How to fund your eNaira wallet On Jaiz Bank Mobile App is what we will be covering in the course of this article. Thus, if you are here because you are in dire need of the processes involved in getting started with eNaira, this article has gotten you covered.
Interestingly, during the course of this online guide, you will get to know the features of eNaira and how to get started with it. Keep reading below and please don’t forget to share it with your friends and loved ones so that they will also get to learn about it.
See: Can I Access Facebook Marketplace in Nigeria?
How to get started with eNaira is pretty simple and easy. However, before we shall proceed with that, let’s first off, consider everything you need to know about it.
What Is eNaira?
eNaira is a digital currency created by the Central Bank of Nigeria that provides a unique form of money denominated in Naira. When compared to cash payments, the eNaira acts as both a means of exchange and a store of value, providing better payment prospects in retail transactions.
The eNaira has a unique operational structure that sets it apart from other forms of central bank money.
In Nigeria, there are multiple advantages to having a central bank-issued digital money, and these benefits cut across several sectors and concerns.
Financial Inclusion is achieved by eNaira’s provision of financial services to persons or communities who do not have (enough) banking access.
By making transactions cheap, safe, quick, and better, eNaira boosts local and international trade.
See: How to fund eNaira on UBA Mobile App
Because of its unique identity and security structure, eNaira has a higher level of security than other currencies.
Revenue collection is aided by the use of eNaira, which reduces cash handling costs.
eNaira Features and Benefits
- It’s a fast and secure payment channel.
- Send, receive and spend with ease.
- A digital storage for accessing and holding cash.
- Can be connected to bank accounts to enable more transactions.
- Enables affordable remittances and diaspora payments.
- Secured with cryptographic techniques against counterfeiting, cloning, and other forms of fraud attack.
- The eNaira feature will be available on the new UBA Mobile App and Internet Banking for transfers to and from the eNaira wallets.
Some other things you need to know about eNaira.
The eNaira is the Nigerian digital currency that is issued and regulated by the Central Bank of Nigeria. Its functionality delivers speedy, safe, and simple trading and transactional opportunities to customers and end-users:
- It is exchanged peer to peer.
- It is universal – anybody can hold it.
- It does not yield any interest.
The Official eNaira website is https://www.enaira.gov.ng/
What people want to know about eNaira
How does a customer identify stores/shops and outlets that accept eNaira?
While efforts will be made to put signages and decals at designated merchant locations, customers can simply ask the merchants if they accept eNaira.
See: how to transfer funds on eNaira wallet for Access Bank Users
Can I pay with my eNaira and cash at the same time for a transaction?
Yes. The eNaira and Cash are all variants of the legal tender. Either or both can be used to carry out transactions as the situation demands.
Can I pay cash into any bank and instruct them to pay the funds into my ewallet?
No. In order to move cash into your eNaira wallet, kindly go to your bank.
How To Download eNaira App Online
There are basically two ways to go about downloading eNaira app online. Interestingly, on the eNaira official website, you can scan a code and get started or hit the download button to download it straight to your device. Here are the steps you will need to follow to easily get that done:
- Turn on your device and get it connected to an internet source
- Next, enter https://www.enaira.gov.ng/ in your browser and click on the enter button
- Once taken to the eNaira official website, locate and click on the download app button at the top right of the page. Or you can simply scroll down the page and you will see the download eNaira wallet app section.
- Now, scan the QR code to get started or use these links: https://play.google.com/store/apps/details?id=ng.gov.cbn.speed.wallet.temp, https://apps.apple.com/us/app/enaira-speed-wallet/id1587292843 to download eNaira app on google play store and apple apps store.
- Once you have downloaded the app, you will need to tap on the open option and then do the following
- Enter minimum identification details (i.e., NIN, BVN, or KYC/AML Information, depending on the customer tier you are).
- Enter other identification details (i.e., Name, Place and Date of Birth, Phone Number, Passport Photograph, Email and Password).
- Minimum ID is validated.
- You receive an email to activate your wallet.
- Log in to account
That is it on how to download eNaira online.
See: https://detechprof.com/what-happens-accept-offer-facebook-marketplace/
How to Get Started With eNaira For Jaiz Bank Users
First off, you will need to download the eNaira app. Yes, download eNaira speed wallet from your Google Play Store or Apple App Store.
Interestingly, users with feature phones can also dial a USSD short code and follow the service prompts.
Once you are done downloading the app, you will need to do the following:
- If you are yet to download eNaira app, download the eNaira Speed Wallet app from your app store and sign up.
- Next, you will need to select Jaiz Bank and follow the prompt
- Once you are done, with the above steps, you will need to authenticate yourself by filling in your contact details, BVN and preferred password
- Afterward, you will need to start funding and managing your account
That is how to sign up eNaira wallet on Jaiz bank platform. It is that simple and easy.
See: how to transfer funds on eNaira wallet for GTBank Users
eNaira Frequently Asked Questions
How are eNaira wallets created?
For smart phone users, download the eNaira app (termed “Speed”) from either the Google Play Store or Apple Store and complete the registration process.
