The eNaira and How to Become eNaira Merchant | This article contain all you need to know about eNaira, How to operate eNaira business or to become eNaira Merchant approve by Central Bank of Nigeria. The eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira. Read more.
The eNaira was introduced and officially launch on October 1st, 2021. to serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. Its has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.
Now before we continue you need to know the following:
- It is a digital storage that holds the eNaira. It is held and managed on a distributed ledger.
- It can be used for remittance which includes cheaper diaspora remittance option.
- It is traceable, hence, fraudulent activities can be traced.
- It can be used for both international and local trade.
- It has a unique identity and security structure
- It is exchanged peer to peer.
- It is universal – anybody can hold it.
- It does not yield any interest.
- 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, Reach out to the 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 via firstname.lastname@example.org
How To Become an eNaira Merchant
As we earlier explain, eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.
However, eNaira Merchants are individuals or businesses authorized by the CBN to render eNaira service to potential customers. eNaira Merchant must have a physical outlet for operation.
Before you can become eNaira Merchant, you will need to contact your bank’s customer service department and request the eNaira merchant application form, which is free of charge. The form will be provided, and you will be expected to fill it out completely in order to qualify as a fully recognized eNaira Merchant.
NOTE: Based on the Central Bank of Nigeria, the e-naira, which portal has just been launched, will be made in a way that users can link their eNaira wallet with their bank account so that they can convert real-time Naira into digital currency for transactions. The eNaira will be accepted as a form of payment by all merchants and businesses across the country.
How to Apply /Requirement
Any financial institution wishing to participate in the eNaira merchant must submit an application to the CBN for approval. The scope of the merchant operations and the duties of the relevant parties must be clearly stated in the application.
The application should be sent to the CBN’s Directorate of Banking and Payments System Department in Abuja. All candidates must provide the CBN with any further information that may be requested from time to time.
The following information is required by the CBN in order to become a licensed Merchant:
1. The applicant’s name
2. Telephone number/address for correspondence/email
3. Number/certificate of the company’s registration
4. Number for Bank Verification
5. Information on Know Your Customer (KYC)
6. The eNaira Merchant’s responsibilities include eNaira deposit and transfer.
7. Payment of bills (utilities, taxes, tenement rates, subscription, etc.).
8. Salary payments are made.
9. Inquiry into the balance.
10. The mini statement is created and issued.
11. Agent mobile banking/payments services
12. The repayment of debts.
13. Customers’ bank mail/correspondence.