eNaira, also known as the Central Bank Digital Currency, CBDC, is issued and regulated by the Central Bank of Nigeria, CBN.
It shares the same status as our existing Naira and has the same value. It serves both as a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.
You need to first download the application from the play store or apple app store to commence the registration process. The application enables you to transfer, receive and spend eNaira conveniently.
Going further, simply click on the application; once it’s opened, click on signup, select your bank name and then fill in the required fields.
These fields include filling in your phone number that is tied to your Bank Verification Number, BVN and don’t forget to provide a password to create your account as this procedure is necessary.
Also, make sure you authenticate your registration by providing your first name, last name, date of birth, state of origin, account number as required.
Subsequently, once you are done with the requirements mentioned above, your bank will verify the application and send an activation link to your email address tied to your BVN; click on the link to complete your registration process.
Once you’ve completed these steps, you can simply log in to your speed wallet application using your email address and password created at the point of registration, as it would serve as your login credentials.
The next step is to fund your eNaira wallet seamlessly using your bank’s mobile application, internet banking portal or simply by visiting your bank locations nationwide to get assistance on actualising the whole concept.
The CBDC is the same as Naira but comes with way more possibilities. It is argued that digital currency would change the face of online banking transactions in Nigeria, and subscribers are advised to key into the initiative for great benefit.