How Does eNaira Work?

Like any digital currency, you will need an electronic wallet to receive, hold and send is secure, which is basically an app you will download on your phone. For the pilot phase as the CBN is calling it, the banks will handle the process, probably with a selected group of tech-savvy early adopters customers. An invitation code will be sent to you from your bank, that’s if you are selected. You will be directed to a website or an app store if you are on iPhone or iPad or to play store to download your wallet app. Once your app is downloaded, enter the invitation code. If valid, you will proceed to register, set password, BVN, Email, Phone number, get verified, and your eNaira is created.

How To Fund eNaira Wallet

Now you have a wallet, what next? Top up of course You can receive eNaira from another eNaira holder from their wallet, or you can transfer from your bank account to your eNaira wallet. That is; credit your wallet from your bank app, the bank that invited you, or a different bank. All that is possible. For example, if Fidelity bank sent you an invite to set up your eNaira wallet, you can use your Access bank account to transfer some Naira to an eNaira wallet or you can use your GTB bank app to transfer to your eNaira wallet with Fidelity bank. Either way, you get your eNaira.

Difference Between eNaira and Cryptocurrency

I know you will be asking if this is different from cryptocurrency. Central bank digital currency, CBDC has some similarities as well as differences from cryptocurrencies but you won’t see most of that from the name. They are similar in the underlying technology, both are digital and based on the blockchain, a highly secured database in which all transactions are stored.

What makes eNaira different from the money in my bank account?

eNaira is the digital form of the cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.

All You Need to Know about eNaira

Contents

Nigeria has decided to follow the trends and launch its digital currency officially, a move that Nigerians are already welcoming while some are confused of the development.

Organizations and individuals are seeking fast, safe, easy, and cheap means of payment, eNaira was minted to meet these pressing needs.

eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.

There are several benefits from a central bank-issued digital currency in Nigeria, and this cuts across different sectors of, and concerns of the economy.
eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments

The eNaira is the Nigerian digital currency that is issued and regulated by the Central Bank of Nigeria. Its functionality delivers speedy, safe, and simple trading and transactional opportunities to customers and end-users:

It is exchanged peer to peer.
It is universal – anybody can hold it.
It does not yield any interest.

Benefits of eNaira

Growth

eNaira fosters Economic Growth by offering easier access to capital and financial services thereby increasing economic activities at low/no interest transaction rate.

Remittance

eNaira provides a secure and cheaper diaspora Remittance option and an increase in the speed of such transactions.

Monitoring

eNaira’s traceability limits its use for illicit or fraudulent purposes.

Welfare

eNaira enables effective, equitable, and faster distribution of cash assistance to households and communities included in government Social Welfare Programs.

Inclusion

eNaira provides Financial Inclusion by making financial services available to people or communities who do not have (enough) banking opportunity.

Trade

eNaira increases Local and International Trade by making transactions cheap, safe, quick, and better.

Security

eNaira has a stronger security because it cannot be forged or counterfeited as a result of its unique identity and security structure.

Revenue

eNaira aids Revenue collection by reducing cash handling costs.

Features of eNaira

Unified Payment System

Customers can now move money from their bank account to their eNaira wallet with ease.

Contactless Payment

Customers can make in-store payment using their eNaira wallet by scanning QR codes.

Bank Account Management

Customers can monitor their eNaira wallet, check balances and view transaction history.

Peer-to-Peer Payment

Allows users to send money to one another through a linked bank account or card.

Sending/Receiving Money

Customers can now send and receive money faster, easily and at very minimal costs.

Verifying Payments

Customers can verify their payments and look up their transaction history anytime, anywhere.

Financial Institutions Transactions

Intra/inter financial institutions transactions are not only possible, they are faster and cheaper.

Foreign Exchange Transactions

Customers can enjoy speedy transactions across boundaries and a hitch-free foreign exchange.

How do I resolve failed transactions or raise enquiries on eNaira?

Reach out to the customer support of the bank you selected when registering for eNaira through their available channels which include: phone, email, whatsapp, etc. Disputes will be resolved as soon as possible.
If issues are not resolved within 48 hours, send an email to CBN’s eNaira Customer Support via helpdesk@enaira.com

How are eNaira wallets created?

For smart phone users, download the eNaira app (termed “Speed”) from either the Google Play Store or Apple Store and complete the registration process.
For feature phone users, utilize USSD codes and follow the registration prompts.

How do I connect my eNaira wallet to my bank account?

The eNaira app allows customers to identify a bank of their choice, connect to their bank accounts and perform transactions.

What are the different tiers of eNaira wallet that I can open as an individual?

These are different tiers of wallets and they include:

September 2021
TIERS	CATEGORY	REQUIREMENT	DAILY LIMIT	CUMULATIVE LIMIT
0	No Existing Bank Account	NIN verified telephone number	20,000	120,000
1	No Existing Bank Account	NIN verified telephone number	50,000	300,000
2	Has an Existing Account	BVN + valid means of identification	200,000	500,000
3	Has an Existing Account	Tier 2 requirement + public utility receipt	500,000	5,000,000

Is eNaira wallet safe?

Yes. The eNaira system uses a two-factor authentication system in addition to cryptographic encryption to ensure the safety of customers’ wallets and the eNaira holding.

Opening Wallet on eNaira

Download eNaira app.
Enter invitation code received from bank.
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 a notification from your financial institution.
Log in to account

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