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eNaira hits almost 600,000 downloads in less than 4 weeks – CBN Gov, Emefiele

Since its inception in October, the eNaira app has had about 600,000 downloads in less than four weeks, according to Godwin Emefiele, Governor of the Central Bank of Nigeria.

On Friday night at the Federal Palace Hotel in Lagos, Emefiele said this during the 56th Chartered Institute of Bankers of Nigeria Annual Bankers Dinner.

“The e-Naira application has been downloaded about 600,000 times in less than four weeks since its inception.

“Efforts are ongoing to urge Nigerians without cellphones to adopt the e-Naira more quickly.

“The financial industry’s participation will be important in the further deployment of the e-Naira, and efforts are ongoing to encourage continuous engagement between the CBN and financial industry players,” he said.

The governor of the Central Bank of Nigeria stated that the central bank has always prioritized the development of a comprehensive payment system that provides inexpensive, efficient, and speedier payment options for the majority of Nigerians.

“The increasing rate of digitization around the world necessitates that we use digital means to achieve this goal,” he says.

Between 2018 and 2020, total transaction volumes via digital channels more than doubled, rising from 1.3 billion to over 3.3 billion financial transactions in 2020, according to Emefiele.

He added that digital payment channels aided in the continuation of corporate operations during the closure.

He stated that the banking sector’s robust payment system has continued to evolve to meet the needs of Nigerian households and businesses, reflecting the confidence in our payment system, indicating that approximately US$900 million has been invested in firms run by Nigerian founders between 2015 and September 2021.

“Despite these achievements, close to 36% of adult Nigerians do not have access to financial services,” says the report.

“Improving consumer and corporate access to finance through digital channels can assist to boost financial inclusion, cut transaction costs, and increase the flow of credit to families and firms,” he said.

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