Strategic Initiatives for Nigeria's eNaira Adoption
Following slow public adoption since its 2021 launch, the Central Bank of Nigeria (CBN) has introduced the 'Payments System Vision (PSV) 2028' strategy. This framework shifts the eNaira's focus from a retail wallet to a backend infrastructure tool for government disbursements, cross-border settlements, and open banking integration.
Aggregated from 8 sources · Updated 26 Aug 2026, 03:03 UTC (UTC)
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8 sourcesBlindspot Alert: Center Gap
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Facts (10)
- Established
The Central Bank of Nigeria (CBN) launched the eNaira as Africa's first central bank digital currency (CBDC) in October 2021.
- Established
The CBN unveiled the 'Payments System Vision (PSV) 2028' strategy on June 1, 2026, to reposition the digital currency.
- Established
The new CBN strategy shifts the eNaira's primary role from a consumer-facing payment tool to a backend infrastructure for government-to-person (G2P) payments and welfare subsidies.
- Established
Nigeria's digital currency strategy now includes the use of Unstructured Supplementary Service Data (USSD) codes to improve access for the unbanked population.
- Emerging
Adoption of the eNaira has been lower than projected, with 98% of wallets reportedly inactive by 2023.
- EmergingNiche Signal
The eNaira processed approximately 22 billion NGN (16 million USD) in transactions by mid-2026, representing a fraction of Nigeria's total electronic payments.
- EmergingNiche Signal
The CBN identified limited stakeholder engagement and competition from established fintech apps as primary barriers to original eNaira adoption.
- Emerging
The eNaira project is being integrated with the African Continental Free Trade Area (AfCFTA) to facilitate cross-border settlements.
- EmergingNiche Signal
Nigeria has implemented a 5% discount for three-wheeler taxi (Keke Napep) operators and passengers who use eNaira to stimulate retail use.
- EmergingNiche Signal
Private sector integration has occurred through platforms like Flutterwave, which enables eNaira collections for merchants.