Public Perception and Adoption Approaches for Digital Currencies: Analysing Influencing Factors

This study investigates public perception and the factors influencing the widespread adoption of the eNaira, Nigeria’s Central Bank Digital Currency (CBDC). The eNaira aims to ensure secure transactions, encourage financial inclusion, and support the drive for a cashless society, yet adoption rates have fallen short of expectations. Using an online survey form, we gathered data from 467 respondents, focusing on factors such as privacy concerns, convenience, and financial inclusion. Our analysis of the data, employing one-way ANOVA, independent t-test, and correlation tests revealed interesting insights. Findings indicate that eNaira is believed to be a valuable digital payment option, also its perceived convenience and ability to reduce reliance on cash are significant for its acceptance. Education levels greatly impacted people’s belief in the eNaira, with less educated people showing more faith in government adoption strategies. This study emphasizes the importance of tailored adoption strategies that respond to demographic variations. By addressing these variables, decision-makers and interested parties can create efficient plans to encourage the broad implementation of the eNaira and other CBDCs.