The Nigerian eNaira and Financial Inclusion: A Model for Boosting Financial Participation of the Unbanked in Rural and Hard-To-Reach Areas

Financial inclusion remains a persistent challenge in Nigeria, particularly among unbanked populations in rural and hard-to-reach areas. Despite the introduction of the eNaira as Nigeria’s central bank digital currency, adoption levels remain low across both urban and rural contexts. This study proposes a conceptual framework aimed at improving eNaira adoption and advancing financial inclusion among underserved populations. The study adopts the Design Science Research (DSR) methodology to design a solution-oriented framework informed by existing literature and contextual constraints. Prior studies attribute the low uptake of the eNaira to factors such as limited collaboration between the Central Bank of Nigeria and mobile money operators, the government’s ban on cryptocurrency, low public awareness, and complex user interfaces and onboarding procedures. In response, the proposed framework adapts key elements of the M-PESA mobile money voucher model into the eNaira ecosystem and introduces an auto-onboarding mechanism that enables automatic wallet creation when funds are first received on a registered SIM card. The framework is expected to lower entry barriers, reduce reliance on self-registration, and improve accessibility for low-literacy and digitally marginalized users. By aligning eNaira deployment with existing mobile money practices, the study contributes a context-sensitive model with potential policy and implementation relevance for enhancing financial inclusion in Nigeria.