eNaira is finally here, the Nigerian first digital currency that has been successfully launched on Monday, October 25, 2021. When opposed to cash payments, the eNaira acts as both a means of exchange and a store of value, providing better payment prospects in retail transactions.
The eNaira has a unique operational structure that sets it apart from other forms of central bank money.
What is eNaira?
eNaira is a digital currency created by the Central Bank of Nigeria that provides a unique form of money denominated in Naira. It is the Nigerian own digital currency that was issued and regulated by the Central Bank of Nigeria (CBN).
Interesting to know that eNaira has the same value as the physical Nigerian Naira and also guarantees simple, safe, and fast transfers and payments anytime and anywhere. Think of e-Naira as the same Naira but in a digital form, borderless, and with more possibilities.
What will be needed of me to enroll into the eNaira platform?
Just get ready with your accurate BVN data for your hitch-free enrolment. To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.
Information needed are; First Name, Last Name, Date of Birth, State of Origin, and Email. After this, your banks are waiting to assist you in validating and updating your BVN details to ensure seamless enrolment to the eNaira Platform.
Note that your BVN details are your personal information, so do not disclose to anyone.
How To Get Started With eNaira Wallet
Here are 4 easy steps on how to get started with the eNaira wallet account in Nigeria. Using the e-Naira Wallet, you can spend, send, and receive eNaira.
The 4 easy ways to start transacting with the eNaira wallet is outlined below:
1. Download eNaira Speed Wallet
Where can I download the eNaira speed wallet app? Those with Android smartphones can get the eNaira app download from Google Play Store, while those with an iOS smartphone can get it downloaded from Apple App Store.
Also, note that users with feature phones can also dial a USSD short code or scan the QR code and follow the service prompts to easily get the e-Naira app downloaded on their phone.
2. Select Bank
After downloading the eNaira App, the next will be selecting a bank from the list of Banks provided.
3. Authenticate Yourself
You’ll have to authenticate yourself by inputting the following details exactly as captured during your BVN enrolment: First Name, Last Name, Date of Birth, State of Origin, Email address, and then set a preferred password for yourself.
4. Fund your eNaira Wallet
Lastly, fund your eNaira speedy wallet account via online or mobile banking channels using the bank you select in step 2 and start receiving, sending, and managing your digital currency anywhere on the go.
eWallet Customer Levels/Requirement needed to open eNaira Wallet
The levels are used to determine the structure placed one above the other in opening and operating an eWallet account in Nigeria.
Level Zero: Customers without Existing Bank Account and without Verified NIN
- Minimum account opening eequirement is phone number.
- Daily transaction limit is N20,000
- Maximum cumulative daily balance is N120,000
Level One: Customers without Existing Bank Account and Verified NIN
- Minimum account opening requirement is NIN
- Daily transaction limit is N50,000
- Maximum cumulative daily balance is N300,000
Level Two: Customers With Minimal Spending Abilities
- Minimum account opening requirement is BVN
- Daily transaction limit starts at N200,000
- Maximum cumulative balance will be N500,000
Level Three: Customers With Regular Spending Abilities
- Minimum account opening requirement is BVN
- Daily transaction limit will be N1,000,000
- Maximum cumulative balance is N5,000,000
Level Four: Customers with regular spending abilities
- Minimum account opening requirement is full KYC as stipulated in the CBN’s AML/CFT Regulations.
- Daily transaction limit is N1,000,000
- Maximum cumulative balance will be Unlimited
How to activate eNaira Wallet
Here, I will be sharing with you 3 different ways to activate the eNaira account depending on the level you belong.
1. Account Opening Steps/Activation for Individual
- Download the eNaira mobile app.
- Enter minimum identification details (i.e., NIN, BVN, or KYC/AML Information, depending on the customer tier you are).
- Enter other identification details (i.e., Name, Place and Date of Birth, Phone Number, Passport Photograph, Email and Password).
- Minimum ID is validated.
- You receive an email to activate your wallet.
- Log in to account
2. Account Opening Steps/Activation for Business
- Merchant downloads eNaira Mobile App from device store.
- Enter the invitation code from bank and validates it.
- Enters minimum identification details (i.e., Full KYC as stipulated in the CBN’s AML/CFT Regulations).
- Enter your TIN (Tax Identification Number).
- TIN is verified, enters other identification details (i.e., email, password, Business Category, Legal Business Name).
- Financial Institutions verifies application.
- eNaira wallet created and activated.
- Merchant and Financial institution receives notification.
MDAs Onboarding to eNaira Wallet
- MDA Downloads App.
- Login with MD code.
- Enter account (TSA/T24 Account).
- eNaira wallet created awaiting verification from CBN.
- CBN verify and notify MDA.
- MDA proceed to top up.
What are the benefits of using the eNaira?
- eNaira is a Fast, Affordable and Secure
- Have a reliable payment option designed to support the digital economy.
- It will aid financial inclusion in Nigeria.
- It will be use to enhance the Nigerian payment ecosystem.
- Increase revenue and tax collection in Nigeria
- Aid targeted social interventions.
- Improve diaspora remittances.
- Users can make contactless payments with eNaira by scanning a QR code.
Frequently Asked Questions
Here are frequently asked questions about the eNaira wallet:
What can I do with eNaira?
- With eNaira, you can now move money from your bank account to the eNaira wallet with ease.
- You can make in-store payment using your eNaira wallet by scanning QR codes.
- You can monitor your eNaira wallet by checking balances and view transaction history.
- eNaira allows you to send money to one another through a linked bank account or card.
How will I know stores/shops that accept eNaira?
We are still working on updates about putting designated merchant locations that accept this digital currency, but you can simply ask the merchants if they accept eNaira to know yourself.
Can I use eNaira and cash?
Yes you can.
Is it possible to pay cash into any bank and ask them to fund my eNaira account?
NO! In order to move cash into your eNaira wallet account, kindly go to your bank and must be the one you select upon activation.
eNaira gives you Same Naira and More Possibilities. Anybody can hold it which makes it universal, does not yield any interest and exchanged peer to peer.
Its functionality includes; speedy, safe, and simple trading and transactional opportunities to customers and end-users.
Get the app today and start enjoying transactions on the go.