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Nigeria

eNaira

Scheme name: eNaira

IIPS Type: Sovereign currency

Instruments: CBDC

Channels: Agent, Branch, USSD, App, Browser, POS, QR, NFC

Use cases: Transfers & remittances (P2P), Merchant payments (P2B), Bill payments (P2B/P2G), Fees & taxes (P2G), Inventory & business services (B2B), Salaries & wages (B2P), Cross-border

Inclusivity level: Basic

Year of establishment: 2021

System owner: Central Bank of Nigeria

Overseer: Central Bank of Nigeria

Operator: Cental Bank of Nigeria

Total Participants: 41

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CategoryeNaira
Geographic reachDomestic
Geographic descriptionNigeria
Scheme governanceCentral Bank of Nigeria
Settlement agentCental Bank of Nigeria
Participants - commercial banks33
Participants - MMOs2
Participants - non-bank PSPs5
Participants - MFIs1
Values 2023 not-on-us transactions (US$)N/A
Values 2023 on-us transactions (US$)N/A
Total value of instant payment transactions 2023 (US$)N/A
Interoperability arrangementPayment system operator
Ownership modelRegulator-owned
Governance TypologyCentral bank
Scheme rules shared or publically available?Yes
Messaging standardProprietary
Types of proxy IDsBank verification number; QR code
Use of open APIsYes
QR code standard N/A
Pro-poor governanceNo
CB governance involvementYes
Expanded use CasesNo
Minimum channel functionalityYes
Minimum use case functionalityYes
All licensed PSPs can participate (all-to-all interoperability)Yes
RecourseYes
Not-for-lossNo
StatusAlmost at progressed level
Strengths/driversFulfilled all basic criteria and cross-domain as well as Central Bank governance involvement from progressed level provides a good base to move up further in the inclusivity spectrum.
Areas of developmentAreas of development include developing pro-poor governance where all participants can input into the decision-making process.

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