eNaira: Download stalls at 220,000 as vendors fail to embrace app

Factual Pursuit of Truth for Progress

Grace Cofie

The initial enthusiasm that brought about the launch of the eNaira last Monday seems to have waned as the number of download has reduced in the last five days.

The number of downloads within the 48 hours it was launched, was about 180,000 on the app store for both apple and google devices, on Tuesday.

The app was taken down for about a day for upgrade and since the return of the app on Google Playstore and the App Store, the download slightly rose to about 220,000 which is not a good number considering the number of downloads in the first two days after its launch.

A former Director-General of Lagos Chamber of Commerce and Industry, Mr Muda Yusuf, on Sunday, said the initial enthusiasm that led to the downloads of the eNaira app might have been based on curiosity.

Yusuf, who is now the chief executive officer, 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 and 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.”

He added that many 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.”

The economist said, ”The recent publication by the CBN stating that it would not be liable for any loss suffered through the platform may have had some negative impact as well. It could easily be misconstructed by many.

“There were also reports that the platform was disabled momentarily online although it was later restored. This could have had some credibility effect as well. The CBN also announced that there were some fake eNaira platforms. All of these could have depressed the initial excitement about the eNaira.”


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