How to fund your eNaira wallet On Wema 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.
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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 Wema 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 Wema 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 using ALAT or walk into the nearest Wema Bank branch.
That is how to sign up eNaira wallet on wema bank platform. It is that simple and easy.
See: how to transfer funds on eNaira wallet for GTBank Users
eNaira Frequently Asked Questions
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 Speed Wallet?
The eNaira Speed 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 the eNaira different from money in my bank account?
eNaira is the digital form of 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 channels.
- Support digital economy.
- Improved economic activities.
- Financial inclusion
- Improved effectiveness of monetary policies.
- Ease in tax remittance and collection to support the Country’s growth.
- Ease in targeted social interventions to support Nigerians.
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.
See: How to fund eNaira on Access Bank App
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 Speed Wallet?
- 99.9% service availability.
- Low charges.
- Nationwide acceptance.
- No dispensing errors.
- Advanced data privacy and security.
Why should a business/corporate operate the eNaira Speed Wallet?
- Instant settlement.
- 99.9% service availability and reliability.
- Low charges.
- No dispensing errors.
- No reconciliation issues.
How do I access eNaira?
Customers will be able to access eNaira via the eNaira Speed Wallet App on the Google Play for Android users and the Apple App Store for iOS users
- eNaira Wallet Opening Steps
- Download eNaira Speed Wallet app.
- Please click ‘Sign Up’ at the bottom of the eNaira Speed Wallet app.
- Click ‘Sign Up with your Bank’ to display the list of banks
- Scroll down to select WEMA BANK
- Insert phone number attached to BVN in the ‘phone number’ field.
- Scroll down and create a 12-digit password.
- Confirm password
- Click continue to display “the” next page
- Fill in the details (BVN, account number etc on the new page) and follow the prompt
- You will receive an enrollment confirmation via the email address attached to the BVN
- Check the email address for the confirmation email, click on the link to complete enrollment
- Log in to the eNaira Speed Wallet app afterwards to confirm access.
How many eNaira Speed Wallets can I have?
As at launch, every customer can only operate one eNaira wallet and this account will be with a designated existing bank.
How do I resolve failed transactions or raise enquiries on eNaira?
Reach out to Purpleconnect through any of the following channels.
- Telephone: 08039003700
- E-mail: purpleconnect@wemabank.com, help@alat.ng
- Social Media: Facebook: wemabank.com, alat.ng
- Instagram: @wemabank, @alat_ng
- WhatsApp: 09044411010
- Website: www.wemabank.com/livechat, help@alat.ng/livechat
Disputes resolution updates will be provided within 72 hours.
Is there a unique identity on the eNaira?
The Taxpayer Identification Number (TIN), National Identification Number (NIN) and/or Bank Verification Number (BVN) shall be used as unique identifiers:
- a) TIN shall be for corporate entities.
- b) NIN and/or BVN shall be for individuals, and
- c) BVN shall be for merchants that are not corporate entities
What are my transaction limits and Balances?
- Category Daily Transaction Limit Balance/eNaira Speed Wallet
- Tier 0 (Phone number without verified NIN) N20,000.00 N120,000.00
- Tier 1 (Phone number with verified NIN) N50,000.00 N300,000.00
- Tier 2 N200,000.00 N500,000.00
- Tier 3 N1,000,000.00 N5,000,000.00
- Merchant No Limit No Limit
What are the charges applicable to eNaira?
The charges for e-Naira transactions shall be in line with the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions.
That is it on eNaira: Download eNaira App – Features and Benefits of eNaira | How to Fund your eNaira Wallet On Wema 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.