Learn how the eNaira Speed Wallet works

This article discusses how the eNaira Speed Wallet works for both individuals and business owners.

The Central Bank Digital Currency (CBDC) known as the eNaira was recently launched. The CBDC went live following its launch by President Mohammadu Buhari in Abuja and it is available for download.

eNaira is a medium of exchange and a store of value, created and regulated by the Central Bank of Nigeria.

The digital currency provides users with quick, secure, and easy transactional options.

Users of the eNaira Speed Wallet through the scanning of a QR code can make payments.

The CBDC has both the user and merchant app available for android and iOS.

Already, the eNaira app has over 200,000 downloads within two days after its launch by the country’s president.

This is how the eNaira speed wallet works

  • Download eNaira Speed Wallet from your Google Play Store or Apple App Store.
  • Select your bank from the list of banks provided.
  • Input the following details: First Name, Last Name, Date of Birth, State of Origin, and Email. The details must be the same you used during BVN enrolment
  • Fund your eNaira Speed Wallet through your banks’ mobile app and start receiving, sending, and managing your digital currency.

Note that there are no charges when you send, receive, and spend your eNaira from your eNaira wallet.

However for you to use the eNaira, it requires your BVN and a valid email address associated with your BVN for verification.

ALSO READ: 10 things you should know about eNaira charges

So for users that registered for BVN without an email address, they will have to go do an update on their BVN with their email address in their bank, before they can use the eNaira app.

About the eNaira speed merchant wallet

The eNaira speed merchant wallet is meant for traders and service providers.

It provides a convenient way to receive money both online and in-person transactions.

Users can easily scan their merchant QR code to pay you.

As a business owner, to sign up you must have:

Tax identification number
Bank account number
Valid email address
Phone number

The eNaira does not yield any interest.