eNaira: All You Need To Know. eNaira is Nigeria’s New digital currency. The unveiling of the eNaira on October 1st is the country’s independent day was not possible.
So, as a result of the many activities that took place that day, it was shifted to a later date.
The eNaira is a product of many years of research and the hope is that it will make transactions easier.
Moreover, the launch of eNaira is the right step in this digital era for Nigeria as it is a major step forward in the evolution of money.
Things to know about the eNaira.
1. It is a digital currency that is just beyond being just a currency.
Additionally, It will aid in leveraging technology in connecting businesses and individuals.
Furthermore, it will bring financial inclusion, bridge gaps, push boundaries and make transactions a whole lot easier.
2. The eNaira is built with the problems facing payments in Nigeria in mind.
Specifically, issues like the cashless policy, bank verification number, National inclusion strategy e.t.c. were all put into consideration.
3. It is to foster economic growth by offering access to capital and financial services.
Aboveall, it will provide secure and cheaper transactions from within and outside the country faster and with ease.
Note: the eNaira is impossible to forge. Therefore, it is very reliable and strong and it is also traceable.
How the eNaira will work
It is the digital version of the physical cash, similarly, it will work just the same.
As an illustration, just like the normal bank account holds your money the same thing applies to the eNaira wallet.
Because, the eNaira wallet is a separate account that won’t be connected to your bank account.
Specifically, transactions will only be possible between two parties that both have the eNaira application.
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With the eNaira application, you can send, receive and store eNaira in the eNaira wallet.
Note: the eNaira is not the same as bitcoin. Bitcoin is a cryptocurrency while the eNaira is a digital currency.
How eNaira will affect the economy.
The central government of Nigeria believes that the eNaira will improve greatly financial inclusion.
In addition to tax collection, payment processing amongst other things.
The expectation is that it will also increase trade between borders.
How to Access the eNaira.
Head to your apple or google play store to download the eNaira application.
- Download the eNaira application.
- Input the invitation code received from the bank.
- Depending on your customer tier, input your minimum identification details. It can either be your bvn, Nin, or your KYC.
- Enter other details such as your Name, DOB, Address, Phone number, Email, and password.
- You will receive a notification from your financial institution once you have been verified.
- Login to your account.
For Merchant Businesses:
- Download the eNaira application from the play store.
- Validate it by entering an invitation code from the bank.
- Input your minimum identification. I.e your full KYC details as stipulated by the CBN.
- Enter your Tax Identification Number.
- After the verification process, your eNaira wallet will be created and activated.
- You will receive a notification after the whole process is complete.
Amount you can use on the eNaira application:
For Tier one customers without an existing bank account:
The minimum account opening requirements are as follows:
1. They need a National Identity Number(NIN) to open an account.
2. #50,000 is the limit for daily transactions with #300,000 as of the cumulative balance daily.
For the tier two with minimal spending ability:
1. Bank Verification Number(BVN) is the minimal requirement to open an account.
2. #200,000 is the daily transaction limit with #500,000 as the cumulative daily balance.
For the Tier three with regular spending habits:
1. BVN is the minimum account opening.
2. #1000,000 is the daily transaction limit with #5000,000 as the cumulative daily balance.
For the merchant and businesses;
1. Similarly, KYC is the minimum account opening as stipulated by the CBN.
2. Daily transaction limit of #1000,000 with unlimited cumulative daily balance.
Funding your eNaira Wallet:
You can fund your eNaira wallet by transferring physical money from your regular bank account into your eNaira wallet.
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Or use an eNaira verification agent/bank branch.
Nevertheless, for foreign exchange, you will of all deposit to eNaira account. Then the overseas account holder complements it’s into your customer’s foreign exchange account and transfers funds into international money transfer operators. And then finally transfer to the consumer eNaira account.
However, it is worthy of note that the eNaira will not replace the physical money but rather complement it.
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