E-naira Registration – How To Register For E-naira Wallet (E-naira Wallet Login And App Download). Get All Information On E-naira In This Post.
Have you been wondering how you can install E-naira on your gadget and ways to register? Are you looking to download and register for E-naira wallet? Then you have come to the right place, as in this article we will be giving you the right steps on how you can download and register for E-naira wallet.
The Central Bank of Nigeria launched a digital currency called the ‘e-Naira’ in October last year. Digital currency is becoming a fast growing reality in Nigeria and it is no surprise as to why the Central Bank launched the E-naira wallet.
What Does E-naira Mean?
E-naira is an electronic form of Naira which is a legal tender equal to the value of the Naira. Unlike other Cryptocurrencies that does not have a central regulation, the e-Naira would be regulated by the CBN. E-naira is the name given to the CBN’s first proposed digital currency. The currency does not disrupt the production of the physical Naira but instead acts as that digital representation of it.
How Does It Work?
The eNaira works as a digital version of the physical Naira. The digital currency is slightly similar to a bank account and is created in just the same way, however it is a separate account that is not connected to an already existing bank account. Transactions can also be possible between two parties that both have an E-naira wallet, which allows you to store, send, and receive eNaira.
How To Download E-naira Wallet App?
It is very easy to get the E-naira wallet application on your device, as you will only need to go to your app store and search for the “E-naira Speed Wallet” and install. Here are the steps to guide you:
- Open Play Store On Your Device
- Search For The “E-naira Speed Wallet”
- Select Install
- Launch the E-naira Speed Wallet After Successful Installation
How To Register For E-naira Wallet
Many people don’t even know how to register and get the E-naira wallet working for them. In this article, we will be giving you the right steps to follow to register and here is a guide to get E-naira working for you and how to register:
- Select Signup After Download
- Type In Your Invitation Code
- Enter Your Minimum Identification Details
- Enter Your Other Identification Details
- Minimum ID Validated
- Receive A Notification
How To Register For E-naira Wallet
1. Select Signup After Download
First move for you to register for the digital currency wallet, you will need to click the sign up button to start the registration process.
2. Type In Your Invitation Code
The next step is for you to type in that invitation code you received from your bank.
3. Enter Your Minimum Identification Details
Next step for you is to enter your minimum identification details like your NIN or BVN. You will need to include these details for identification during registration.
4. Enter Your Other Identification Details
Then you enter other identity details, you type in your (Name, Place, Date of Birth, Phone Number, Passport Photograph ,your Email and then create a password too.
5. Minimum ID Validated
Next is for your minimum identifications to be validated.
6. Receive A Notification
Then lastly you should receive a notification from your financial institution then you login fully.
What Are The Benefits Of E-naira?
There are some benefits of this digital currency and in this article, we will be giving you some of the benefits:
- Improves Cross-boarder Trade
- Also Helps Improve A Cheaper And Faster Inflow Of Remittances
- Helps Provide More Opportunities
- Helps Improve Financial Growth Across The Country
- Helps Reduce Cost Of Operations And Cash Management
- Helps Track Transactions
- Lower Transaction Cost
- Secures Finances
The Benefits Of E-naira
1. Improves Cross-boarder Trade
With the introduction of the digital currency, Nigerians can now engage in easier cross-boarder trade
2. Also Helps Improve A Cheaper And Faster Inflow Of Remittances
Helps enhance a reduced and faster inflow of remittances too.
3. Helps Provide More Opportunities
Another benefit is that it helps provide more business opportunities for Nigerians, as they can do businesses outside the country too.
4. Helps Improve Financial Growth Across The Country
With the introduction of the digital currency, the financial growth across the country improves.
5. Helps Reduce Cost Of Operations And Cash Management
According to the Central Bank of Nigeria, another benefit is the reduction in the cost of operations and cash management.
6. Helps Track Transactions
With the help of E-naira, every transaction can be traced. It would also leave a clearer footprint of digital transactions, making it more easier for financial institutions to track transactions.
7. Lower Transaction Cost
There is fees attached to withdrawals and deposits. Low transaction cost helps improve and reduce the cost of commerce in the nation.
8. Secures Finances
Lastly, another benefit of E-naira is that it secures finances of citizens. You can keep your money in your wallet as long as you want and you be sure it is safe.
Frequently Asked Questions
1. Can I Use eNaira To Buy Bitcoin?
No. Unlike Bitcoin which is a cryptocurrency, the eNaira is a digital currency issued by the government. The difference has a big impact on the stability of the currency.
2. Which Bank Is E-naira?
E-naira is a central bank digital currency (CBDC) backed by law and issued by the Central Bank Of Nigeria.
3. How Much Is A Naira To Dollar?
800 Naira ( 3rd November 2023)
4. Is E-naira Safe?
Yes, It is safe as it uses a two-factor authentication system in addition to cryptographic encryption to ensure the safety of customers wallets and the E-naira holding.
5. Why Was E-naira Created?
To promote and facilitate financial inclusion.
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