Step-by-step registration guide for E-Naira wallet, make sure you follow this guide carefully, in this article we are going to explain to how you are going register or signup for E-Naira wallet
The Central Bank of Nigeria (CBN), has make it clear that the Eleectronics Naira E-Naira is a legal tender and equal to the value of the naira and thus must be accepted as a form of payment by all merchants and business outlets in the country.
Why you need to register/Sign up for E-Naira wallet
Nigeria Digital currency or Electronics Naira E-Naira is the electronic form of fiat money issued by governments. though, many confuse it with cryptocurrency which is a store of value secured by encryption.
The Nigeria central bank will be supervising digital currency, unlike Cryptocurrencies that are not regulated by any government, supervision is one of major reason why authorities warn against bitcoin, ethereum and the likes.
The e-Naira would be a Central Bank Digital Currency (CBDC) which means that while it is regulated by the CBN, it is a token that would only exist in digital and electronic form.
Before I Registration/Signup you need E-Naira app wallet
Noted that E-Naira is a digital currency and not a physical coin or paper note, registration is required as a result of this, you will need a to download E-Naira app signup/register to gain access wallet so you can store the E-naira token. Just like the physical Naira, the CBN will design the e-Naira usage to still pass through regulated financial institutions, in the form of digital cash to individuals and businesses.
The E-Naira app will be provided by individual banks and other financial institutions. The E-naira app will be made available on Android Google Play Store and Apple iOS store.
Here is Step-by-step how to register for E-Naira wallet
E-Naira registration will be free and will go live from the launch date. As I said earlier, financial institutions in Nigeria will still be relevant for the usage of E-Naira. Hence, you will have to visit your bank and ask the customer care officer to add the E-naira feature on your banking profile. You may be given a form to fill to get your E-naira account created and activated.
E-Naira wallet Login
Once you have your E-naira account, you can access your e-Naira wallet by logging in with your credentials to perform transactions electronically
Here is Benefits of E-Naira registered users
If you have E-Naira wallet, you can transact or engage in easier cross border trade, as well as enjoy a cheaper and faster inflow of remittances. Also, a digital currency would provide more financial opportunities for Nigerians as they would be able to create new business opportunities and financial products and services.
According to the CBN, another perk of the e-Naira is a reduction in the cost of operations and cash management. It would also leave a clearer footprint of digital transactions, making it easier for financial institutions to track transactions.
It’s expected that all businesses and merchants in Nigeria should accept E-naira as a legal tender.
How to fund E-Naira wallet
Users would be able to transfer existing funds in bank accounts to their digital currency account. E-Naira is expected to help Nigerians create new business opportunities, financial products and services, reduce the cost of operations and cash management.
The digital currency would be implemented through a two-tiered model to enable a structure that allows public-private partnerships.
The CBN will design the e-Naira but disseminate it through regulated financial institutions. They would provide digital cash to persons and businesses.
How to Accept E-naira Payments
This will be simple. Just like you usually receive electronic money transfers, you will be able to accept payments into your E-Naira wallet from another E-naira wallet seamlessly. We will provide details on this when the electronic currency is fully launched.
We advise you to bookmark this page, visit it regularly for updates and subscribe to get up to date information on eNaira. If you have any questions, kindly share them with us in the comments below.
Things you need should know about the E-Naira:
The liability of the e-Naira money is directly borne by the Central Bank of Nigeria (CBN), the same way the liability of the physical naira rests on the central banker.
From October, 2021, when the currency goes into effect, Nigerians can open E-wallets on their phones.
One of the benefits of digital currency is that it would reduce the cost of minting the physical naira and kobo.
The CBN Director, Payment System Management, Mr. Musa Jimoh added that charges of transferring funds would be lower for those using the E-naira.
Based on a CBN presentation on E-Naira, banks will be responsible for promoting and marketing the centrally issued digital currency as a cash alternative to existing and potential customers in support of its goal for financial inclusion.
The E-Naira, system will be subjected to comprehensive security checks, and all data and personally identifiable information will be kept off the ledger and not be stored on the ledger.