The death of e-naira

[casey15]

How far my people. E get one thing wey I for like make we gather discuss, and na e-naira be that. Till now many people nor even still k ow say something like that even come naija.
When CBN be launch. For 2021 I just dey see many hype for media and they come prome is say  we go dey get cheap transfer and modern payment system...but fast forward to today, everywhere just silent concerning the matter. And I nor really surprise and government dey always get abandoned projects.

If we really check am, we go see say evidence dey why the project flop. And this experience show say difference dey between real digital currency and government controlled illusion.
The first reason why this project flop be say the adoption low. People nor really send am. IMF even talk say only about 1.5% of bank users actually even get the wallet. To think say Nigeria get over 200 million people and na we dey quick adopt crypto worldwide, and yet the project nor even make s
Impact at all.

The e-naira be dey try solve problem wey nor even dey exist. With the use of Opay, palmpay and the rest, the average transaction time for any money wey you send na like 5secs. So the e-naira nor really address issue wey solution never dey before. Because all this microfinance bank don already solve the problem of fast transaction and people don already trust them well well.

Another reason be say the naira sef nor strong. People dey use stable coin because the coin value dey stable and get better value. But naira nor be strong currency at all. Because the same #10,000 wey dey your bank account na the same one wey dey the e-naira so the value of naira still affect am well well.
People dey collect transfer but you din ever see people say them dey collect e-naira. If them nor fit make am dey usable by the common merchant in the market how them be think say adoption go grow.

To me I feel say the government nor really plan this e-naira thing well. Because them for fit do am make exchange dey collect am instead of the normal fiat.. and make e dey sendable across borders...

But na my own opinion be that sha.. but wetin una think say be the reason why the e-naira project fail.

[Doan9269]

The government never take time to understand the need of the people is not essentialized digital currency but it decentralized one as we already have with Bitcoin, that day we can create a digital version of Fiat currency does not provide the solution or meet up to the need of the people, everyone is interested more on a decentralized network that gives them full access to control their financial economy, this is all about freedom and we cannot get it under a centralized institution being regulated by our government, traditional currency is quite different from cryptocurrency, this must be well spelled out and that we have e-naira does not make it the same as crypto or stand the value of Bitcoin, which the people want.

[Charles-Tim]

Enaira is the same as naira in digital form which you can transfer through Nigeria banks, microfinance banks and fintech. Those that can use enaira have been using Opay, Palmpay, Kuda, Moniepoint. So what is the point of using it?

Also the CBN governor was against bitcoin and cryptocurrencies in general. So who are going to use it when you make who can be the possible users your enemies?

They said enaira are also for the people that are not having bank accounts. You can not even use it if you do not connect it to you bank account when it was launched and people have problem as they were not able to connect it to their bank account. The launch was very poor and that can discourage people.

[Felicity_Tide]

~snip

They said enaira are also for the people that are not having bank accounts. You can not even use it if you do not connect it to you bank account when it was launched and people have problem as they were not able to connect it to their bank account. The launch was very poor and that can discourage people.

CBN had the right audience, but their approach was terrible.
In a highly competitive market that is already filled with so many platforms offering similar services, I think common sense should have told them that they needed to have done more to convince users by giving them good reasons to prioritize their service, rather than pulling the offensive strategy. It's not magic... What makes a service gain a massive audience boils down to how efficient and reliable it is, and also the type of problem its meant to solve. Perhaps, they thought masking the project as a Nigeria brand would eventually make it a success, but unfortunately it was the complete opposite. I guess they_(CBN) were both the hero and Villain to their own project.

[Charles-Tim]

CBN had the right audience, but their approach was terrible.

But do Nigerians need enaira? I do not think so. Was there anything good that enaira was offering that naira is not offering? No. They said it can help the people that are not having bank accounts, Fintech companies make that possible. The people that are not using the banks are not ready to use anything similar. You can see Trump against CBDCs, he has a point. They do not need to bring fiat into blockchain. Stable coins are enough, but I have not see any successful naira stable coins also.

