More Details Emerge About eNaira As Website Goes Live

As the October 1st, 2022 date of the eNaira is just around the corner, more details have emerged about the Central Bank Digital Currency (CBDC) with the launch of the website.

eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.

The website explains everything Nigerians need to know about eNaira including features, how to open an account, and the different customer tiers.

According to the website, the features of the eNaira include:

1. Unified Payment System: Customers can now move money from their bank account to their eNaira wallet with ease.
2. Bank Account Management: Customers can monitor their eNaira wallet, check balances and view transaction history.
3. Contactless payment: Customers can make in-store payment using their eNaira wallet by scanning QR codes.
4. Bank Account Management: Customers can monitor their eNaira wallet, check balances and view transaction history.
5. Peer-to-Peer Payment: Allows users to send money to one another through a linked bank account or card.

Account Opening Steps

• Download eNaira app.Enter invitation code received from bank.
• 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 a notification from your financial institution.
• Log in to account

Different Customer Tiers

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

The CBN adds that the eNaira is not just another CBDC. “With 81 countries and more on the race to develop own their Central Bank Digital Currencies, let it be very clear that we are not just another CBDC, we are a people-oriented digital currency leveraging technology to connect individuals and businesses for easy trading and financial inclusion. We push the boundaries, bridge the gaps, and tell actual humane stories. We are the foremost audience-centric digital currency brandishing a face.”