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.

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

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.

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.

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.

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.

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

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

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

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

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

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

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

These are different tiers of wallets and they include:

September 2021

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.

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:

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

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.

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.