CBN eNaira: Everything You Need to Know(A Full Guide)

eNaira
eNaira Speed wallet log in

If you are looking for a detailed guide on eNaira, you’re at the right place. In this new guide you will learn everything you need to know about the recently launched eNaira, including;

  • Important features
  • How to use it
  • How eNaira compares to other digital payment
  • Lots more

If you are interested in knowing what eNaira is about, let’s get started.

eNaira
Nigeria digital currency

Introduction to eNaira

What is eNaira?


eNaira is the digital form of the Nigerian naira. It was launched in October 2021. The eNaira would be a means of payment that is generally acceptable. It is also of equal value with the physical naira. The digital currency was also created to be a form of support to the Naira. The coin is currently issued and regulated by the CBN. Due to this, it can also be categorized as a stable coin. Moreso, the eNaira is suitable for all Nigerians.

How is eNaira used?


The eNaira can be used as a medium of exchange and a store of value. It allows you to make cheap, safe, and fast payments. For fast transactions, it is better than cash payments. With this coin, you could make payments within and across the country as it makes border transactions easier. In addition, it is accessible to individuals (within and outside Nigeria), organizations, and government MDAs (ministries, departments, and agencies).

eNaira vs. Cryptocurrency


The government regulates the eNaira, which makes it distinct from cryptocurrencies like Bitcoin. The coin is a legal tender that maintains a parity of value with the Naira. This implies that any Nigerian can access this currency with ease through CBN instead of regular banks.

Unlike cryptocurrency, the price can not be influenced by market volatility. Considering that it is of equal value with the Naira, it can not be held for growth purposes or as an investment. This is due to its stable price. This feature differs from any other crypto asset. It can be seen as a form of digital stability. However, the coin is beneficial because you could make transactions without the use of your local banks as an intermediary.

eNaira Vs Digital Banking



The eNaira and online banking are similar because Payment and transactions can both be done digitally. However, the eNaira has more benefits.

Benefits?


With digital banking, the local banks serve as mediators during transactions. Unlike digital banks, eNaira involves direct peer-to-peer payment. This lowers the cost and time of transactions. It simply implies that users can handle their money directly instead of interacting with money kept and managed by commercial banks.
In addition, exchanges and payments would be much cheaper being that there are no transaction charges or fees. This lower cost would greatly benefit traders and the mass market.

To put, it will also curb illegal transactions. Since each eNaira has a unique ID, the right agency can easily track fraudulent activities such as online scams and money laundering. The digital currency also would create more inclusion for put-out people such as the socially displaced.

eNaira Wallet


The eNaira wallet is a wallet app built by the CBDC to hold and manage your digital naira. The wallet gives you an opportunity where you could buy things from vendors in the store. It allows you to easily track your loyalty rewards while transferring money to these retailers. When making payments, you can either link your bank account to the eNaira wallet or use a prepay option.

The token is built with integrated security that denies fraudsters the ability to track your information. This is because, whenever you initiate a payment, a new token would be generated.

The eNaira wallet app is not a one-size-fits-all. The CBDC developed it in such a way that it suits different customer needs. There are five types of profiles that can interact with the eNaira wallet, which includes;

  • Individuals
  • Financial institutions
  • Government
  • Businesses
  • NGO
eNaira Speed
eNaira for Citizens

Individuals


The eNaira feature for individuals allows all Nigeria to access financial services. This feature allows people who don’t have a bank account or NIN to send and receive payments. You could also receive financial aid easily without middlemen. In addition, diaspora payments are easier and faster.

Financial Institutions

eNaira aims to strengthen financial institutions rather than replace them. It aims to ensure collaboration for financial institutions and also improves their service delivery. The wallet also helps financial institutions to access the data of customers domiciled with them. It can help the banks reduce financial loss, as users are restricted through daily maximum cumulative balance.

Government


By easily tracing taxable assets, the government can pursue transparency. This in turn leads to increased revenue. To add to this, the government can quickly and directly reach out to citizens of social welfare programs. It is therefore a good means to reduce cash handling excesses.

eNaira merchant wallet
eNaira for Business

Businesses


With eNaira, local businesses can establish partnerships with foreigners and also make cross-border sales. It also allows you to offer faster and secure payment methods for your customers. This also leads to more satisfied customers. Overall, you’ll end up reaching new markets and making more profit.

NGOs



Like the other customer profiles, NGOs can also enjoy safer and transparent money transactions. Since the major feature of eNaira is peer-to-peer payment, NGOs could easily transfer and receive aid locally and internationally.

Key Features



The most important feature of eNaira is its payment structure. This is highly recommended when you are considering any financial service. The payment system involves; Peer-to-Peer, Unification, and contactless payment structure. With these, you could easily transfer money to another person, without involving any third party. This transfer can be done remotely, without establishing contact. Nonetheless, you could move money to it from your bank account with ease. These are some of the important features to consider.

Next Step


You have come to the point where you ask, “What next to do? “. To use this digital wallet, you have to download and fund it.

How do I download it?



Simply Go to the play store or App store. Search for eNaira speed wallet. Download the application. Select your local bank from the list of banks provided. Then you need to verify you are authentic. To do this, You would have to fill in the exact details used for your BVN registration. These details include; First Name, Last Name, Date of Birth, State of Origin, and Email.

What about funding my wallet?



To add money to your eNaira wallet, you need to log in to your banking app or contact an eNaira agent (if you don’t have a bank account). After you log in, make a transfer to your eNaira wallet by inputting your unique ID. After that, you’ll get a notification on the wallet. That is how to go about it.

Conclusion


I hope you enjoyed reading this resource. Now let’s hear from you. Are you already using the eNaira wallet? What features are you excited about? Do you have any questions?

Let’s hear your opinions in the comment sections.



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