Nigeria

Flutterwave Merchants Can Now Accept Payments in Digital Currency eNaira

by Fintechnews Africa 19 September 2022

            

Flutterwave merchants can now process payments in eNaira, the Nigerian digital currency issued and distributed by the Central Bank of Nigeria.

The self-service payment method is available to all Flutterwave merchants who want to collect Nigerian Naira (NGN) from customers who have the eNaira app.

Merchants who use this payment method will be charged a 1.4% fee per transaction, capped at 2000 Naira for merchants in Nigeria.

The company was granted a switching and processing license earlier this month and raised a US$250 million Series D in February with a valuation of over US$3 billion.

According to Nigeria’s central bank governor, the eNaira app has reached 840,000 downloads since its launch in October 2021, with 270,000 active wallets as of September 2022.