The eNaira is a digital currency issued by the Central bank of Nigeria to ease the making of transactions among Nigerians. The eNaira is basically the Nigerian Naira but cashless and with more possibilities. It was even launched with the motto “Same Naira, More Possibilities”.
The eNaira was launched on October 25, 2021, by His excellency, President Muhammad Buhari (Executive President of the Federal Republic of Nigeria).
Flutterwave adds eNaira as a payment option
Flutterwave is one of Africa’s fintech giants popular for processing online payments. It recently announced its addition of the eNaira as a payment option on Sept. 19, 2022. This was done in a bid to increase the adoption of the eNaira which has been really slow.
According to Flutterwave, 1 million merchants now accept eNaira as a payment option. Customers who have the eNaira app will now be able to pay merchants using eNaira.
Flutterwave also stated in their blog post that the fee pricing for accepting eNaira is 1.4% per transaction capped at NGN2,000 for merchants in Nigeria only.
Asides from promoting the adoption of eNaira, Flutterwave also added that they’re looking for ways to simplify payments for businesses and their customers.
Although the adoption of eNaira is quite low compared to other payment alternatives, this might just really boost the adoption considering the number of businesses using Flutterwave to process online payments.