The Central Bank of Nigeria (CBN) has introduced eNaira, a groundbreaking digital currency that serves as legal tender in Nigeria. Unlike cryptocurrencies, which the CBN banned in February 2021 due to their issuance by unknown and unregulated entities, eNaira is as stable as traditional naira notes. This article will cover everything you need to know about the eNaira, including how to download the eNaira Speed Wallet apps and create an eNaira account.
What is eNaira?
eNaira is a digital currency issued by the Central Bank of Nigeria, designed to provide a unique form of money denominated in Naira. It functions both as a medium of exchange and a store of value, offering enhanced payment prospects compared to cash transactions.
Key Features of eNaira
eNaira transactions are facilitated through digital wallets. These eWallets allow individuals and merchants to receive and make payments. With the same value and status as physical naira notes (1 eNaira = 1 Naira), eNaira ensures seamless integration with the existing financial system.
The CBN has developed two types of wallets for managing eNaira: the eNaira Speed Wallet for individuals and the eNaira Speed Merchant Wallet for businesses. These wallets enable users to move money between their bank accounts and eWallets effortlessly.
Benefits of eNaira
Diaspora Payments: eNaira simplifies and reduces the cost of sending money from abroad, ensuring you get more value for your money.
Direct Government Aid: Receive financial assistance directly from the government, bypassing intermediaries.
Fast Transactions: Enjoy swift transactions, whether sending funds, saving money, or paying bills.
Convenient Local Payments: Pay taxes and bills from the comfort of your home, avoiding long queues.
Secure Banking: Benefit from traceable transactions that enhance security and transparency.
Financial Inclusion: eNaira provides easy access to banking services for everyone, making financial inclusion a reality.
What is an eNaira Wallet?
The eNaira wallet is a digital storage system that holds eNaira. Managed on a distributed ledger, the wallet is essential for accessing, holding, and using eNaira. To get started, download the eNaira Speed Wallet apps from the Google Play Store or Apple App Store.
Download eNaira Wallet Apps for Android and iOS
eNaira Speed Wallet
Naira Speed Merchant Wallet
Google Play Store
Apple App Store
How to Create an eNaira Account
- Download the eNaira app: Use the links above to download the app.
- Register: Click the sign-up button and select your bank from the list (if your bank isn’t listed, it isn’t an eNaira partner).
- Enter Identification Details: Provide your name, date of birth, phone number, passport photograph, email, and password.
- Validate Your ID: Use your NIN, BVN, or KYC/AML information to validate your identity.
- Activate Your Wallet: Check your email to activate your wallet.
- Start Transacting: Log in to your account and begin using eNaira.
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Explore the future of digital transactions with eNaira and enjoy a more efficient, secure, and inclusive financial experience.