Flutterwave adds eNaira as payment option for merchants

Africa-focused fintech firm Flutterwave said on Wednesday it has added eNaira as a payment option for merchants, a move that could help boost adoption of the digital currency.

Nigeria, the first African nation to launch a digital currency, is targeting 8 million users for the app launched in October. But adoption has been slow as lenders worry the app would compete with their online platforms and reduce fee revenue.

Explainer

Consumertrics advises that eNaira is a Central Bank of Nigeria-issued digital currency; a unique form of money denominated in Naira. Users are expected to fund their accounts (wallet), which they can use to pay for their purchases or operate as a savings.

eNaira is a kind of electronic banking; it doesn’t yield interest to the user and it is said to charge low rates for retail transactions.

Reuters, explainer by Consumertrics