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In the not too distant future, millions, if not billions, of individuals will be able to employ a variety of practical, reachable, and reliable financial instruments for the first time, regardless of their proximity to conventional financial institutions.

The Global Findex database from 2017 estimates that over 1.7 billion people are still without a bank account or a mobile money provider account. That figure was 2 billion in 2014. This is due to the fact that account ownership is practically universal in high-income countries, whereas almost all adults without a bank account reside in emerging economies.

More than 980 million people worldwide, or 56% of all adults without a bank account, according to this data set, do not have a bank account. In the majority of economies, more women than men are unbanked. This holds true even in countries with a relatively low rate of unbanked citizens and economies that have successfully increased account ownership.

Despite having relatively high account ownership rates, China and India make for a sizable share of the world’s unbanked population because of their sheer size. China has the largest percentage of unbanked people in the world (225 million), followed by India (190 million), Pakistan (100 million), and Indonesia (95 million).

Indeed, approximately half of the world’s unbanked people live in these four economies, along with three others (Nigeria, Mexico, and Bangladesh). Even However, essential data on trends and dynamics in these still-emerging digital financial services industries is scarce, according to stakeholders in financial inclusion (World Bank, 2018).

2018 World Bank. The creation of scale and sustainability, as well as the best ways to ensure that these marketplaces reach economically underserved and excluded communities, such as the poor, residents of rural areas, and women, are knowledge gaps that must be filled. In the unbanked population around the world, women predominate.

Adults in a society who do not use banks, their services, or financial institutions in any way are referred to as the “Unbanked” (Fletcher, T. 2021). 2021) (Fletcher, T. Fletcher also emphasised that people without bank accounts frequently pay for goods in cash, buy money orders, or use prepaid debit cards.

In addition, people without bank accounts are less likely to get insurance, pensions, or other expert money management services. They might employ alternative financial services like cheque cashing and payday loans if they are available to them.

Although unbanked adults are more prevalent in developing countries, wealthier nations such as the United States also have pockets of unbanked adults.

However, policymakers in developing economies have resorted to investigating the reasons behind the high proportion of adults who lack banking accounts. While some surveys indicated that a lack of sufficient funds was the most frequently cited obstacle, nearly two-thirds of adults without bank accounts reported that there were no banks in their region.

As a result, some traders, especially in rural areas, turn to personal savings through local contributions (commonly known as “Ajo” in Yoruba or “Akawo” in Igbo). While some developing nations have adopted digital currency as a means of encouraging individuals who are earning money but are unable to create an account due to the numerous difficulties connected with banking institutions, they are aware that this is not necessarily the safest option.

Notably, more inclusive financial systems have been linked to stronger and more sustainable economic growth and development; as a result, achieving financial inclusion has become a priority for many nations around the world. For this reason, some of these nations have adopted the digitization of money rather than just using cash currencies.

According to Gilbert, Scott, and Loi, Hio. (2018), digital currencies are similar to traditional currencies in terms of attributes but, unlike currencies with printed banknotes or minted coins, do not frequently take the shape of tangible objects.

The absence of a physical form makes it possible to conduct online transactions almost instantly and does away with the expense of sending cash and coins. Since they have the advantage of speedy settlement, particularly in online communities, digital currencies will continue to be useful for inter-party transactions as long as both sides recognise the currency’s legality.

The majority of governments around the world have refrained from endorsing and legitimising transactions carried out through such channels, despite the fact that cryptocurrency is the most well-known type of digital currency.

As a result, there are thousands of them in the modern world, each of which operates and enjoys security thanks to the respective encryption codes mutually adopted by the parties in such transactions.

A number of governments throughout the world, including Nigeria, have started to show interest in digital currency activities as a result of the growing popularity of the currency, with the CBDC option emerging as the preferred entrance point.

In that sense, the CBN’s decision to launch the e-Naira must be viewed as the Nigerian government’s entry into the world of virtual money. International economies have started to switch from paper money to digital currency as a result of this quick technological development and expansion of the financial industry, and Nigerian economies have followed suit.


Nigeria ranks below both its peer group and lower-income countries in terms of financial inclusion, having one of the lowest rates in Sub-Saharan Africa. According to Abdulkareem (2021),

Nigeria’s financial inclusion rate is currently about 44 percent, one of the lowest in Sub-Saharan Africa and far lower than that of its peers in middle-income countries, making payment collection challenging.

Despite having a high mobile penetration rate and decent mobile network coverage across the country, 90% of Nigerians are either unaware of or have limited knowledge of alternative ways to access financial services, such as using mobile money (Abdulkareem, 2021).

The paper naira in Nigeria experienced a major foreign exchange crisis prior to the introduction of the electronic naira, and the rate at which it was depreciating caused significant concern among the populace, requiring the testing of an alternative form of legal money. It inspired the CBN to introduce the eNaira in an effort to broaden financial inclusion and the use of mobile money.

Ayodeji (2021) claims that e-Naira provides quick transactions, inexpensive transfers from abroad, direct government assistance, simpler local payments, and secure banking.

This is supported by a premium times article from 2021 that claimed e-Naira would enable customers to send money, save money, and save time all at once.

They will be able to pay their bills from the comfort of their homes, even without a personal bank account, which allays the concerns of the unbanked, and boycott bank queues, lengthy procedures, and poor service (Kalu, 2021).

Although this is disputed, it is the setting for this study, which aims to offer a critical appraisal of the advantages of e-naira for Nigerians without banks.


Examining the advantages of e-naira for unbanked Nigerians is the main goal. The research specifically aims to:

i. Discover the eNaira’s characteristics as offered by CBN.

ii. Check to see if using eNiara will improve the rural individual subscribers’ payment system.

iii. Assess whether the creation of the e-Naira will greatly help Nigeria’s unbanked population.


HO1: Nigeria’s unbanked population won’t gain much from the creation of the eNaira.

HO2: Using e-Niara won’t improve the rural individual subscribers’ payment method.


Policymakers, development specialists, financial organisations, and the general public, especially the unbaked population, will find the study’s findings to be of considerable importance. The study will be important to the regulatory organisations overseeing the eNaira platform,

thus it will keep them informed about how the public feels about the recently created platforms. The study will also be a resource for information for academics, students, and other people with an interest in academia who could be working on a related project.


The advantages of enaira to Nigerians without bank accounts are within the study’s purview. It will establish the eNaira’s characteristics as announced by the Central Bank of Nigeria.

Additionally, it will look at whether eNiara usage will improve the payment methods for rural individual members. However, the study is only focused on Ekiti Metropolis in Nigeria’s Ekiti State.


While conducting the study, the researchers ran into some minor obstacles, just as in every human endeavour. Due to a lack of resources, the researcher was only able to choose from a small number of sample sizes while looking for pertinent materials, literature, or information, as well as when collecting data.

Furthermore, the researcher will conduct this study along with other academic projects at the same time. The time needed for study will be cut down as a result.


Adults who do not have their own bank accounts are considered unbanked. When available, they could rely on alternative financial services, just like the underbanked, to meet their financial needs.

The fundamental unit of currency in Nigeria is the naira.

Digital Currency: Digital currencies serve the same roles as traditional currencies, including serving as a unit of account, a store of value, and a medium of exchange, but they exist solely as electronic data.

The CBN’s first suggested digital currency is called ENaira, or eNaira. The Central Bank of Nigeria has created the legal tender central bank digital currency (CBDC) known as the eNaira. The Naira can be used much like cash in its digital version.

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