eNaira: Gaining acceptability, propelling digital transactions

CBN urges tertiary institutions to embrace e-Naira for fees, salaries

It is no longer in doubt, that the recently introduced eNaira by the Central Bank of Nigeria (CBN) Digital Currency (CBDC), is fast gaining acceptability among Nigerians; including those in diaspora as well as the international community.

With less than two months into the public launch of the eNaira on October 25, 2021, availabe statistics, and international attention it has thus far garnered are indicative of its acceptance in the spheres of the ever-changing digital global economy.

In about eight weeks of rollout, the eNaira application has witnessed over 600,000 downloads. And within about two weeks of its entry into the digital currency market, a conservative estimate of N46.3 million worth of transactions were reported to have been executed using the currency platform.

The foregoing shows that the public had long been eagerly awaiting the alternative currency that addresses the gaps associated with the existing payment systems in the country.

It is not only an assertion of the relevance of digital currency such as the eNaira in the global digital economy but also a timely accomplishment that positions Nigeria favourably as a global player in international trades and transactions.

The rate of acceptance of the eNaira by Nigerians validate the assurances by the CBN Governor, Godwin Emefiele, that the apex bank is the custodian of eNaira Speed Wallet and is continuously committed to its digital upgrades and preservation from hackers.

It is pertinent to reiterate that though the registration for eNaira Speed Wallet Account is simple, it has inbuilt security steps that guarantees protection of the account holders.

The following insights about the registration procedures and the security measures of the eNaira by Jamila Yusuf, Principal Manager and Business Lead for the eNaira Project and Abduljelil Yusuf, Assistant Manager and member of the eNaira Project Team of the Central Bank of Nigeria are helpful to prospects.

According to the duo, the eNaira is a CBN backed digital currency issued by the apex bank with all the modern fintech security measures in place to guarantee safety.
“It is a legal tender, it is same Naira, more possibilities. So, it is actually the same Naira that we have but in a digital form”, they assured.

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Abduljelil further offers the following registration procedures/ steps:
“To sign up to eNaira Speed Wallet, for those with IOS Phones, you go to the Apple Store but for those with Android phones, you go to the Play Store and type in eNaira Speed Wallet. You’ll see two icons pop out. The first is green and white background and it clearly states that it is for individuals. Then, the second one clearly states that it’s for Merchants. Upon downloading, you click on the open button and after you open the app on your phone, at the bottom right, you will see a green sign-up button.

“If you then click on it, it will take you to a sign on page. To make your registration smooth, there are key things you must have namely: an access phone number, email address, BVN and active account number and may be an internet mobile banking app for you to exchange your eNaira. So, once you have these four items, you’re good to go. In case you don’t have your BVN, you can go to your bank to capture you with your current active phone number.

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“You then click on the green button below the sign up page and the next thing you will see is ‘Register with your bank’. When you click on that, it will take you to the page where you’ll register your phone number and email address. Upon doing that, you click continue. Next, you need to go back to the email you had inputted to retrieve six-digit one- time password/OPT sent to you. As soon as you get that, you move back to the app to enter the six-digit password. Click on the continue icon that will take you to another page where you’ll register your details. Those details include your BVN, Account number and date of birth and then click continue which will take you to a page where you select your bank where you have internet banking or mobile banking apps.”

On her part, Jamila explained that in case one does not see his/her bank there, there is no need to panic because the process of integrating all the banks on the platform is on-going. She assured that almost all the banks in the financial sector have already been integrated.

“Just scroll down you’ll see all the list of the banks in the banking industry. Please, note that the email that you receive from for your six-digit password/OTP is a no-reply mail, she noted.
In a case where one has more than two banks, one only need to choose the one he/she intends to link with the eNaira Speed Wallet account. But where one desires to link more than one bank, one needs to create separate eNaira Speed Wallet account for each of the banks”, she explained.

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Again, Abduljelil said: “After inputting your details, you will be required to create a minimum of four character password which you need to reconfirm by ticking the green button on the page and then proceed with the click of continue which will prompt verification of your details. Once verified successfully, you’ll receive notification that you have successfully opened eNaira wallet. However, before you can proceed, you need to go back to your mailbox for email sent to you asking you to activate eNaira Speed Wallet. On opening the mail, click on the green button requesting you to activate and after this, you’ll receive another congratulatory mail indicating that you’ve been on boarded into the eNaira Speed Wallet. This simply implies that you’ve completed the registration process.”

They concluded that with the registration completed, one is ready to fund the eNaira Speed Wallet account by moving money from one’s bank account to the wallet or vice versa, adding that one can also effect person to person transactions with those with eNaira Speed Wallet account anywhere in the world. The same procedure of registration with minor differences also applies to the eNaira Merchant Wallet Account, which is the current account form of the eNaira digital currency.
Given the excitement the eNaira has generated, it is hoped that baring any pitfalls, the CBN’s sign-on targets would be met earlier than projected.


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