Flutterwave adds Nigeria’s eNaira as a payment option for merchants

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ABUJA (Reuters) – Africa-focused fintech firm Flutterwave said on Wednesday it has added Nigeria’s eNaira as a payment option for merchants, a move that could boost adoption of the digital currency.

Nigeria, the first African country to launch a digital currency, is targeting 8 million users for the app launched in October. But adoption has been slow as lenders fear the app would compete with their online platforms and reduce fee income.

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Flutterwave said more than 1 million merchants now accept eNaira payments from their customers.

“We are confident that this number will continue to grow as we continue to innovate and expand,” Flutterwave said in a statement.

Nigeria is aiming to expand the use of its digital currency eNaira by attracting unbanked users after a first-stage adoption brought in 850,000 downloads by bank customers.

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The West African country is fighting to stabilize its weakening currency, curb rising inflation and boost growth after the economic disruption caused by the COVID-19 pandemic.

(Reporting by Chijioke Ohuocha; Editing by Bhargav Acharya and Jonathan Oatis)