Flutterwave Adds eNaira Payments for Businesses in Nigeria

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.

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.