Following the launch of the digital currency, eNaira on the 25th of October, 2021, Ecobank Nigeria – one of Nigeria’s largest commercial banking institution has commenced an intensive sensitisation for its customers in the inherent benefits of eNaira.
eNaira is a Central Bank Digital Currency (CBDC) issued by the apex bank as a legal tender. It is the digital form of the naira and will be used just like cash while the e-Naira wallet is a digital storage that holds the eNaira. The eNaira wallet is required to access, hold, and use the eNaira.
The Head, Consumer Banking of Ecobank, Olukorede Demola-Adeniyi, said that the bank decided to create massive awareness among its customers because of the benefits to both individuals and businesses, disclosing that the bank has also created a dedicated information page for customers to access vital information regarding the policy and how they can easily sign up for the wallet
Per Nairametrics, Mrs. Olukorede stated that the digital currency, eNaira has the same value as the physical naira and it guarantees safety.
“e-Naira 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,” Mrs. Olukorede said.
Furthermore, she listed other benefits of eNaira to include support to the digital economy thereby leading to improved economic activities. Olukorede noted that it will also simplify and facilitate easy cross-border payments and trade.
Mrs. Olukorede stated that the eNaira will bring about financial inclusion and improve effectiveness of monetary policies, reiterating that the eNaira will circulate alongside cash, as it will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.
To sign up for the eNaira, she urged customers of the bank to visit the Google Play Store or Apple AppStore to download the e-Naira Speed Wallet or Merchant Speed Wallet App; click on sign up, select Ecobank and enter the required information.
She noted that Ecobank has carried out various sensitization activities both internally and externally. Mrs. Olukorede confirmed that the Ecobank mobile app has the eNaira menu under the transfers section to facilitate easier digital payments.
In addition, customers can fund their wallets directly from the Ecobank Mobile app. She enjoined merchants, especially, to sign up the e-Naira Merchant Speed Wallet App to enable them receive payments seamlessly and position their business for better profitability.