Despite the Central Bank of Nigeria (CBN) suspension of its Digital Currency (CBDC) – the eNaira, earlier scheduled for October 1, 2021, due to other key activities lined up to commemorate the country’s 61st Independence Anniversary. According to the CBN Spokesman Osita Nwanisobi.
Here are the key things to know about eNaira wallet.
The currency has a distinct identity as well as an advanced security system. Unlike bitcoins, it can be tracked, allowing for the detection of fraudulent activity. The app allows you to keep track of your e-wallet activity.
eNaira can be used for a variety of payment solutions, including retail transactions and diaspora remittances, and can even be used at lower rates than other coins.
The money can be used for both worldwide and local trade, is peer-to-peer exchanged, and is universal, meaning that anybody can own it.
eNaira Application And Requirement
Any financial institution willing to engage in the eNaira merchant must submit an application to the CBN for approval. The scope of the merchant services and the responsibility 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.
Merchants eNaira Activities
1. Deposit and transfer of eNaira
2. Payment of bills (utilities, taxes, tenement rates, subscription, etc.).
3. Salary payments are made.
4. Inquiry into the balance.
5. The mini statement is created and issued.
6. Agent mobile banking/payments services
6. The repayment of debts.
7. Customers’ bank mail/correspondence is collected.
8. Any additional activity that the CBN may specify from time to time.
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