Tech experts said 700,000 downloads and 2.9 star ratings have been recorded on the eNaira App, puncturing claims by the Central Bank of Nigeria (CBN) that the digital currency is an instant success.
Central Bank of Nigeria (CBN) on Tuesday in Lagos rolled out the drums in celebration of its digital currency, eNaira.
The apex bank governor, Godwin Emefiele at the ceremony claimed that more than one million e-Naira App downloads have been recorded, elevating the digital currency as an instant success worthy of celebration.
However, our fact check reveals that only 700,000 downloads have been recorded on both the Apple Store and Google Play Store combined as of September 27, 2022.
In addition, the eNaira app is dogged by terrible reviews on app stores as it received 2.9 star rating, its highest rating.
The eNaira was launched and activated on October 25, 2021, by President Muhammadu Buhari with the slogan, “Same Naira, More possibilities”. Since October 28, 2021, the eNaira Speed Wallet application has been available for download on Google Play Store and App store.
Tech experts say 5-star is the highest rating while 3-star is fairly okay and below 3-star after one year of the launch of the App is terrible.
“In fact, a total of 6.78k reviews rated the eNaira App 2.9 star, indicating that there is much more to be done to upscale poor eNaira App as well as its adoption, and better rating which can only come from improved user experience,” ICT expert, Evans Ashagwa says.
The eNaira aimed at enhancing financial inclusion, supporting poverty reduction, enabling direct welfare disbursement to citizens, supporting a resilient payment ecosystem, improving the availability and usability of central bank money, facilitating diaspora remittances, reducing the cost of processing cash, and reducing cost, and improve the efficiency of cross border payment, among others, according to Emefiele.
“In summary, the eNaira is designed to provide Nigeria with a cheap, safe and trusted means of payment within the domestic and global economy,” the CBN Governor added.
CBN Additional Claims
Further speaking about the success of the eNaira, Emefiele claimed an overwhelming interest and encouraging response by Nigerians and other parties across the world, with the following as indicative milestones:
* All our 33 banks are fully integrated and live on the platform.
* N2 billion worth of eNaira has been successfully minted by the CBN.
* N3.1 billion has been issued to financial institutions.
* Over 3,305 merchants have successfully registered on the eNaira platform across the country including Shoprite, fueling stations, etc.
* Over 700 transactions amounting to about N8 billion have been recorded on the platform.
* Over 2.5 million daily visits to the eNaira website.
Though InsideBusiness could not successfully fact-check remaining claims, tech experts said that a lot of work needs to be done for eNaira acceptance, pointing out that the reviews and level of penetration so far are abysmal.
What Tech Experts Say
Tech experts described the eNaira App rating as horrible. As to the number of onboard users so far, the tech wizards said it is abysmal considering the number of bank account holders in the country.
“For an APP launched a year ago, and considering the millions of BVN-linked bank account holders in the country, the onboard users figure is too poor. And the 2.9-star rating of the App is terrible. It calls for serious review by the CBN,” says Ashagwa who operates a cyber tech firm.
The tech expert noted that the CBN boss must have read a prepared speech without cross-checking the simplest of facts of the content as whether true or not, pointing out that it was a sign of laziness by executives around the governor who ought to have cross-checked the facts”.
Also, a fintech expert, Paschal Kalunta, said even with one million downloads, considering more than 54 million BVN-linked bank account holders, the eNaira is yet to earn acceptance.
“In a financial system with over 133 million bank account holders and 54 million BVN linked accounts, the one million onboard users after one year of eNaira app launch, by all standards indicate very low acceptance. It doesn’t call for celebration,” Kalunta
Data from the Nigeria Inter-Bank Settlement System (NIBSS) states that the active bank accounts in the country stood at 133.5 million as of December 26, 2021, while enrolments for Biometric Verification Number (BVN) stood at 51.7 million, but grew further by six million as of April 10 this year, bringing total BVN registration to 54 million.
According to NIBSS, BVN gives bank account owners a unique identity that can be verified across the Nigerian banking industry, while it ensures that customers’ bank accounts are protected from unauthorized access.
CBN Admits air Needs Further Improvement
In obvious admission of poor penetration and inadequacies of the eNaira, Emefiele said “it must be acknowledged that the journey is iterative, and today is just another step and not the destination. Therefore, the team continues to work fastidiously to bring enhanced features and improved user experience to the entire.”
He continues: “To this end, the coverage of collaboration was enlarged a bit to further drive adoption in Nigeria. Specifically, the CBN has engaged partner agents which are corporate entities to sensitize users, promote the eNaira and facilitate the onboarding of a large number of new eNaira users in collaboration with the project team.
“Moreover, the team has leveraged the robust collaborative environment in the payments and digital financial services ecosystem by engaging the super agents, fintech, Association of Licensed Mobile Payment Operators, and Association of Telecoms Operators of Nigeria, among others to foster greater adoption, especially in the underserved and unbanked segments of the population.
“In addition, bearing in mind that the youths are the driving force of our economy, the CBN is actively collaborating with the NYSC and the Ministry of Youths and Sports. Engaging these young minds, we believe, will help drive innovation and secure the future of our country. To enhance private sector participation, and harness the innovative potentials of Nigeria’s aspiring youths, the eNaira Harcaton was organized. This event is a continuation of that journey, and the first among many to come given that the future of central banking is inextricably bound to innovation,” Emefiele stated.
Comments are closed.