eNaira tops PwC global retail digital currency, as P2B transactions come top

PricewaterhouseCoopers (PwC) has disclosed that person to business (P2B) dealings accounted for 90 percent of transactions on eNaira platform, as of December 2021, as it topped retail Central Bank Digital Currency (CBDCs) projects globally.

In a digital currency industry report by PwC, titled; 2022 CBDC Global Index and Stablecoin Overview, eNaira was ranked alongside the Sand Dollar of the Central Bank of the Bahama, which was the first CBDC created by a government.

According to the audit company, eNaira recorded 700,000 downloads in 160 countries, with 666,000 eNaira speed wallets created, but only 35,000 transactions conducted on the platform.

Majority of these transactions were contributed by person-to-business and business-to-person (90 percent), the industry report dated April 5, 2022, disclosed.

However, this contradicts CBN governor Godwin Emefiele’s statement made in January, that person-to-bank and bank-to-person segment accounted for 90% of the transactions on the platform.

READ ALSO: Nigeria, others need $2.8tr to achieve net-zero emissions by 2050 —PwC

Ripples Nigeria had reported three months ago that person-to-merchant and bank-to-merchant accounted for 10% as stated by the governor of CBN after the apex bank’s Monetary Policy Committee (MPC) meeting.

The PwC report further reads, “Retail projects in the Index are led by the Central Bank of Nigeria’s (CBN) eNaira, the first CBDC in Africa, and the Sand Dollar, issued by the Central Bank of the Bahamas as legal tender in October 2020, making the Bahamas the first country to launch a CBDC.”

It added that, “China became the first major economy to pilot a CBDC in 2020 with the digital yuan, and as of March 2022, pilot programs are running in 12 cities, including Beijing and Shanghai.”

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