E-Naira Registration 2023/2024, ENaira app Download, How to Register for E-Naira wallet and E-Naira wallet Login The Central Bank of Nigeria (CBN) plans to launch a digital currency called the ‘e-Naira’ by October 2021.
E-Naira is an electronic currency and requires a wallet to operate it.
Digital currency is becoming a reality in Nigeria. After two years of contemplation, the CBN has finally announced its intention to achieve 80% financial inclusion by the end of 2021 with the launch of digital naira. As we speak, the implementation of E–Naira is on track as everything is set for the launch date being 1st October 2021.
E-Naira Meaning – What is E-naira?
E-naira is an electronic form of Naira which is a legal tender equal to the value of the Naira. Unlike other Cryptocurrencies that does not have a central regulation, The e-Naira would be regulated by the Central Bank of Nigeria.
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.
The E-naira project is facilitated by the CBN in partnership with technical fintech partner, Bitts Inc.
Bitts Inc. has been a forerunner in the creation of payment systems that improve social inclusion, financial inclusion and overall sustainable economic growth; the excellence in their operation methods has earned them acknowledgment from the Bretton Woods Institutions – .IMF/World Bank. This is one of the reasons the CBN enlisted them for this crucial exercise.
Also, the company was the first fintech to digitize a national currency on a blockchain by creating a synthetic CBDC with the support of the Governor, Central Bank of Barbados and the country’s Minister of Finance.
Remember, this is a digital currency and not a physical coin or paper note. As a result of this, you will need a wallet to 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.
Therefore, the 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.
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.
Once you have your E-naira account, you can access your e-Naira wallet by logging in with your credentials to perform transactions electronically
Benefits of E-Naira
With the e-Naira, Nigerians can 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.
The Central Bank of Nigeria says the e-naira which is set to be launched on October 1, 2021, is a legal tender equal to the value of the naira and thus must be accepted as a form of payment by all merchants and business outlets.
The CBN Director, Payment System Management, Mr. Musa Jimoh, said this during an interview on the ‘Business Morning’ programme on Channels Television on Monday.
Jimoh said, “Today, anywhere you present naira to pay, compulsorily it must be accepted because that is our fiat currency. So, the same way naira is accepted that you can’t reject it, is the same way e-naira must be accepted. Anywhere in this country where e-naira is presented, it must be accepted. So, merchants must accept e-naira as a means of payment.”
He advised Nigerians to open e-naira wallets which could be downloaded on their phones from October 1, adding that CBN bears all liabilities.
“The liability of the e-naira money is directly on CBN which is similar to the cash you hold. The liability of the cash you hold today rests with the CBN. So, it gives Nigerians the opportunity to bank with CBN,” Jimoh said.
On whether Nigeria was ripe for the e-naira due to the technological challenges in the country, Jimoh said he didn’t expect it to be a major problem.
He added, “E-naira is a journey. We don’t expect that on October 1, all business merchants in Nigeria will accept it. We don’t even expect that come October 1, all Nigerians will have e-naira. It is a journey. It will continue to grow.
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.
How to Download eNaira App
To download your E-Naira App, visit: www.enaira.com