Nigeria’s eNaira App Missing From Digital Store Amid Complaints

The Speed Wallet and Merchant Wallet developed by the Central Bank of Nigeria for Nigerian citizens to purchase their eNaira currencies recorded over 100,000 downloads across digital platforms on Google Playstore and Apple app store as of 3:00 am on Wednesday, October 27, 2021.

While the downloads grew, the complaints increased in numbers too.

Since the announcement and launch of the national currency the eNaira, uncertainty and controversies have continued to trail the use of the eNaira and acceptability by Nigerians, many people who heard about Nigeria’s stride of launching Africa’s first digital currency were pumped up to share in the experience of Nigerian Central Bank Digital Currency (CBDC), only to discover the sudden disappearance of the application on Google Playstore.

Only the Merchant Wallet was on Play Store as of 12:07 pm (Nigerian Time) on Thursday.

A former Nigerian lawmaker Shehu Sani in a tweet on Thursday said the “eNaira app may have also been kidnapped from the Google store.”

A Nigerian Twitter user Dr Penking said, “Google Play Store has deleted the eNaira wallet due to multiple complaints and low rating.”

The app was still on Apple app store at the time of filing this report but the reasons for the ‘disappearance on Google Play Store remain unknown.

Apart from the rectifying the buggy apps, the CBN now has to also contend with fraudsters.

The bank on Wednesday warned the public against a Twitter handle (@enaira_cbdc) suggesting that it is disbursing 50 billion eNaira.

The bank said some fraudulent individuals have been posting messages relating to the currency wooing Nigerians in their criminal and illegal activities.

It said it is not in any way associated with the handle and had not been active on Twitter since the government banned the microblogging platform in Nigeria.

what to know about eNaira

1. It’s the digital form of the Naira

The eNaira is the digital form of the Nigerian physical Naira currently in circulation. It is issued by the CBN in line with Section 19 of the CBN Act. In essence, it is a direct liability of the Nigerian apex bank. Built on a blockchain open ledger technology that prevents duplication or creation of fake units, each eNaira note will be unique and different.

2. Is the eNaira same as Cryptocurrency?

No, it isn’t. The eNaira is simply a digital currency issued and backed by the authority of the Nigerian government and is a legal tender equivalent to the physical cash. It is quite unlike Bitcoin and other cryptocurrencies that have no backing of established authorities.

3. eNaira at par with N1

The eNaira is a legal tender and will form part of the currency-in-circulation. More importantly, the e-naira will be at par with the physical Naira, maintaining the same exchange value as the Naira What this means is that one eNaira is of the same value with one traditional Naira i.e N1=1 eNaira.

4. What’s eNaira Wallet?

The eNaira wallet is required to access, use and hold the eNaira. The eNaira will be exchangeable for other Central Bank Digital Currencies (CBDC). The eNaira will be made accessible only through the eNaira Wallets which is the digital storage that holds the eNaira.

5. How exactly will eNaira work?

The eNaira will be provided by the CBN to intermediaries (i.e financial institutions) who would in turn help supply to individuals/customers. These institutions would maintain a treasury wallet to collect eNaira from the CBN. They would thereafter oversee ID verification, eNaira payment processing, and generation of wallets for Nigerians to keep their eNaira. Through the app, customers would be able to identify a bank of their choice, connect to their bank accounts and carry out transactions.

6. Are there charges for using the eNaira platform?

The CBN said that charges for transactions that originate from the eNaira platform shall be free for the first 90 days commencing from October 25, 2021. However, it would revert to applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions.

7. Why eNaira in the first place?

The eNaira is expected to complement traditional Naira as a less costly, more efficient, generally acceptable, safe and trusted means of payment. In addition, the CBN said in its guide that it will improve monetary policy effectiveness, enhance government’s capacity to deploy targeted social interventions and boost remittances through formal channels. There is the elimination of third party in transactions which could reduce time and cost of transactions. More importantly, there is the ease with which it would complement inclusion of excluded people in the financial system.

8. Who will be affected by the digital disruption?

A major advantage that the e-naira brings is deepening of financial inclusion. Hence, it would ease financial transactions and affect individuals, businesses, non-governmental organisations (NGOs), religious institutions, Diaspora Nigerians, MDAs, etc.