As eNaira ranks 1st in the world, app downloads hit 756,000

Africa’s first digital currency, eNaira, has been listed #1 Global Retail CBDCand app downloads increased to 756,000 from 700,000 in December 2021.

PwC disclosed the ranking in its CBDC 2022 Global Index and Stablecoin Overview. eNaira also recorded 700,000 downloads in December 2021, while more than 35,000 transactions were made on the platform.

Guaranty Trust Bank Chief Executive Mariam Olusanya in a virtual press conference after the bankers’ committee meeting yesterday revealed that e-naira wallet downloads had risen to 756,000 in six months. eNaira grew by 56,000 during the first quarter of 2021.

Nigeria ranks number 1

  • Nigeria ranked number 1 in terms of retail CBDC projects ahead of 9 other countries currently doing the same.
  • In second and third place are the Bahamas and mainland China, respectively.
  • Next come Jamaica, the Eastern Caribbean, Ukraine, Uruguay, Thailand, Sweden and the Republic of Korea.
  • The report also gave Nigeria’s eNaira a retail index value of 95, while the country also ranked number one in Africa.
  • The index is based on a working paper from the BIS, the World Bank and analysis by PwC.
  • Nigeria was not ranked for the Wholesale CBDC project.

What they say

Mariam Olusanya said: “since launch, we’ve seen 756,000 downloads of the app. In terms of consumer wallets, we saw 165,000 downloads and 2,800 merchant wallet downloads.

  • Since its launch, eNaira has reached 160 countries. Committee members, according to Mariam Olusanya, will continue to advocate for the adoption of e-naira across the country.
  • The research also examines the current level of development of CBDC projects, taking into account central bank views and public interest, according to a statement posted on the PWC website.
  • The index’s retail projects are led by the Central Bank of Nigeria’s (CBN) eNaira, the first CBDC in Africa, and the Sand Dollar, issued by the Central Bank of the Bahamas as legal tender in October. 2020, making the Bahamas the top country. to launch a CBDC,” says PwC.
  • According to PwC’s analysis, more than 80% of central banks are considering or have already launched a CBDC.

What you should know

  • The IMF has warned that the potential expansion of the use of eNaira for cross-border remittances and banking agent networks could lead to new money laundering and terrorist financing risks.
  • The IMF welcomed the gradual deployment of the CBDC and stressed the need to be vigilant in the face of various risks, including the implementation of monetary policy, bank financing, cybersecurity, operational resilience, integrity and financial stability, through regular risk assessment and contingency planning.

While eNaira struggles to transact 188 million naira in 3 months, China’s e-CNY surpassed it by making 2 million yuan (approximately $315,761 or 131.35 million naira) in a single day. China’s central bank digital currency (CBDC), e-CNY, is being used to make $315,761 or more in payments per day in its pilot project at the Beijing Winter Olympics.

Africa’s first digital currency, eNaira, recorded less than 10% of P2P transactions, while person-to-bank and bank-to-person transactions constitute 90% of eNaira transactions.

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