[gracreavix]

Like you pointed out that the e-naira didn't actually solve any problem. You are right to some extent. They did have a goal when they were creating it. They wanted to reduce the amount of cash people use at hand. Let me the clearer. They wanted to reduce paper notes to the bare minimum. They just want everyone to transact online. At the end of the day, it wasn't well positioned for success. Another thing is that they can still force it on us and we would have adopted it because they can do it such in a way that you can't transact in the country without e-naira.

Another thing that raises concern is that the government will be able to control how you spend your money. That is total control of once finances. Nobody wants to that.

[Exitoral]

CBN had the right audience, but their approach was terrible.

But do Nigerians need enaira? I do not think so. Was there anything good that enaira was offering that naira is not offering? No. They said it can help the people that are not having bank accounts, Fintech companies make that possible. The people that are not using the banks are not ready to use anything similar. You can see Trump against CBDCs, he has a point. They do not need to bring fiat into blockchain. Stable coins are enough, but I have not see any successful naira stable coins also.

I think the main problem with e-naira are two things. Trust and no uniqueness.

First the people have lost faith in the government and what she aims to achieve. That one alone will slow the growth even if the e-naira solves a problem of which it doesn't solve any related problem.

The other one is uniqueness. When opay came into Nigeria, what they sold to Nigerians is quick transactions no delay. And everyone liked it because that is what they really needed. That was opay's uniqueness in the market. E-naira has nothing. Even though their purpose is of two different part from fintech, the part that they chose - still has nothing unique about it. Just another banking system with a fancy name.

[Agbamoni]

CBN had the right audience, but their approach was terrible.
In a highly competitive market that is already filled with so many platforms offering similar services, I think common sense should have told them that they needed to have done more to convince users by giving them good reasons to prioritize their service, rather than pulling the offensive strategy. It's not magic... What makes a service gain a massive audience boils down to how efficient and reliable it is, and also the type of problem its meant to solve. Perhaps, they thought masking the project as a Nigeria brand would eventually make it a success, but unfortunately it was the complete opposite. I guess they_(CBN) were both the hero and Villain to their own project.

I dont think they got the right audience.
Introducing e-Naira was not necessary because we actually dont need it. e-Naira does not solve any problem in the country. The government did not succeed because they could not figure out what problem in the area of financial transactions they needed to solve. They did try to sell us an idea that the citizens dont need. Elderly people hardly make use of crytpocurrencies unliket he youth. While the youth are more comfortable using reliable microfinance banks that allow cross-border payments to go through easily.

[Felicity_Tide]

But do Nigerians need enaira? I do not think so. Was there anything good that enaira was offering that naira is not offering? No. They said it can help the people that are not having bank accounts, Fintech companies make that possible. The people that are not using the banks are not ready to use anything similar.

I dont think they got the right audience.
Introducing e-Naira was not necessary because we actually dont need it. e-Naira does not solve any problem in the country.

Well, I guess we would never know whether we needed it or not, because it ended up becoming another dead end.
As of 2021?, that was just post-covid. Imagine coming out to offer a financial service without doing enough convincing. Check most of the fintech apps... They all offer similar services, but that was not enough reason not to join the race because they all knew the market was going to be competitive, and fighting to secure an audience/consumer is literally open to everyone.

I could remember Palmpay doing a lot of crazy promotions as at that time. And not just promotions, but also offering cashbacks, and bonuses for referrals, which is something that would have easily caught an average Nigerian's attention as at that time, and maybe today as well.

Like I said, they had the right audience, but their approach was terrible.
I just don't want to believe that the market is/was already oversaturated, and there are no rooms for new/similar services to pave way for themselves.. Just give them a product that exceeds/equals the quality of services on ground, market it well, and see the magic. Imagine introducing the eNaira to Nigerians like how a lecturer introduces a new course to students...

