The eNaira, introduced in October 2021, has so far failed to gain widespread acceptance. The IMF says that the average number of eNaira transactions is about 14,000 per week, meaning only about 1.5% of the total number of digital wallets are being used.
Some 98.5% of wallets are not even used once a week. The IMF says “a coordinated policy drive” is likely to be needed if the eNaira is to break through.
Some government officials complain that the rollout is being frustrated by fintech. Jumia, for example, one of Nigeria’s leading e-commerce platforms, has no way of using eNaira on its platforms. “I wouldn’t say it is my firm that hasn’t embraced it,” Dozie says. “I would say it is consumers.”
Dozie says the government has not been innovative as regards to selling the eNaira idea to Nigerians. “Like any business, it is not good enough to say I have a product. How are you going to market
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