eNaira is a digital currency that utilises block chain technology issued by the Central Bank of Nigeria (CBN) .
It has the same value as the fiat Naira guaranteeing secure, faster and more convenient transactions.
The eNaira is different from Money in your Bank Account because it is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.
Creating an e-Naira wallet is simple: Smart phone users, can download the eNaira app (termed “Speed”) from either the Google Play Store or Apple Store and complete the registration process while feature phone users, can utilize USSD codes and follow the registration prompts.
The difference between the e-Naira and Online transactions is that there are intermediaries for the typical online bank transactions, whereas for eNaira transactions, there are no intermediaries.
Advantage of the e-Naira as against online transactions include
- 99.9% service availability.
- Low charges.
- Nationwide acceptance.
- No dispensing errors.
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