How to use the eNaria: registration and funding

 

eNaira is a Central Bank Digital Currency (CBDC) issued and regulated by the Central Bank of Nigeria as a legal tender. It is the digital form of the paper Naira and can be used the same way as cash.

The CBDC serves both as a medium of exchange and a store of value. eNaria is not a cryptocurrency because cryptocurrencies are not controlled by any single entity, while CBDC is issued and regulated by the issuing institution

How does the eNaria work

The eNaria works in a similar way the paper Naria works. The eNaria is a digital currency and it is transferred via mobile devices from one individual to another. 

The eNaria can be used to make payment via mobile or converted to cash via transfer to agents.

One can send eNaria to an individual in a remote area who does not have access to a bank account or service. The beneficially can effectively utilise the fund the same way cash would have been used.

The value of the eNaria is the same as the equivalent physical Naria note. Also, the eNaria does not rise or dip as seen with cryptocurrencies.

Benefits of the eNaria

eNaira is a fast secure, and reliable payment option designed to support the digital economy.

eNaria can be used independently of a bank account.

The CBDC will reduce the need to handle a large amount of cash

Risk of Using the eNaria

eNaria is a digital asset and a such there is a theoretical risk of hackers getting access to peoples accounts/wallets.

The eNaira is safe and secured with advanced cryptographic techniques against counterfeiting, cloning and other forms of breaches.

How to register for eNaria

To register follow the steps below

▪ visit the google play store or App Store to download the eNaria wallet

▪ tap on the sign-in option and fill the required fields

▪ select your preferred bank

▪ review the details provided and check the box for terms and condition

▪ start using eNaria

How do I fund the eNaria wallet?

The wallet can be funded online via the use of a bank app or physically via cash aided by eNaria verification agents at designated banks.