounting to N8 billion have been recorded on the platform and over 2.5 million daily visits to the eNaira website.

Speaking further on the central bank’s plan to make Nigeria fully cashless, he said: “The journey has been to make Nigeria a predominantly cashless economy where transactions are done with limited, little, or no cash.

“Banks have incurred a lot of costs in an attempt to embrace a cashless economy. We also had collaborations with mobile networks and had payment service banks (PSB) using all sorts of channels.

Also Read: CBN Gives 5% Subsidy, Targets 7,740 Agents to Drive eNaira Adoption

Mr. Godwin Emefiele pledges that the Central Bank of Nigeria will continue to encourage innovation while simultaneously protecting the interests of consumers and other stakeholders. He also believes that the eNaira will drive the digital economy agenda and foster a more prosperous Nigeria.

“The CBN acknowledges the daunting task ahead. We therefore call on all relevant stakeholders, including the Financial Institutions, Nigeria Inter-Bank Settlement Systems (NIBSS), FinTech groups, Telcos and merchants to collaborate, innovate, deepen and enhance the value of eNaira to Nigerians and to Nigeria.  It is the Bank’s hope that the eNaira will drive the digital economy agenda and foster a more prosperous Nigeria”, he said.