How to download eNaira app, register and fund eNaira wallet
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How to download eNaira app, register and fund eNaira wallet
Read all about how to register for eNaira, download the eNaira and fund eNaira wallet.
The Nigerian government sometime in February banned banks & financial institutions from dealing in or facilitating transactions in cryptocurrencies.
This decision was met with disappointment by lots of Nigerians, who have since found alternative means to still work with these cryptocurrencies.
The Nigerian government have now decided to launched their own cryptocurrency known as “eNaira”, which is a CBDC (Central bank digital currency) that has its value tied to the Nigerian naira.
In this post, I am going to show you all you need to know about getting started using eNaira under the following sub-topics “How to download the eNaira app”, “How to register for eNaira?”, “How to fund eNaira wallet?”, “eNaira login” and more.
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Let’s get into it then…
What is eNaira?
eNaira is the Nigerian central bank digital currency that will be launched in October. The eNaira will function the same way the naira does i.e. the value of the eNaira is pegged to the naira (Kind of like a stablecoin).
Nigeria select Bitt Inc as the technical partner in its bid to launch eNaira, and according to the central bank of Nigeria, its objective is to aid financial inclusion, improve payment efficiency, improve revenue and tax collection, targeted social interventions amongst other objective.
CBN director corporate communications Osita Nwanisobi said due to the rise in the use of digital payments and the acceptance of digital economy, the CBN followed a global trend.
The Nigeria CBDC is codenamed “Project Giant” and is expected to launched sometime in October of 2021.
What is eNaira wallet?
The eNaira wallet is a digital storage that holds the eNaira on the eNaira website. It is held on and managed on a distributed ledger.
How to download the eNaira wallet app
To download the eNaira app, follow the below instructions:
- Go to the official eNaira website https://enaira.com
- Click on the download link at the top of the page
- You will see download links for the app store (for iOS users) and the google playstore (for android users).
Once you have download the eNaira wallet app, you can fund your wallet directly from your bank account or when another eNaira users sends you money.
How to register for eNaira wallet
Follow the below steps to register for eNaira wallet:
- Download the eNaira app from the website https://eNaira.com
- Type in your invitation code received from your bank.
- Enter minimum identification details (i.e. NIN, BVN or know your customer).
- Continue and provide details like name, place, date of birth, phone number, passport, email address and password.
- Minimum ID will be validated
- You will receive a message from your bank
- Login to your eNaira wallet
How to fund eNaira wallet
You can fund your wallet from your bank or by from an eNaira agent whom you will pay cash.
How to fund your eNaira wallet with bank
- Login to your bank app
- Initiate transfer to your eNaira wallet from your bank account
- Once it is successful, you will get a notification
How to fund your eNaira wallet with cash
Follow the below steps to fund your eNaira wallet with cash:
- Locate the nearest eNaira verification agent
- Agent will credit your eNaira wallet with the equivalent of the cash you give to him.
- You will receive a notification if it is successful.
Benefits of eNaira
The following are the benefits of eNaira:
- Fast, cheap, reliable and available payment channel
- Support digital economy
- Improved economic activities
- Simplified and easy cross border payments and trade
- Inclusion of excluded people in the financial system
- Improved effectiveness of monetary policies
- Ease in targeted social intervention to support Nigerians
- Ease in tax remittance and collection to support country’s growth
eNaira transactions limits
Tier One (Customers without existing bank account)
Minimum account opening requirement: NIN
Daily transaction limit: 50,000 naira
Maximum cumulative daily balance: 300,000 naira
Tier two (Customer with minimal spending abilities)
Minimum account opening requirement: BVN
Daily transaction limit: 200,000 naira
Maximum cumulative daily balance: 500,000 naira
Tier three (Customers with regular spending abilities)
Minimum account opening requirement: BVN
Daily transaction limit: 1,000,000 naira
Maximum cumulative daily balance: 5,000,000 naira
Frequently asked questions (FAQs)
What is the eNaira price?
The value/price is eNaira is tied to the Naira. Which means it is like a stablecoin, very similar to USDT.
Will eNaira replace cash?
No, it will circulate alongside cash. The eNaira will complement cash as a less costly, more efficient, generally accepted safe and trusted means of payment.
Is eNaira safe?
eNaira is safe and secured with cryptographic techniques against counterfeiting, cloning and other forms of attack.
Conclusion
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