Low adoption and limited use: most eNaira wallets created remain inactive; several local studies and reports note very low usage despite enrollment drives.
Main causes identified:
Low public awareness and trust; wallet UX and tier complexity are barriers.
Continued preference for cash and an already mature mobile-money ecosystem.
Operational issues and perceptions of centralised surveillance reduced uptake.
Policy effects and incidents:
Efforts to accelerate adoption (relaxed requirements, promotions) proved insufficient; a 2022 cash redesign/withdrawal episode caused cash shortages and public backlash, hurting confidence.
Official responses and shifts:
The Central Bank announced technical and policy reviews (wallet improvements, contactless features) and is exploring refocusing on wholesale/interoperability use cases.
Recent data (high level):
#eNaira’s share of money supply and transaction volume remains very small (official and independent tracking put it at a fraction of a percent, with many inactive wallets).
Issues to watch:
Integration strategy with mobile-money providers and private sector, targeted public education, transparency on governance and data protection, and design choices (retail vs wholesale focus).
