The eNaira is the first of its kind in Africa – created and regulated by the Central Bank of Nigeria. The digital currency which was to be launched October 1 but rescheduled to 25th October, went live yesterday October 26 and is available for download on iOS and Android mobile devices.
The novel CBDC functions as a legal tender and a store of value and was created to provide users with quick, easy and secure transactional options.
Users can make peer to peer payments with the eNaira app by scanning a QR code.
The eNaira has both the user and merchant app available for android and iOS devices. The eNaira user wallet called the “eNaira Speed Wallet” said to be a fast and convenient way to conduct financial transaction, has nearly 50,000 installs on Playstore since going live.
How the eNaira speed wallet works ( See steps )
Step 1 – Download eNaira Speed Wallet from your Google Play Store or Apple App Store. Click signup.
Step 2 – Select your bank from the list of banks provided.
Step 3 – Input the following details: First Name, Last Name, Date of Birth, State of Origin, and Email. The details must be the same you used during BVN enrolment
Step 4 – Fund your eNaira Speed Wallet through your banks’ mobile app and start receiving, sending, and managing your digital currency.
You should receive the transfer instantly in your eNaira wallet if network connection is fine.
Merits of the Central Bank’s eNaira
Contactless transactions can be conducted through the eNaira Speed Wallet free of charges
Demerits
The eNaira requires BVN and a valid email address associated with your BVN for verification.
1. What this means is that users that registered for BVN without an email address will have to go to their local banks to update their BVN with an email address before they can use the eNaira app.
2. Also unlike the standard digital currencies, the eNaira does not yield any interest
What you should know!
There are two versions of the eNaira wallet.
One for businesses and the other for individuals or customers of businesses – simply put.
Whether your business is remote, online, or in-person, the merchant wallet offers a convenient way to receive money. Users can easily scan their merchant QR code to pay you. The merchant app has over 5000 installs
What existing challenge does the Enaira solve?
What makes eNaira different from the likes of Opay, Konga Wallet…etc? The eNaira is owned by Federal Government of Nigeria and the other types of wallets are privately owned. Basically no difference.
To sign up as a merchant on the eNaira, you must have the following at hand:
1. Tax identification number
2. Bank account number
3. Valid email address
4. Phone number
This article will be updated from time to time to reflect changes and upgrades of the eNaira app.
Thanks for reading. If you have comments or things to add, you can please drop below in comments section so that other readers alike can learn a thing or two.
By theeditor