For feature phone users, utilize USSD codes and follow the registration prompts.
How do I connect my eNaira wallet to my bank account?
The eNaira app allows customers to identify a bank of their choice, connect to their bank accounts and perform transactions.
What are the different tiers of eNaira wallet that I can open as an individual?
These are different tiers of wallets and they include:
| TIERS | CATEGORY | REQUIREMENT | DAILY LIMIT | CUMULATIVE LIMIT |
|---|---|---|---|---|
| 0 | No Existing Bank Account | NIN verified telephone number | 20,000 | 120,000 |
| 1 | No Existing Bank Account | NIN verified telephone number | 50,000 | 300,000 |
| 2 | Has an Existing Account | BVN + valid means of identification | 200,000 | 500,000 |
| 3 | Has an Existing Account | Tier 2 requirement + public utility receipt | 500,000 | 5,000,000 |
How do I create a merchant eNaira wallet for my business?
To create an eNaira wallet as a merchant/corporate, you will be required to follow the required steps:
- Visit app stores such as Google Play Store or Apple Store to download the eNaira wallet;
- Register by providing your Taxpayer Identification Number (TIN) and identify a bank of your choice for validation;
- Upon successful validation of a merchant’s details by a preferred bank, the merchant’s bank will create a wallet and advise the merchant.
What are the different tiers of eNaira wallets that I can open as a merchant?
As a merchant/corporate, you can open a merchant wallet with full KYC requirements for opening a merchant/ corporate account. The stipulated limits on the wallet are as follows:
| CATEGORY | REQUIREMENT | DAILY TRANSACTION LIMIT (NGN) | DAILY CUMULATIVE BALANCE (NGN) | |
|---|---|---|---|---|
| SEND | RECEIVE | |||
| Account Holders | BVN, TIN and Bank confirmation | 1,000,000 | No Limit | No Limit (with auto sweep trigger) |
As a merchant/corporate, you can open a merchant wallet with full KYC requirements for opening a merchant/ corporate account. The stipulated limits on the wallet are as follows:
How do I get eNaira into my eNaira wallet?
There are several ways to do so
- Direct transfer from your bank account;
- Transfer from another wallet either individual or merchant;
- Cash payment through an agent or a bank.
What is eNaira?
eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.
What is an eNaira wallet?
The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger.
The eNaira wallet is required to access, hold and use eNaira.
What makes eNaira different from the money in my bank account?
eNaira is the digital form of the cash and is a direct liability on the Central Bank of Nigeria while the customer deposits are direct liabilities on the financial institutions.
In a typical transaction, what is the difference between an online bank transaction and eNaira wallet?
There are intermediaries for the typical online bank transactions, whereas for eNaira transactions, there are no intermediaries.
What are the benefits of eNaira?
The benefits of the eNaira are:
- Fast, cheap, reliable and available payment channel.
- Support digital economy.
- Improved economic activities.
- Simplified and easy cross border payments and trade.
- Inclusion of excluded people in the financial system.
- Improved effectiveness of monetary policies.
- Ease in tax remittance and collection to support the Country’s growth.
What is the primary role of the CBN with respect to eNaira?
In line with Section 2 of the CBN Act 2007, the CBN is the issuing authority of all forms of Naira.
The Central bank will also be responsible for determining the technical, regulatory and operational standards for eNaira.
Will eNaira replace cash?
No, it will circulate alongside cash. The eNaira will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.
Is eNaira safe?
eNaira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.
As an eNaira holder, am I assured of data privacy?
Yes. Similar to the privacy enjoyed by current online banking patrons, the eNaira system has been designed to ensure data and user privacy. There are also operational policies and procedures in place to protect users’ identity and privacy.
Who can access eNaira?
Similar to cash, any person or business can have access to eNaira as long as they have the requirements for onboarding.
What is the exchange rate between eNaira and physical naira?
The eNaira will have the same value as the physical naira. As such, it will be exchanged one to one.
Why should an individual download and fund the eNaira wallet?
- 99.9% service availability.
- Low charges.
- Nationwide acceptance.
- No dispensing errors.
- Advanced data privacy and security.
How do I access eNaira?
- Customers will be able to access eNaira via the eNaira wallet in app stores such as Google Play store and the Apple App store.
- Users can also dial a USSD short code and follow the required steps to perform transactions.
How do I resolve failed transactions or raise enquiries on eNaira?
Reach out to our customer service via 07007730000 and your dispute will be resolved as soon as possible.
If issues are not resolved within 48 hours, send an email to CBN’s eNaira Customer Support via helpdesk@enaira.com
Is eNaira wallet safe?
Yes. The eNaira system uses a two-factor authentication system in addition to cryptographic encryption to ensure the safety of customers’ wallets and the eNaira holding.
That is it on eNaira: Download eNaira App – Features and Benefits of eNaira | How to Fund your eNaira Wallet On Jaiz Bank Mobile App. I hope this article was helpful. Kindly share it with your friends and loved ones so that they will also figure out how to use it.