Businesses in Nigeria using Flutterwave payment tools can now receive payments in the country’s Central Bank Digital Currency (CBDC), the eNaira, which is available on phones.
Launched in October 2021, the eNaira, so far, has $9.3 million in transaction volume, and the Central Bank of Nigeria (CBN) has recently stepped up initiatives to increase its adoption.
Flutterwave is a fintech company providing payment APIs for businesses across Africa with a particular focus on helping international businesses to plug into African payment methods. Transactions on the company’s tools amount to over $16 billion and serve over 100,000 businesses.
Flutterwave Merchants can now accept eNaira as payments from customers.
eNaira is the Nigerian digital currency issued and distributed by the Central Bank of Nigeria.
Get started accepting eNaira now: https://t.co/zDFlYw507c pic.twitter.com/BW3nwgrTBu
— Flutterwave (@theflutterwave) September 14, 2022
In Africa, Flutterwave can be used for payments in 34 countries. By adding eNaira, Flutterwave is adding to its plethora of supported payment methods which include:
- USSD
- Mobile money
- Cards
- eNaira
Under eNaira, merchants can receive payments from customers via three options – QR Code, Token, or USSD.
- QR Code – A customer can choose to pay with a QR code which they will scan using their eNaira application to finish the payment
- Token – With this option, the customer can click a button which results in the generation of a one-time token on the eNaira app. The customer will then be prompted to enter their phone number and the generated token to complete a transaction
- Direct Debit – Customers are redirected to a separate CBN eNaira window where they get to input their eNaira credentials (User ID and Password) and complete the payment
Flutterwave merchants can set the option to accept eNaira by navigating to the ‘Business Preference’ option on their dashboard where they will be able to add the CBDC as a payment method.
The eNaira feature is important for the merchants and customers because it offers an alternative payment method that many users find seamless. It’s a key update to Flutterwave and we continue to look out for opportunities like this to improve our offering to our range of customers. – Azeez Oluwafemi, Senior Vice President, Products and Design, Flutterwave
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