Table of Contents
eNaira Review: How Does the eNaira Works, eNaira Wallet, How Does eNaira Works, What is eNaira, eNaira App Download. Find out more about eNaira
The eNaira is a new digital currency (CBDC) created and regulated by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.
The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger. The eNaira wallet is required to access, hold and use eNaira.
It is exchanged peer to peer, It is universal – anybody can hold it, It does not yield any interest.
In this eNaira Review, I will be discussing the following sub-topics, “Is eNaira Legit or scam?”, “eNaira App Download”, “What is eNaira Wallet?”, “What is eNaira”, “eNaira Digital Currency” , “Is eNaira a Cryptocurrency?”, “How Does eNaira Speed Wallet Works”, “eNaira App Download”, “When was eNaira launched?” and many more about eNaira will be discussed in this eNaira Review.
Let’s get started….
What is eNaira?
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 functions as a medium of exchange and a store of value, providing users with quick, secure, and easy transactional options. Users can make contactless payments with the eNaira app by scanning a QR code.
The eNaira has both the user and merchant app available for android and iOS. The eNaira user wallet called the “eNaira Speed Wallet” is a fast and convenient way to conduct financial transactions. The app already has over 50,000 installs on Playstore.
How the eNaira speed wallet works
To get started on eNaira, you have to sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment. First Name, Last Name, Date of Birth, State of Origin, and Email
Your Banks are waiting to assist you in validating and updating your BVN details to ensure seamless enrolment to the eNaira Platform.
- Download eNaira Speed Wallet from your Google Play Store or Apple App Store.
- Select your bank from the list of banks provided.
- 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
- Fund your eNaira Speed Wallet through your banks’ mobile app and start receiving, sending, and managing your digital currency.
Pros: You can send, receive and spend your eNaira from your eNaira wallet without charges.
Cons: The eNaira requires BVN and a valid email address associated with your BVN for verification. 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.
eNaira speed merchant wallet
The eNaira speed merchant wallet is designed for businesses. 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
Requirements To sign up as a merchant
To register as a merchant on eNaira, you must have the following documents:
- Tax identification number
- Bank account number
- Valid email address
- Phone number
What is eNaira Wallet?
eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger. The eNaira wallet is required to access, hold and use eNaira.
Does eNaira Yield Interest Rate?
No, eNaira does not yield any interest.
How to Create eNaira Wallet Account
You can create an eNaira wallet by downloading the App on Google Play Store or Apple App Store for free and provide the required information.
Registration on eNaira is o three tiers which are for Individuals, Business and Government MDAs which you are free to register to anyone of your choice.
How to Register as an Individual on eNaira Wallet and Requirements
- Download the eNaira app from Google Play Store or Apple App Store
- 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
How to Register as For Business on eNaira Wallet and Requirements
- Downloads eNaira Mobile App on Google playstore or Apple App Store
- Enters 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.
How to Register as For Business on eNaira Wallet and Requirements
- Downloads eNaira Mobile 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.
eNaira Customer Tiers
Tier Zero – Customers without Existing Bank Account and without Verified NIN
Minimum Account Opening Requirement: Phone Number
Daily Transaction Limit: N20,000
Maximum Cumulative Daily Balance: N120,000
Tier One – Customers without Existing Bank Account
Minimum Account Opening Requirement: NIN
Daily Transaction Limit: N50,000
Maximum Cumulative Daily Balance: N300,000
Tier Two – Customers With Minimal Spending Abilities
Minimum Account Opening Requirement: BVN
Daily Transaction Limit: N200,000
Maximum Cumulative Balance: N500,000
Tier Three – Customers With Regular Spending Abilities
Minimum Account Opening Requirement: BVN
Daily Transaction Limit: N1,000,000
Maximum Cumulative Balance: N5,000,000
Tier Four – Customers with regular spending abilities
Minimum Account Opening Requirement: Full KYC as stipulated in the CBN’s AML/CFT Regulations
Daily Transaction Limit: N1,000,000
Maximum Cumulative Balance: Unlimited
What are the benefits of the eNaira
- Fast, cheap, reliable and available payment channel.
- Support digital economy.
- Improved economic activities.
- Simplified and easy cross border payments and trade.
- Inclusion of excluded people in the financial system.
- Improved effectiveness of monetary policies.
- Ease in tax remittance and collection to support the Country’s growth.
- Ease in targeted social interventions to support Nigerian
Is eNaira a Cryptocurrency?
Yes, eNaira is a Cyrptocurrency, it has been one of the leading markets for digital currencies, ranking sixth in terms of cryptocurrency adoption in the world. It is the largest market for global crypto trading platform Paxful, which has 1.5 million Nigerian users out of its 7 million users worldwide.
Can eNaira be used for Foreign Payment?
At the moment, eNaira is not a convertible currency but it can be everywhere in the world.
When was eNaira Created/Launched?
eNaira was officially launched on the 1st of October and was unveiled on the 25th of October, 2021 by President Mohamamadu Buhari.
How to buy eNaira?
You can buy eNaira in the 4 Easy Steps listed below:
- Download eNaira Speed Wallet. From your Google Play Store or Apple App Store.
- Select Guaranty Trust Bank. From the list of Banks provided.
- Authenticate yourself and you are set to buy the eNaira
eNaira App Download
The eNaira is available on Google Play Store and Apple Store for download.
Is eNaira Legit/Safe?
eNaira is safe and secured because it is operated with cryptographic techniques against counterfeiting, cloning, and other forms of attacks. This definitely means eNaira is safe for anyone who wants to use it.
Is eNaira Scam?
No, eNaira is not a scam; eNaira has a stronger security because it cannot be forged or counterfeited as a result of its unique identity and security structure.
Conclusion
Thank you for stopping by to read this eNaira Review. I hope this article was able to answer most of your questions about eNaira.
You can also share you personal experience about eNaira with us via the comment box below.