OluchyGovernments all over the world are starting to think about creating their own digital currencies as a result of the increasing popularity of cryptocurrencies like Bitcoin.
Nigeria is no different – A new digital currency called the eNaira has been introduced, according to plans revealed by the Central Bank of Nigeria (CBN).
The CBN’s first suggested digital currency is called eNaira.
The new currency will serve as a digital representation of the actual Naira rather than replacing it.
The eNaira will function as the actual Naira’s digital equivalent.
The CBN-licensed financial institutions will be in charge of processing eNaira payments, ID verification, and generating wallets for users to store their eNaira.
The eNaira wallet can be formed similarly to a bank account, but it will be a standalone account that is not linked to an existing bank account.
Transactions between two people who both possess an eNaira wallet, which enables you to store, transmit, and receive eNaira, will be available.
Is eNaira an Equivalent of Bitcoin?
No. Unlike Bitcoin which is a cryptocurrency, the eNaira is a digital money issued by the government.
The stability of the currency is significantly impacted by this discrepancy.
The eNaira, for instance, will continue to have the same value as the Naira. Because of this, its value will not fluctuate like Bitcoin’s does, indicating that it is not a good investment for increasing your wealth.
The eNaira only makes it simpler to allow digital transactions without the requirement for cash backing.
What Economic effects will the eNaira have?
What effect, if any, the eNaira will have on the Nigerian economy is still unknown.
The CBN, however, is confident that the eNaira will significantly enhance, among other things, tax collection, payment processing, and financial inclusion.
The eNaira is anticipated to boost international trade, which may benefit the economy of Nigeria.
With the help of the app, you may create a special payment request for a given sum of money. Additionally, it provides functions for producing tokens that merchants can use to receive payment and for scheduling payments. The token feature, however, was not functional at the time this article was written.
The process of moving money from the wallet to a bank account is just as simple as the reverse.
But, a wallet-to-wallet transaction is still a really great bargain.
According to reports, Chamsmobile Ltd, a mobile money provider and super agent licensed by the CBN, has created a USSD channel for the eNaira. Airtime can also be used to fund the wallet.
How To Send & Receive Payment With eNaira Wallet
How to Use an eNaira Wallet to Make Payments
The procedures are the same whether you wish to use the e-Naira wallet to pay for the goods or services you have purchased or to send money to a buddy or friend(s).
You may not always need to go to the bank before using the e-naira to make payments because the process is so simple. When making a payment with your wallet, you might not always need to go to a POS operator. Before you may make an eNaira payment, you may not need any technical skills.
To make payment with the eNaira wallet, below are the procedures to take:
- From the Play Store or App Store, get the eNaira mobile application.
To obtain your e-Naira wallet, use the Enaira mobile app - Open your eNaira wallet and log in. From your bank, load your eNaira wallet.
- Click on “Pay” which is found at the down middle side of the mobile app.
- To send money, scan the recipient’s QR code.
You can manually enter your recipient’s code if you don’t want to scan it. The recipient’s eNaira wallet should create the payment code, which is the recipient’s eNaira payment receiving code. - As an alternative, you can request that your recipient send you the payment code over WhatsApp or another channel. To complete the payment, copy the code to your clipboard and enter it into your eNaira wallet.
How To Receive Payment With An eNaira Wallet
Receiving money using an eNaira wallet is fairly simple; the processes involved are as easy to understand as ABC. Whether you want to get payment for your goods/services, whether you want to receive money from someone/your friends, the steps stay the same.
You may not always need to go to the bank in order to get money using your eNaira wallet, and you may not always need to go to the POS operator in order to accept payment for your services.
All you need to do to receive payment with your eNaira wallet is:
- From the Play Store or App Store, get the eNaira mobile application.
- To obtain your e-Naira wallet, use the Enaira mobile app.
- Use your email and password to access your eNaira wallet.
- The “Receive Payment” button may be found in the bottom left corner of the eNaira mobile app.
- If you’re both in the same location, have the payer scan your QR code.
- Alternately, you can use WhatsApp or any other suitable method to communicate your payment code to the person.
How to Verify eNaira Wallet Transaction History
Your eNaira wallet will always keep a record of every transaction you make in the transaction history area. To view a record of your transactions;
- Open your eNaira wallet and log in.
- On the e-Naira mobile app, select “History,” which is on the lower right side.
- You would see the information there if you had processed any transactions using your eNaira wallet.
- You would receive a message that said: “You do not have any transaction to display” if you had not conducted any transactions using your e-Naira wallet.
eNaira Wallet Funding Instructions
The e-Naira smartphone app doesn’t actually offer funding. You must utilize the mobile app of the specific Bank that you linked to your eNaira wallet during registration in order to fund your eNaira wallet.
Many Nigerians who are banked and unbanked can use the eNaira, but the CBN has not yet realized all of its potential. A functional USSD channel could make it possible for users without cellphones, BVNs, or bank accounts to open Tier One eNaira wallets with simply their phone numbers.
The eNaira has not yet become widely used for technological and strategic reasons, but it is equally important to take behavioral factors into account. Why should Nigerians trust the CBN’s efforts to fix a problem it might have avoided if it is the cause of the circumstance that has made daily transactions challenging?
Emmanuel Chijioke
David GRANT
