The initial euphoria that greeted the launch of the eNaira last Monday appears to have died down, as the number of downloads has decreased in the last five days, rising from around 180,000 on Tuesday to around 220,000 on Sunday.
The number of downloads of the eNaira Speed Wallet and the eNaira Merchant Wallet combined was around 180,000 within 48 hours of the app’s launch on the App Store and Google Play.
The eNaira Speed Wallet, which is intended for consumers, was taken down for about a day, upgraded, and then restored after a barrage of negative reviews.
The number of downloads has not increased significantly since the app was re-released on Google Play and the App Store.
According to checks conducted by The PUNCH on Sunday evening, the number of downloads of the Speed Wallet on the Google Play Store remained at 100,000 or more for the seventh consecutive day, while the eNaira merchant wallet, which is designed for businesses, rose from 10,000 to 50,000 or more downloads on the Google Play Store in five days, bringing the total number of downloads on Android devices to 150,000 or more.
On Ipad and iPhone devices, the number of downloads for the merchant wallet and speed wallet was 70,150.
In addition, even though banks had set up platforms for such transactions, it has been discovered that many vendors had yet to embrace eNaira transactions.
Mr. Muda Yusuf, a former Director-General of the Lagos Chamber of Commerce and Industry, told The PUNCH on Sunday that the initial enthusiasm for the eNaira app may have been based on curiosity.
Yusuf, who is the chief executive officer of, Centre for the Promotion of Private Enterprise, said, “It is only natural that the initial excitement about the eNaira would have spurred a great deal of interest at inception. There was also the inquisitive disposition of many people. Sustaining such momentum would require a lot more.
“Citizens need to be convinced about the value proposition of the eNaira initiative. Many are still struggling to understand it and also determine what value it would bring beyond existing payment solutions.”
Yusuf further argued that the issue of trust also needed to be addressed.
He added that many Nigerians might have failed to embrace the eNaira because of the clause by the Central Bank of Nigeria that the apex bank would not bear liability for any issues experienced with the use of the e-currency.
Attempts to contact the CBN for comment on the development were unsuccessful.
Ada Peter
