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eNaira

What is eNaira?

eNaira is the Nigerian digital currency issued and regulated by the Central Bank of Nigeria (CBN). It has the same value as the physical Naira and guarantees simple, safe, and fast transfers and payments anytime and anywhere. Think of it as the same Naira but digital, borderless, and with more possibilities.

Download eNaira Speed Wallet from the Google PlayStore or App Store.

Features on eNaira

  • Unified Payment System: Customers can now move money from their bank account to their eNaira wallet with ease.
  • Contactless Payment: Customers can make in-store payment using their eNaira wallet by scanning QR codes.
  • Bank Account Management: Customers can monitor their eNaira wallet, check balances and view transaction history.
  • Peer-to-Peer Payment: Allows users to send money to one another through a linked bank account.
  • Sending/Receiving Money: Customers can now send and receive money faster, easily and at very minimal costs.
  • Verifying Payments: Customers can verify their payments and look up their transaction history anytime, anywhere.
  • Financial Institutions Transactions: Intra/inter financial institutions transactions are not only possible, they are faster and cheaper.

Steps to Register

  • Download eNaira Speed Wallet from your Play Store or App Store
  • Select Ecobank from the list of Banks provide
  • Authenticate your registration using the following details exactly as captured during your BVN enrolment: First Name, Last Name, Date of Birth, State of Origin, and Email
  • After the successful creation of your e-Naira wallet, return to our Online and Mobile Banking channels to fund your wallet

Frequently Asked Questions

  • What is an eNaira Wallet?

    The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger. The eNaira wallet is required to access, hold and use eNaira.

  • What makes eNaira different from the money in my bank account?

    eNaira is the digital form of the cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.

  • In a typical transaction, what is the difference between an online bank transaction and eNaira wallet?

    There are intermediaries for the typical online bank transactions, whereas for eNaira transactions, there are no intermediaries.

  • What are the benefits of eNaira?

    The benefits of the eNaira are:

    • Fast, cheap, reliable and available payment channel;
    • Support the digital economy;
    • Improves 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 tax remittance and collection to support the country’s growth;
    • Ease in targeted social interventions.

  • What is the primary role of CBN with respect to eNaira?

    In line with Section 2 of the CBN Act 2007, the CBN is the issuing authority of all forms of Naira. The Central Bank will also be responsible for determining the technical, regulatory and operational standards for eNaira.

  • 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.

  • As an eNaira holder, am I assured of data privacy?

    Yes. Similar to the privacy enjoyed by current online banking patrons, the eNaira tem has been designed to ensure data and user privacy. There are also operational policies and procedures in place to protect users’ identity and privacy.

  • Is eNaira safe?

    eNaira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.

  • Who can access eNaira?

    Similar to cash, any person or business can have access to eNaira as long as they have the requirements for onboarding.

  • What is the exchange rate between eNaira and physical Naira?

    The eNaira will have the same value as the physical naira. As such, it will be exchanged one to one.

  • Why should an individual download and fund the eNaira wallet?

    • 99.9% service availability;
    • Low charges;
    • Nationwide acceptance;
    • No dispensing errors;
    • Advanced data privacy and security.

  • Why should a business/corporate operate the eNaira wallet?

    • Instant settlement;
    • 99.9% service availability and reliability;
    • Low charges;
    • No dispensing errors;
    • No reconciliation issues.

  • How are eNaira wallets created?

    For smart phone users, download the eNaira app (termed “Speed”) from either the Google Play Store or Apple Store and complete the registration process.

  • How do I connect my eNaira wallet to my bank account?

    The eNaira app allows customers to identify a bank of their choice, connect to their bank accounts and perform transactions.

  • What are the different tiers of eNaira wallet that I can as an individual?

    These are different tiers of wallets and they include:

    September 2021

    TIERS CATEGORY REQUIREMENT DAILY LIMIT CUMULATIVE LIMIT
    0 No Existing Bank Account NIN verified telephone number 20,000 120,000
    1 No Existing Bank Account 50,000 300,000
    2 Has an Existing Account BVN + valid means of identification 200,000 500,000
    3 Has an Existing Account Tier 2 requirement + public utility receipt 500,000 5,000,000

  • How do I create a merchant eNaira wallet for my business?

    To create an eNaira wallet as a merchant/corporate, you will be required to follow the required steps:

    • Visit app stores such as Google Play Store or Apple Store to download the eNaira wallet;
    • Register by providing your Taxpayer Identification Number (TIN) and identify a bank of your choice for validation;
    • Upon successful validation of a merchant’s details by a preferred bank, the merchant’s bank will create a wallet and advise the merchant.

  • What are the different tiers of eNaira wallet that I can as a merchant/corporate?

    As a merchantcorporate, you can a merchant wallet with full KYC requirements for ing a merchant corporate account. The stipulated limits on the wallet are as follows:

    category requirement daily transaction limit (ngn) daily cumulative balance (ngn)
    send receive send receive
    Account Holders BVN, TIN and Bank confirmation 1,000,000 No Limit No Limit (with auto sweep trigger)

    The limit on send is for P2P or B2B. There is no limit for SWEEP transactions from merchant wallet to merchant bank accounts.

  • How do I get eNaira into my eNaira wallet?

    There are several ways to do so:

    • Direct transfer from a bank account;
    • Transfer from another wallet either individual or merchant;
    • Cash payment through an agent or a bank.

  • Is eNaira wallet safe?

    Yes. The eNaira tem uses a two-factor authentication tem in addition to cryptographic encryption to ensure the safety of customers’ wallets and the eNaira holding.