[Mayor of ogba]

I dont think they got the right audience.
Introducing e-Naira was not necessary because we actually dont need it. e-Naira does not solve any problem in the country. The government did not succeed because they could not figure out what problem in the area of financial transactions they needed to solve. They did try to sell us an idea that the citizens dont need. Elderly people hardly make use of crytpocurrencies unliket he youth. While the youth are more comfortable using reliable microfinance banks that allow cross-border payments to go through easily.

Our government knows very well that introducing e-Naira wasn't necessary and it was never going to solve any problem in the country. Since our government has tried to stop us from using bitcoin, in my opinion, I believed they introduced the e-Naira to us with the idea that it's for online payment just to distract us from bitcoin but they failed woeful in their attempt.

[Princess Leah]

I dont think they got the right audience.
Introducing e-Naira was not necessary because we actually dont need it. e-Naira does not solve any problem in the country. The government did not succeed because they could not figure out what problem in the area of financial transactions they needed to solve. They did try to sell us an idea that the citizens dont need. Elderly people hardly make use of crytpocurrencies unliket he youth. While the youth are more comfortable using reliable microfinance banks that allow cross-border payments to go through easily.

Our government knows very well that introducing e-Naira wasn't necessary and it was never going to solve any problem in the country. Since our government has tried to stop us from using bitcoin, in my opinion, I believed they introduced the e-Naira to us with the idea that it's for online payment just to distract us from bitcoin but they failed woeful in their attempt.

The central bank gave some reason why the E-Naira was created and the few I know of was to reduce the cost of printing new money, and  to improve borderline transactions but it was unnecessary cause stable coin like USDT was already serving that purpose moreover some fintech has also made it possible for easy cross-border transactions.

 The government that brought the idea of the E-Naira where misplacing their priorities, they would've focus on projects that would stabilize the economy instead of wasting resources for a project that never made sense from the onset nor the citizens put interest to. At some points, I began to believe that they used they created that project to pad budget for it and embezzle the money.

[Roseline492]

Our government knows very well that introducing e-Naira wasn't necessary and it was never going to solve any problem in the country. Since our government has tried to stop us from using bitcoin, in my opinion, I believed they introduced the e-Naira to us with the idea that it's for online payment just to distract us from bitcoin but they failed woeful in their attempt.

Is not about developing something but what does it do and how will it generates finances if people are using it but it was obvious the government created it without purpose, since I started seeing it I have not been attracted to it because I no that there is nothing it could do for me in cryptocurrency and till now I only understand it based on what the name mean but to actually created account for it is what I haven't done so actually it has become something that has been forgotten, what is happening in our government is enough for someone to never be lured into anything they program as an online means of storing money.

[Promocodeudo]

Was anyone expecting e-naira to survive in the first place, what was the reason for the creation and of what purpose was it invented, to me that project was dead on arrival.
I have not seen a project that was initiated by the government that scaled through easily in Nigeria and the reason is simple, most of those projects was not created for a good reason, why will anyone created account in such shit, I don't that any Bitcoiner will waste his or her precious time doing something that has no meaning, instead of Nigerian government to embrace Bitcoin to make it out national, they are busy chasing shadows, that project was dead on arrival.

[Iamgoat]

Our government knows very well that introducing e-Naira wasn't necessary and it was never going to solve any problem in the country. Since our government has tried to stop us from using bitcoin, in my opinion, I believed they introduced the e-Naira to us with the idea that it's for online payment just to distract us from bitcoin but they failed woeful in their attempt.

Let me say it sarcastically, how you wan take introduce stable coin when the currency of the country itself is not stable? That’s the irony which comes with the introduction of e-naira this regime. The purpose it was invented for was for it to replace Bitcoin and other cryptocurrencies but one thing they failed to understand was it does not address the same thing and the intention behind it is not even a good one. I’m sure those who came up with the idea of e-Naira did it with the purpose of getting some bucks out of it and not for the impact really.