Since the launch of the eNaira on October 25, 2021, Nigeria has been working to stabilize its weakening currency, curb the rising inflation and boost growth after the economic disruption caused by the Covid-19 pandemic.

Nigerian company Flutterwave announced on Wednesday, September 14 that merchants will now be able to accept eNaira payments from their customers on their platform. The new payment option adds to the existing ones, including bank cards and transfers, barter payments, etc.  

In its product update published the same day, the company explains that the move aligns with its 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,” it wrote. 

The latest information from the Nigerian Central Bank (CBN) revealed that about 270,000 eNaira wallets have been opened, of which 252,000 are consumer wallets and 17,000 are merchant wallets. In addition, the volume and value of transactions have reached over NGN200,000 naira (US$467.5) and 4 billion respectively.

To transact in eNaira on Flutterwave, users will now need to either scan QR codes or generate unique tokens using the app.

Through its platform, Flutterwave provides technology, infrastructure, and services to enable global businesses, payment service providers, and pan-African banks to accept and process payments on any channel (Web, Mobile, ATM & POS). The company which currently operates in Africa, Europe, North America, and other emerging markets provides a suite of payment tools that enable over one million businesses to accept payments from their customers worldwide in over 150 currencies, including Naira and now eNaira.

With this move, Flutterwave eases the implementation of Nigeria’s economic strategy to boost the use of its digital currency by attracting even more unbanked users including merchants “after a first phase adoption saw 850,000 downloads by bank customers.”

Samira Njoya