eNaira Speed Wallet Review

When the CBN introduced the eNaira as Africa’s first central bank digital currency (CBDC), most people where unclear on what exactly it was and what it is meant to do.

A year on since that October 2021 launch, adoption of the digital currency is still very low amongst Nigerians. The app has just 500k downloads on the Google store with lots of negative reviews from unimpressed users.

eNaira is not a cryptocurrency, it is marketed as the digital version of the country’s existing currency by the CBN. The project might have some advantages to the CBN as it will enable the apex bank to reduce the number of physical banknotes it circulates. But to the end user, the eNaira app does the same things your bank apps already do with better efficiency. For starters, most users complain that the app does not allow them to convert or transfer money in their eNaira wallet to a bank account, and also, there are no payment features on the app. The only thing the app does is allow transfer from one eNaira wallet to another.

According to the CBN Governor, Godwin Emefiele, eNaira has recorded 700,000 transactions valued at N8 billion since its inauguration on Oct. 25, 2021. These numbers are far from impressive considering that Nigeria has a population of over 200million people and over half of which are mobile internet users. The reason for this slow pace of adoption is large because most people have bank apps on their phones that do what the eNaira is supposed to do more efficiently. Some bankers have even been accused of discouraging their customers from transferring funds to their eNaira wallets.

The eNaira app

The eNaira app is available for download from either the iOS Store or Google Play Store. While the iOS Store does not show the number of downloads, as of the time of filing this report, the eNaira app has recorded over 500,000 downloads on the Google Play Store.

The CBN recently updated the app into what it called eNaira Speed Wallet App (Combo), making it a single app for consumers and merchants. According to the bank, the app was redesigned to meet users’ expectations concerning usability (UI/UX), security, variety of other features that make their experience on the app worthwhile and proudly Nigerian content.

Key features of the app

  • Two Apps in One: The new version of the app is now a combo wallet app. In other words, the consumer and merchant wallets are now accessible on the same app. For those who have both wallet types, now you can download the single eNaira speed wallet app on your phone.
  • 10 Digit Wallet ID: The CBN has introduced a 10-digit Wallet ID just like NUBAN for all wallets which can be used to log in to eNaira Wallet and make and receive payments.
  • Multi-Theme: Light, Dusk, and Dark themes are available, making it possible for users to change their themes to what they prefer.
  • Multilingual services: The new eNaira Speed Wallet App now supports three major Nigerian languages and one foreign language – Yoruba, Hausa, Igbo & French.
  • Personalization: Profile Pictures have also been introduced. Users can now upload their pictures on their profile notifications, subscribe to SMS notifications, and so on.
  • Security Features: The eNaira Speed Wallet comes with improved security features to ensure the safety and privacy of our users. Users are now required to create 4-digit PIN (Personal Identification Number) codes to approve transactions with a unique password/biometric (fingerprint) authentication for login and a PIN to authorize transactions.

What other users are saying about the eNaira app

While the level of adoption of the digital naira has been slow, the eNaira app has seen a surge in users over the past few months. However, the experience has not been smooth for many, as the app suffers glitches and bugs that keep users complaining about one problem or the other. Here’s what the users are saying through their reviews of the app on Google Play Store:

Njubemere Okazu wrote, “I downloaded the app and after signing up with all the required details. I tried logging in with my e- mail and password which was the only option available for logging in, but was told invalid username or password. But when I was signing up there was no provision where I can input my e- mail address. If anyone has similar experience can they tell me what they did and they were able to sign in. I am waiting for your timely response. Thanks.”

Duke Terry II wrote, “Very bad experience ever since the time I put some money in the wallet I’ve been trying to get it out time and time again but I can’t do so, emails I’ve been sending are yielding absolutely no result and despite how many times I call I don’t get a response. Please I want to get my money out this is nothing but a scam as far as I’m concerned. There are other merchants out there but I’ve never had this level of difficulty for months like with you people. I will never use this app for anything.”

Gozie Ilorah wrote, “For many weeks it’s impossible to set up transaction pin cause the system can’t recognize password……I received a reply to this review with advice to go to settings and “clear cache” and “reset password.” After doing that I still can’t setup transaction pin. Going through reviews it’s clear that many other people have the same issues after following CBN advice and yet CBN still refuses to find solution…I have reduced my rating of this app to one star because there is no option of “no star.”


The eNaira app is basically your bank app that is owned and controlled by the CBN. It performs the same function except less efficiently and comes with the disadvantages of not having a payment gateway, cash withdrawal is difficult, and you can only make transactions from one eNaira account to another.


A writer! Columnist and an academic researcher
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