Nigeria joins the world’s developing nations in the digitization of her currencies with the launch of the eNaira wallet on October 25th 2021, unveiled at State House by President Muhammadu Buhari.
The eNaira is Africa’s first central bank digital currency (CBDC). It is, therefore, the latest trending topic in Nigeria right now and just after 30 days of its launching, over 488,000 Nigerians have subscribed to the CBN initiative, and monthly searches of over 20,000 as reported by Semrush – a digital research tool for marketing and advertising.
No doubt, the eNaira has faced its challenges typical of any new applications or initiatives but it’s here to stay to promote the cashless policy introduced by the federal government.
The majority of Nigerians might have not adopted the digital currency as lots of people vent their disappointment on Twitter with negative reviews that led to the app removal on play store by Google, it’s clear that all Nigerians wanted is a better security guarantee, usability, and transparency in the app.
While this app is a new digital currency to replace, function and serve the same purpose the paper currency serves, data shows that a lot of Nigerians still don’t know what exactly the eNaira is and what it serves to fulfil.
We have created this page for your benefit and a better understanding of the eNaira platform – eNaira Speed Wallet Android App and how to download, install and use the app.
What is eNaira?
eNaira is a digital currency initiated by the Central Bank of Nigeria (CBN) to provide a unique form of money, stored in a digital wallet, and being able to perform usual day-to-day transactions.
The eNaira is different from the cryptocurrencies such as Bitcoin, ethereum, dogecoin, ripple xrp, and so on. It is a digital representation of the usual currency we carry around in our wallets or pockets.
The eNaira serves as a medium of exchange and at the same time a store of value.
It comes with convenience, ease of transactions better than regular cash. But this depends on the adoption of the app by both sellers and buyers across our local markets.
The idea to introduce a digital currency was borne out of the increased fraud associated with cryptocurrencies as the CBN could not trace transactions made on the popular blockchain technology that Bitcoin and the rest operate on.
Of course, the nature of cryptocurrency doesn’t permit any regulatory body to monitor or interfere in any transactions because it’s a decentralized platform for storing and exchanging values.
On the other hand, the Federal Government of Nigeria through the Central Bank of Nigeria launched the e-Naira to foster economic growth through easy access to capital and financial services without extra charges.
What is an eNaira wallet?
E-Naira Wallet is a digital wallet built with a software program that allows people to make electronic transactions from one party to another. People can exchange digital currency units for goods and services on the eNaira platform.
What is the eNaira platform? [eNaira official website and App]
The E-Naira platform is an environment in which transactions are executed. It can be a mobile app or web application. In this case, the app is the platform.
CBN cashless policy
The cashless policy was introduced by CBN to reduce the amount of physical cash in circulation. The belief is that a cashless economy will lead to a reduction in corruption, reduction in the cost of services by banks (such as cost of credit), increased operational efficiency, improved financial inclusion, via providing alternatives that aid easy transactions and greater reach, and improved efficiency of the monetary policy.
Benefits of eNaira (Nigeria digital currency)
- eNaira platform offers a secure means of transactions.
- eNaira platform provides Unified Payment solutions.
- eNaira app offers a personalized feature that enables you to monitor your account against fraudulent activity.
- eNaira made the distribution of cash assistance to households and communities very easy and effective. Social Welfare programs would surely enjoy this new form of central bank digital currency.
- eNaira platform enables beneficiaries of federal or state government funds directly into their account.
- eNaira platform provides a Contactless payment system during Peer-to-Peer payments.
- improved efficiency of the monetary policy and financial inclusion.
- The adoption of e-Naira will reduce the cost of printing money.
How to Open eNaira Wallet (eNaira App Download for Android)
To open an eNaira wallet in Nigeria, you’ll need to install an eNaira Speed Wallet on your mobile phone first. To do that, follow the step below:
- Open your mobile App Store (play store, Apple store)
- Search for eNaira Speed Wallet and download the eNaira App.
- Register/sign up with your bank details. The eNaira speed app will ask you to select your bank from the list of banks provided to you.
- Enter your phone number and preferred password. Note: Your password must be a minimum of 12 characters.
- Proceed by entering your First Name, Last Name, Date of Birth, State of Origin, Account Number, and Bank Verification Number.
How eNaira works?
The eNaira equivalent is the physical Naira, which is expected to complement the currency as a less costly, more efficient, generally acceptable, and trusted means of payment.
The wallets let you store, send, and receive eNaira. However, these transactions can only be possible between two parties who both have the eNaira wallet.
The eNaira is expected to complement traditional Naira as a less costly, more efficient, generally acceptable, safe and trusted means of payment.
CBN will provide financial institutions with the eNaira and they will in turn supply it to individuals/customers. The banks and other financial institutions will maintain a treasury wallet that will collect eNaira from the Central Bank of Nigeria.
Is the eNaira a stable coin?
Stablecoins are coins that maintain a stable exchange value in the market. An example is the USDT, which is tied to the US dollar. Although the eNaira is technically linked to the FIAT naira, it’s not exactly stable.