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ENaira Wallet; All You Need To Know About the ENaira App in Nigeria
What is ENaira Wallet
The ENaira Wallet is a digital Wallet that allows you to own the Nigerian Naira. It was launched on Monday by President Muhammadu Buhari of the Federal Republic of Nigeria. ENaira is issued by the Central Bank of Nigeria as a digital currency that can be used the same way you use the physical Naira presently. Which is for shopping, purchase of goods and services, transfer to someone else among many other use cases.
Which banks can use ENaira Wallet
At the moment, the ENaira is issued by the Central Bank of Nigeria as its own digital currency and you need to be an existing banker with the following banks to use the ENaira Wallet.
First City Monument Bank (FCMB)
Nova Merchant Bank
Rand Merchant Bank
Standard Chartered Bank
Sun trust Bank
Titan trust Bank
Union Bank of Nigeria
Cannot find your bank? Keep checking this list as we would keep updating the list of banks that makes ENaira Wallet accessible to Nigerians.
How to Get an ENaira Wallet
Getting an ENaira Wallet is as easy as it sounds. All you need to do is have an account with any of the banks we have listed above and sign up on the E-Naira Wallet with your Name, Date of Birth, State of Origin, BVN, NIN and you get an ENaira Wallet.
Apart from having the ENaira Wallet on your mobile phone, you can also dial a USSD code to get access to your wallet.
How to download the ENaira App/ENaira APK Download
You can download the ENaira App on Android or iOS store based on the device that you have.
Which Countries are allowed to use the ENaira App
Presently, only Nigerians are allowed to use the ENaira app, we would update the list of countries allowed to use the ENaira app as that Central Bank of Nigeria updates the list.
How Can I Use The ENaira
Similar to how you can use the current money in your banking app, the ENaira as the same possible use cases at the moment such as
- walking into a store, purchasing goods and paying for it afterwards
- sending money to your friends and loved ones
- Paying for something you want to purchase online
Other questions you may have are answered here
The ENaira is not different from your normal Naira either accessible in cash or digital form as e-money. The difference in this case is that the Central Bank of Nigeria is the issuer of the currency directly unlike the licensed deposit money banks which many of us access money through. In terms of safety, it is a safe process as at the time of writing this and you do not have anything to worry about. You cannot also pay into your ENaira Wallet at any bank directly, you have to pay into your ENaira Wallet from your own registered bank. So this means if you registered with Bank X on your Wallet, you can only credit your wallet with Bank X and not another bank like Bank Y. It is also useful to know that you can send money to someone abroad provided they have an ENaira Wallet themselves even though you cannot convert it. To fund your wallet, you can transfer to your wallet from your bank account, you can transfer to it from another wallet and you can pay cash into your bank account to fund your wallet.
As at today, transaction charges are not stated on the app but the Central Bank of Nigeria (CBN) promises it to be cheaper than deposit money banks.
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