Remita, one of Africa’s top leading electronic payment brands, has adopted Nigeria’s electronic currency, eNaira, as a payment option across its touch points. 

What this means 
This implies that individuals and businesses can receive and make payments for services, bills, products and utilities hosted on Remita platforms and through the Remita Payment Gateway. 

Why it matters 
The Central Bank of Nigeria is working to increase the popularity and usage of the electronic currency in Nigeria and all over Africa. To this end, Nigeria’s apex bank introduced the Unstructured Supplementary (USSD) code to encourage Nigerians without smartphones to transact the digital currency, eNaira, on the designated platform. The adoption of eNaira by Remita, Africa’s leading payment platforms boosts the CBN’s course. 

What they are saying 
The Managing Director of Remita Payment Services Limited (RPSL) DeRemi Atanda, speaking on the development, said the company is committed to simplifying payments for every of its users. He added that another goal of the company is to introduce innovations that guarantee safe, fast and cost-effective payments. 

  • He added that “Until now, the eNaira had contended with low adoption due to a low level of awareness of its benefits or practical use cases over subsisting electronic payment options.”
  • “The initiative will deliver faster transaction processing time, increased transaction security, elimination of multiple transaction failure points that lead to repeated visits to banks for resolution, transaction fees optimisation, ease of receiving foreign remittances, among others, to individuals and businesses.”

What you should know 

  • Africa’s first digital currency, eNaira, was listed by PwC in its 2022 report as the world’s leading retail digital currency with 756,000 app downloads. 
  • Users of eNaira have created over 660,000 speed wallets (as in December, 2021) with 90% of the recorded transactions being a reciprocal dealing of person to business and business to person.
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