While Nigeria’s eNaira holds the distinction of being Africa’s first CBDC, its performance has not met expectations. Adoption has been sluggish, with less than 0.5% of Nigerians using the eNaira within its first year. By March 2024, it accounted for only 0.36% of the total money in circulation. Several factors have contributed to this lackluster uptake, including inadequate infrastructure, unreliable electricity supply, low public trust in government, and concerns over financial crime.

In light of these challenges, Ghana aims to learn from Nigeria’s experience by incorporating offline functionality into the e-Cedi. This feature will allow users to transact without an Internet connection, which could significantly benefit rural communities where access to the Internet remains limited. Kwame Oppong, head of fintech and innovation at BoG, emphasized the goal of making digital cash as user-friendly as physical cash, particularly for the unbanked population.