Nigerian Digital Currency Rises In Popularity, Flutterwave Accepts Payments In e-Naira

Flutterwave now accept payments in e-Naira. (photo: twitter @theflutterwave)

JAKARTA – The Nigerian government's seriousness in making e-Naira as one of the legal means of payment in the country has been well received by several business applications and digital payments.

African-focused fintech company Flutterwave announced on Wednesday September 14 that it has added Nigeria's eNaira as a payment option for merchants. This is a move that can help increase digital currency adoption.

Nigeria, the first African country to launch a digital currency, is targeting 8 million users for the app launched in October last year. But adoption of its use is still slow as lenders worry the app will compete with their online platforms and reduce fee revenue.

Flutterwave says that more than 1 million merchants are currently willing to accept eNaira payments from their customers.

"We are confident that this number will continue to grow as we continue to innovate and evolve," Flutterwave said in a statement.

Nigeria is now targeting to expand the use of the digital currency eNaira by attracting bankless users after the first phase of adoption saw 850,000 downloads by bank customers of the app.

The west African nation is struggling to stabilize its weakening currency, contain rising inflation and boost growth after the economic disruption caused by the COVID-19 pandemic.