Flutterwave launches eNaira payments for businesses in Nigeria
Flutterwave merchants can now process payments in eNaira, the Nigerian digital currency issued and distributed by the Central Bank of Nigeria. This aligns with Flutterwave's commitment to providing the best payment experience for businesses everywhere.
The eNaira joins the robust list of payment options available on Flutterwave. Merchants can now enable the eNaira payment option for collection from their customers via API and Checkout. In what will be perceived as a victory for Nigeria’s central bank digital currency (CBDC), Flutterwave on Wednesday announced that merchants using the platform can now accept eNaira payments from their customers.
Flutterwave merchants can now enable the eNaira payment option on their dashboard for their customers’ use. To complete transactions on Flutterwave, users can either scan QR codes or generate one-time tokens using the app. The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, said that only around 700,000 customers have opened an eNaira wallet since they debuted in 2021, even though there are around 55 million bank accounts in the country.
Nigeria is moving into the second phase of the eNaira project, and the CBN has made the digital currency available to people without a bank account. The news that Flutterwave will support eNaira payments creates another opportunity for the technology to gain traction with Nigerian consumers.