The eNaira is a new digital currency created and regulated by the Central Bank of Nigeria. The digital currency went live yesterday and is available for download.

It functions as a medium of exchange and a store of value, providing users with quick, secure, and easy transactional options. Users can make contactless payments with the eNaira app by scanning a QR code.

The eNaira has both the user and merchant app available for android and iOS. The eNaira user wallet called the “eNaira Speed Wallet” is a fast and convenient way to conduct financial transactions. The app already has over 50,000 installs on Playstore.

How the eNaira speed wallet works

Download eNaira Speed Wallet from your Google Play Store or Apple App Store.
Select your bank from the list of banks provided.
Input the following details: First Name, Last Name, Date of Birth, State of Origin, and Email. The details must be the same you used during BVN enrolment
Fund your eNaira Speed Wallet through your banks’ mobile app and start receiving, sending, and managing your digital currency.

Pros: You can send, receive and spend your eNaira from your eNaira wallet without charges.

Cons: The eNaira requires BVN and a valid email address associated with your BVN for verification. Users that registered for BVN without an email address will have to go to their local banks to update their BVN with an email address before they can use the eNaira app.

The eNaira does not yield any interest.

eNaira speed merchant wallet

The eNaira speed merchant wallet is designed for businesses. Whether your business is remote, online, or in-person, the merchant wallet offers a convenient way to receive money. Users can easily scan their merchant QR code to pay you. The merchant app has over 5000 installs

To sign up as a merchant, you must have:

Tax identification number
Bank account number
Valid email address
Phone number