The eNaira, Africa’s first digital currency, has been ranked No. 1 in global retail CBDC, and app downloads have increased to 756,000 from 700,000 in December 2021.
The ranking was revealed by PwC in its 2022 CBDC Global Index and Stablecoin Overview. As of December 2021, the eNaira had 700,000 downloads, and over 35,000 transactions had taken place on the platform.
Yesterday, Mariam Olusanya, Managing Director of Guaranty Trust Bank, revealed during a virtual press conference following the Bankers Committee meeting that e-naira wallet downloads had increased to 756,000 in six months. The eNaira increased by 56,000 in the first quarter of 2021.
Nigeria ranked first in terms of retail CBDC projects, ahead of nine other countries that are currently undertaking similar initiatives.
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The Bahamas and Mainland China are in second and third place, respectively.
Jamaica, the Eastern Caribbean, Ukraine, Uruguay, Thailand, Sweden, and the Republic of Korea followed.
According to the report, Nigeria’s eNaira has a retail index value of 95, and the country is ranked first in Africa.
The index is based on research from the BIS, the World Bank, and PwC. Nigeria did not receive a ranking in the Wholesale CBDC Project.
While eNaira struggles to complete N188 million transactions in three months, China’s e-CNY outperforms it by completing 2 million yuan (approximately $315,761 or N131.35 million) in a single day. In its pilot at the Beijing Winter Olympics, China’s Central Bank Digital Currency (CBDC), the e-CNY, is being used to make $315,761 or more in payments per day.
P2P transactions in Africa’s first digital currency, eNaira, account for less than 10% of total eNaira transactions, while Person to Bank and Bank to Person transactions account for 90% of total eNaira transactions.
