eNaira reviews – legit or scam everything you need to know about eNaira.
The Nigerian government and the central bank of Nigeria (CBN), have been said to launch a new digital currency “eNaira” for its citizens.
Nigeria is the first African country to launch a digital currency, despite the ban of cryptocurrency, so in this article, I will give you reviews on eNaira, what eNaira is, how it works and lots more so stay tuned and read on.
What is eNaira?
eNaira is a Central Bank of Nigeria (CBN) issued digital currency that uses blockchain technology, which serves as a medium of exchange or payment which is equivalent to naira that is 1 naira equals to 1 eNaira.
How to use eNaira?
eNaira is a digital form of Nigerian naira, that is 1 naira equals 1 eNaira. You can now access in around through the e-wallet app on the Play Store or Apple store.
Once you have access to the e-wallet and you are fully registered you can now fund your account receive and send money through the e-wallet apps.
Looking around that can be funded by transferring from your bank account or any bank app. Commercial banks allow deposits with naira and it can also guarantee:
- Instant settlements and payments.
- Nationwide acceptance.
- 99.9% service availability and reliability.
- Low charges.
- No dispensing errors.
- Data privacy and security.
- The aims and benefits of eNaira?
- Increase of cross-border trade.
- Accelerated financial inclusion.
- Cheap and faster payments.
- diaspora and local payments.
- Easier targeted social interventions.
- Payment systems efficiency and tax collections.
- Improvements of monetary policy efficiency.
The 2 eNaira apps are
- eNaira merchant wallet.
- eNaira speed wallet.
- And eNaira personal website is eNaira.com
How to get started with eNaira.
- Step 1: Download the app from the Play store for Android and Apple app store for iPhones.
- Step 2: fill in the activation code and details.
- Step 3: Select your bank branch.
- Step 4: enter your details and submit for activation.
- Step 5: wait 30-60 minutes for an activation email from the Central Bank of Nigeria (CBN).
- Step 6: final step, after receiving an activation email from CBN then activate your account.
eNaira category of users.
1. Financial institutions (FIs).
The registration for financial institutions (FIs) will be automatically done by the Central Bank of Nigeria (CBN).
2. Merchants.
This is for those who have corporate entities or merchants whose store sells products. Such a person will use the eNaira merchant app.
3. MDAs
Ministries departments and agencies will also be automatically blown by the Central Bank of Nigeria (CBN) when they receive the correct mandate.
4. Consumers.
Consumers are normal people or individuals who will register for self-service with the eNaira speed wallet for personal use.
A compulsory requirement for use of eNaira.
Two arrows for a successful self-service eNaira account you will need these mandatory requirements. Requirements for some users your BVN details attached must be similar to other submitted documents.
The TIN, NIN, and BVN will be used as unique identifiers.
1. TIN will be for corporate entities.
2. NIN and BVN will be for individuals.
3. BVN will be for merchants who are not corporate entities.
Transactions and Balance Limits for eNaira.
These are the transaction and balance limits for individual and merchant eNaira.
wallets which are stated below as follows:
Category Daily Transaction Limit Balance/eNaira Speed Wallet Limit:
Tier 0
(Phone number without verified NIN)
N20,000.00 to N120,000.00
Tier 1
(Phone number with verified NIN)
N50,000.00 to N300,000.00
Tier 2
N200,000.00 to N500,000.00
Tier 3
N1,000,000.00 to N5,000,000.00
Merchant
No Limit to No Limit.
Suggested topics
eNaira Transaction Types
These are types of transactions for eNaira wallets.
Consumer Transactions.
The following are available to individual consumers on the eNaira platform:
- ) Person to Person (P2P);
- ) Person to Business (P2B) / Business to Person (B2P);
- )Person to Government (P2G) / Government to Person (G2P);
- )Cash or Bank account to eNaira speed wallet;
- )eNaira speed wallet to cash or bank account; and
- )Any other services may be approved by the CBN as time goes on.
Merchant Transactions.
The following are available to merchants on the entire platform:
- )Merchant/Business to a bank account;
- )Merchant/Business to Person (M/B2P); and
- ) Cash or bank account to eNaira speed wallet.
Merchants will send their balance(s) into their Financial institution’s accounts on a daily
basis.
Financial institutions (FIs) Transactions.
The following are available to financial institutions (FIs) on the eNaira platform;
- ) FIs to CBN / CBN to FI;
- ) FIs to Government / Government to FI;
- ) FIs to Business / Business to FI; and
- ) FIs to Customer / Customer to FI.
MDA Transactions
The following are available to MDAs on the
eNaira platform:
- ) MDAs to Person / Person to MDAs;
- ) MDAs to MDAs;
- ) MDAs to FIs / FIs to MDAs;
- )MDAs to CBN / CBN to MDAs; and
- ) MDAs to Businesses / Businesses to MDAs.
