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‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low - Politics - Nairaland

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‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low by peekspot(m): 6:12am On May 23, 2023


The International Monetary Fund (IMF) says 98.5 percent of eNaira wallets have not been used even once.

In its recently released working paper titled ‘Nigeria’s eNaira, One Year After’, the Bretton Woods institution took stock of the first year of the eNaira —the first central bank digital currency (CBDC) in Africa.

President Muhammadu Buhari formally launched the digital currency at the state house in Abuja on October 25, 2021.

The IMF said despite the laudable undisrupted operation for the first full year, the CBDC project has not yet moved beyond the initial wave of limited adoption.


The fund said the take-up of the eNaira by households and merchants has been slow.

The IMF described the public adoption of the eNaira as “disappointingly low” due to the levels of wallet downloads and transactions.

The fund said as of end-November 2021, the total number of retail eNaira wallets amounted to about 860,000 — a figure equivalent to just 0.8 percent of Nigeria’s active bank accounts.

“The retail wallet downloads saw a few weeks of initial surge before tapering off. More specially, it only took 25 days for the number of downloaded wallets to reach 500,000 units—but going from there to 600,000 units took another 63 days; and to 700,000 units yet another 143 days,” the paper reads.

“As of end-November 2021, the total number of retails eNaira wallets amounted to about 860,000. This is just 0.8 per cent of Nigeria’s active bank accounts.

“Merchant wallet download has reached about 100,000 in end-June, which is about one eleventh of the number of merchants with Point-of-Sales (POS) terminals—which enables credit or debit card payments.”

On transactions, the IMF said most wallets appear to remain inactive except for a limited window of weeks of activity surge.

The institution said the average number of eNaira transactions weekly were carried out only by 1.5 percent of downloaded wallets.

“The average number of eNaira transactions since its inception amounts to about 14,000 per week—only 1.5 percent of the number of wallets out there. This means that 98.5 percent of wallets, for any given week, have not been used even once,” the paper further reads.

“The average value of eNaira transactions has been 923 million naira per week—0.0018 percent of the average amount of M3 during this period. The average value per one transaction has been 60,000 naira.”

The IMF said network effects suggest the initial low adoption spell would require a coordinated policy drive to break it.

“The eNaira’s potential in financial inclusion requires a strategy to set the right relationship with mobile money, given the former’s potential to either complement or substitute the latter,” the institution said.

“Cost savings from integrating CBDC—as a bridge vehicle—in the remittance process may also be substantial.”
https://www.thecable.ng/98-5-of-wallets-unused-imf-says-enaira-adoption-disappointingly-low/amp

1 Like

Re: ‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low by Jinah: 6:13am On May 23, 2023
Enaira is the usual Nigerian political idea like every other day. So I wasn't expecting anything huge from the idea
Re: ‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low by tohewob: 6:14am On May 23, 2023
Wat u expect from a failed govt
Re: ‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low by Christistruth03: 6:15am On May 23, 2023
Thank God Almighty

IMF has already done enough damage to Nigeria with Babangida’s IMF Structural Adjustment Programme
In the 1980s that wiped out Nigeria’smiddle Class

IMF only wants to recolonise and Control Nigeria’s Economy

But God Almighty pass them

1 Like

Re: ‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low by Goalnaldo(m): 6:15am On May 23, 2023
You introduced Enaira immediately you banned crypto. People have a reason to be paranoid. In nigeria one has to be extra careful especially about finances cause you can just wake up one morning to see that the money in your Enaira wallet has been channelled to buy 'keke' for islamic clerics.
Re: ‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low by Tinubuwins2023e: 6:18am On May 23, 2023
I tried to login several times after downloading and completing registration on enaira but I couldn't. I had to abandon it
Re: ‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low by Immatex(m): 6:42am On May 23, 2023
White elephant project. Wasted funds. Added and will never add a single value to the economy.

Is Nigeria not a joke!

During the New Naira scandal and confusion, why wasn't this E-naira activated and put to good use?

When bank transfers failed massively on a national scale, why didn't CBN ask Nigerians to use this alternative?

Because it was a failed project from onset

Even so, nobody will be prosecuted, no one will resign. Public funds if not borrowed funds used went to the drain.

That country is an all round embarrassment.
Re: ‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low by 1Alex: 6:48am On May 23, 2023
I transferred 5k to my enaira wallet, the money did not deliver. I forgot the money. After like 3 months, the money reversed to my bank account.

What is the essence? Just name one.
Re: ‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low by MadamExcellency: 7:06am On May 23, 2023
I have been using the enaira but it never appreciated nor gives interest on deposits hence it's meaningless leaving your money on the platform.

If enaira can be accepted by Alibaba, Amazon etc, then it would be good to go but as it stands now, it's just rubbish.
Re: ‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low by nabiz(m): 7:11am On May 23, 2023
I have even forgotten that I have the app on my phone.
Re: ‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low by panpan(m): 7:19am On May 23, 2023
The International Monetary Fund (IMF) asked the Central Bank of Nigeria (CBN) to introduce central bank digital currency (CBDC or enaira).
Not surprisingly, the adoption was extremely low.

The CBN then went on a cash confiscation project, probably to test the waters, to know whether they can use that as an excuse force enaira on the population.
Fortunately, the cash confiscation project also failed.

The IMF is not interested in Nigeria's development. The IMF's goal is to control the finances of the Nigerian population.
Re: ‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low by youngsahito(m): 7:27am On May 23, 2023
Are they sensitizing people about the app, you just release a app on playstore without no communication. Emefiele don really cash out from FG.
Re: ‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low by Westerhoffe(m): 7:49am On May 23, 2023
E-Naira and crypto… Nigerians will rather opt for crypto.
Re: ‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low by jmoore(m): 7:57am On May 23, 2023
Christistruth03:
Thank God Almighty

IMF has already done enough damage to Nigeria with Babangida’s IMF Structural Adjustment Programme
In the 1980s that wiped out Nigeria’smiddle Class

IMF only wants to recolonise and Control Nigeria’s Economy

But God Almighty pass them
Blame IMF, but keep praising your Buhari.

Nigerians used naira to buy naira this year, but IMF is your headache.
Re: ‘98.5% Of Wallets Unused’ — IMF Says eNaira Adoption Disappointingly Low by Houseontherock1: 8:08am On May 23, 2023
Your economic policies are as unpopular as yourself undecided

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