IMF-尼日利亚的eNaira，一年后（英）-2023.5-46页_1mb

报告摘要

Nigeria’s eNaira, One Year After: Summary

Overview

eNaira is Africa's first Central Bank Digital Currency (CBDC), launched by the Central Bank of Nigeria (CBN) in October 2021.
It serves as a liability of the CBN, using blockchain technology via a tiered wallet system, but operates on a two-tier model where only banks handle transactions with users directly.

Key Findings

Initial Performance: eNaira has been technically successful, achieving uninterrupted 24/7 operation during its first year, boosting user confidence.
Adoption: Despite initial enthusiasm, adoption is "disappointingly low". As of November 2021, ~860,000 wallets were active, representing only 0.8% of Nigeria’s bank accounts. Over 98% of wallets are inactive.

Underlying Issues

Network Effects: Adoption is constrained by its current limited reach, creating a "low adoption equilibrium" according to a tipping point model.
Competition: As a network externality product, eNaira competes with mobile money (which dominates retail payments), requiring a clear strategy or complementary approach.

Enabling Potential in Financial Inclusion and Remittance

Complementary Role with Mobile Money: eNaira can enhance mobile money by offering safer storage for funds and enabling interoperability among operators.
Remittance Efficiency: eNaira could reduce remittance costs by streamlining the existing process, though higher transaction fees from intermediaries may offset some savings.
Policy Imperatives Needed: Effective integration requires policies addressing financial inclusion gaps, improving remittance affordability, AML/CFT risks, and expanding merchant and consumer adoption.

Policy Recommendations

Expand CBDC Usage: Extend eNaira to people without bank accounts (via USSD) and explore cross-border interoperability for remittances.
Leverage Social Funds: Use eNaira for social cash transfers to boost adoption and financial inclusion among the poor.
Boost Merchant Adoption: Incentivize acceptance of eNaira in retail transactions, integrating CBDC with utility payments for net benefits.
Monitor Stability & AML/CFT: Strengthen surveillance mechanisms for financial stability, including user behavior, funding risks, and emerging counterfinancial crime issues.
Fine-tune Technology:Ensure scalability of the current Hyperledger Fabric platform and safeguard AML/CFT with tiered KYC and usage ceilings.

In conclusion, eNaira technically fulfills its foundational aims but remains on track toward broader success only with targeted policy and technological coordination.

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