The eNaira which was launched on the 25th of October, 2021 to Nigerians ushering in the Central Bank Digital Currency (CBDC), making Nigeria the first to own and operate such currency in Africa.
The digital currency is one set a change to the tons of digital transactions operated in the country in the months and years to come following its launch.
Per Punch, below are 10 distinctive things to note about the digital currency:
1. The charges for transactions that originate from the eNaira platform shall be free for the first 90 days commencing from October 25, 2021.
2. Electronic Funds Transfer below N5,000 is charged N10; N5,001 – N50,000 is charged N25 and for above N50,000, a N50 charge is associated.
3. Phone numbers without verified National Identification Number (Tier 0) will have a daily transaction limit of N20,000, while the maximum that the account can hold is N120,000.
4. For phone numbers with verified NIN or Tier 1, CBN said they have a daily transaction cap of N50,000 and a maximum balance of N300,000.
5. Tier Two accounts will have access to a daily transaction of N200,000, while N500,000 is the maximum balance that can be held.
6. The Tier 3 account holder can transact a maximum of N1m daily, while the Maximum balance it can hold is N5m.
7. Merchant accounts have access to unlimited transactions. Merchants are duly accredited individuals and non-individual (corporates) authorised to conduct business in Nigeria.
8. eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services.
9. Financial Institutions (FI) may create eNaira sub-treasury wallets for branches tied to it and fund them from its single eNaira treasury wallet with the CBN and FI may create eNaira branch sub-wallets for its branches.
10. To ensure security of funds, the eNaira has two-factor authentication and other measures.
How To Sign Up
According to the apex bank, CBN, to sign-up on the eNaira speed wallet, you would be required to input your First Name, Last Name, Date of Birth, State of Origin, and Email, as exactly as captured during your BVN enrollment.
Your banks would assist in validating and updating your BVN details to ensure seamless enrolment to the eNaira platform.