According to its website, “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 a store of value, offering better payment prospects in retail transactions when compared to cash payments. eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money”.
This move by the Central Bank makes it the first African country with a digital currency and it is expected to foster economic growth and development.
Below are some of its major characteristics:
· eWallet: It is a digital storage that holds the eNaira. It is held and managed on a distributed ledger.
· Remittance: It can be used for remittance which includes cheaper diaspora remittance option.
· Monitoring: It is traceable, hence, fraudulent activities can be traced.
· Trade: It can be used for both local and international trade.
· Security: It is strong and thus, cannot be forged or counterfeited, because of its unique identity and security structure.
· Inclusion: It aids financial inclusion
· It is universal – anybody can hold it.
· It does not yield any interest.
· It is exchanged peer to peer.
· Payments can be made by scanning QR codes.
· You can monitor your e-wallet activities.
· To create an e-wallet account, for smartphone users, download the eNaira app (termed “Speed”) from either the Google Play Store or Apple Store and complete the registration process. For feature phone users, utilize USSD codes and follow the registration prompts.
· To resolve failed transactions, consumers are advised to contact customer support of the bank you selected when registering for eNaira through their available channels which include: phone, email, Whatsapp, etc. If issues are not resolved within 48 hours, send an email to CBN’s eNaira Customer Support Desk; email@example.com.
Written by: Ganiyat Adejoke Raji.