eNaira Wallet – What You Need to Know
On October 25, 2021, the Central Bank of Nigeria widely known as CBN launched eNaira, the country’s first virtual digital currency.
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eNaira Wallet – What is eNaira?
The Central Bank of Nigeria issues and regulates the eNaira, Nigerian digital money.
If contrasted to cash transfers, it acts as both a means of exchange and a store of value, providing improved payment opportunities in retail sales.
The eNaira has a unique organizational structure that sets it apart from other kinds of central bank money.
Furthermore, although tokens are issued at irregular intervals each time you make a payment, the inbuilt security mechanism scheme renders your data inaccessible to cybercriminals.
What is eNaira in Nigeria?
Africa’s biggest country, Nigeria, just unveiled the e-Naira, the continent’s first virtual currency.
Nigeria joins a select group of countries around the world that have adopted the digital monetary system, which authorities believe will help raise the country’s GDP and combat inflation.
How does the eNaira Work?
The e-Naira Wallet was just unveiled and we’ve got everything you’ll need to know the benefits of the Central Bank of Nigeria’s (CBN) latest advancements.
The e-Naira is a digital currency issued by the Nigerian Central Bank (CBDC)
1 e-Naira = 1 Naira of the digital equivalence of the Naira.
It serves as authorized currency, a medium form of exchange, and a means of storing value.
Possible Impacts of the eNaira
Is eNaira a Cryptocurrency?
Despite being one of the world’s leading markets for digital currencies, Nigeria ranks sixth in terms of cryptocurrency usage.
The eNaira is the Nigerian digital money, which is issued and regulated by the Central Bank of Nigeria.
eNaira is different from Cryptocurrency because Cryptocurrency is one of the biggest economies for global crypto trading platforms.
It has 1.5 million Nigerian users out of its 7 million users worldwide.
Is eNaira the Same Thing as Bitcoin?
eNaira is not the same as Bitcoin.
The eNaira is government-issued digital money, unlike Bitcoin, which is a cryptocurrency.
This disparity has a massive effect on the currency’s stability.
The eNaira, for illustration, will have the same value as the Naira. As a result, its value will not fluctuate as much as Bitcoin’s, indicating that it is not a good place to put your money to grow.
The eNaira helps the user to conduct electronic payments without any need for physical money.
- The advantages of eNaira:
2. Money settlement is been made in a jiffy
3. The service is available and reliable 99.9% of the time.
4. The transaction charges are low.
5. There are no mistakes in the dispensing process.
6. There are no complications with reconciliation.
7. It is recognized across the country.
8. It has an extensive data level of security and privacy.
How Do I register for eNaira? – How to Register Your eNaira Wallet
Download the eNaira Wallet (Speed Wallet) on Google Playstore for Andriod device or your Apple store if you are using an IOS device.
How to Download
- Visit your Google Play Store for Android users or the Apple Store for IOS
2. Type eNaira Speed Wallet in the search field
3. After the search result is out, click on the app
4. Tap install and it will download automatically on your device.
5. Launch the eNaira Speed Wallet application.
6. Enter the activation code supplied to you by your bank through SMS or e-mail, then select your preferred bank for eNaira Onboarding.
7. In the e-Naira wallet, fill in the following information:
· Your bank verification number (BVN)
· Your date of birth
· Your e-mail address
· Your telephone or mobile number
· Lastly a preferred password and submit for validation
Note: Your BVN should only be known to you.
You will receive an activation email from CBN. To finalize your registration, select the enrolment link in the email, there you will be logged into your speed wallet.
Download eNaira Wallet
Digital currency has two applications which are:
1.eNaira speed wallet and
2.eNaira merchant wallet.
According to TheCable’s inspections, these two apps were released on Monday on Google Playstore and Apple Store.
CBN stated interested individuals can register for the eNaira speed wallet by submitting their credentials acquired during BVN enrollment.
The eNaira Speed Wallet had over 100,000 downloads at the period of writing this article and the app is 8.5MB in size.
Everything about eNaira
Below are some things you should know:
- QR codes can be scanned to make payments.
2. It is suitable for both foreign and local transactions.
3. You can keep track of your e-wallet transactions.
4. It has its authentication and additional security system.
5. It can be used to track down fraudulent activities in your eNaira wallet.
6. It can be used for remittances, including less expensive diaspora remittances.
7. A distributed ledger is used to store and manage it.
8. You can send an email to CBN’s eNaira Customer Support at firstname.lastname@example.org if errors are not fixed within 48 hours.
You can contact the customer service of the bank you choose when enrolling for eNaira through their accessible channels to fix unsuccessful transactions.
How will the eNaira affect the Economy?
It’s yet unknown how eNaira will have an impact on the Nigerian economy.
Nevertheless, the CBN hopes that among other things, the eNaira will considerably boost financial inclusion, transaction process, and tax collection.
Cross-border trade is predicted to expand as a result of the eNaira, which could also benefit the Nigerian economy