Monday, 25 October 2021

eNaira: Full Roll-Out Details

eNaira is a Central Bank Of Nigeria issued digital currency that provides a unique form of money denominated in naira.

eNaira serves as both a medium of exchange and store of value offering better payment prospect in retail transactions when compared to cash payment

The model of the design of the eNaira follows a platform model which incorporate the CBN’s design principles. The model entails building a technology platform and leveraging the existing structure and roles in the payment system to deliver additional value users.

The unveiling of this digital currency by President Muhammadu Buhari has been schedule to hold on Monday 25th October,2021. 

To get started, you need to register using the following details as captured for BVN; First name, Last name( Surname ), Date of Birth, State Of Origin, Email and a means of identification

The eNaira App features and reflects brand values centered around ease of use and efficiency while bearing in mind your security. The app has been developed with a deeper understanding of customers, what they value, their abilities and also their limitations. some of the app features include;

Peer-to-Peer Payment: Allows users to send money to one another through a linked bank account or card.

Unified Payment System: Customers can now move money from their bank account to their eNaira wallet with ease.

Bank Account Management: Customers can monitor their eNaira wallet, check balances and view transaction history.

Contactless Payment: Customers can make in-store payment using their eNaira wallet by scanning QR codes.

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 Transaction: Intra/inter financial institutions transactions are not only possible, they are faster and cheaper.

Foreign Exchange Transactions: Customers can enjoy speedy transactions across boundaries and a hitch-free foreign exchange.

eNaira fosters Economic Growth by offering easier access to capital and financial services thereby increasing economic activities at low/no interest transaction rate. Provides a secure and cheaper diaspora Remittance option and an increase in the speed of such transactions. It traceability limits its use for illicit or fraudulent purposes. Enables effective, equitable, and faster distribution of cash assistance to households and communities included in government social welfare Programs.

CR: KED News

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