What is all about eNaira and how to use it ?

With the progression of the digital world and the advancement of modern technology, developing countries always struggle not to be excluded in the ongoing competition to stretch out to the new world. 

In the process of moving forward to the digital world, the Nigerian Government evolved to digitalize its national currency which leads to the introduction of an e-styled form of money known as "eNaira" with the intent to enhance the user experience and to reinforce cashless policy amongst the citizens. 

In this article, you will learn the concepts of eNaira, how to create an eNaira wallet, and how to send and receive money through your speed wallet. 

What is eNaira

eNaira can simply be described as a money pattern in form of a digital exhibition. This type of money is not physically utilized. It has rather been utilized digitally as a representation of physical currency to send and receive from one wallet to another without physical contact.

What is the difference between an eNaira wallet and eNaira

Many people get confused when talking about those two terms. They keep questioning whether are they the same or whether there were two types of eNaira. And if they aren't the same why does the name differ? Of course, there is a difference between the two. The first term commonly known as eNaira speed wallet is a digital storage that holds the eNaira currency. It is the name of the mobile app that a user will use to operate the currency, so if you want to install the application on the Play store or iOS store you would search for "eNaira speed wallet" not "eNaira".

On the other hand, the term "eNaira" is the digital currency itself that represents physical money.

Read Also: What is the Foreign exchange market

How to use eNaira 

This is a major part of this article that comprises several sub-topics. For better understanding, we categorized it into different minor headings. Grab a cup of tea and stay with me as the journey is about to begin. 

How to create an eNaira wallet 

The central bank of Nigeria has proposed two methods through which a user will use to create and operate an eNaira account. 

1. Using USSD code: 

A user can dial the USSD code (*997#) in his mobile phone using any of the service providers to create his unique eNaira wallet account, and do other transactions such as fund transfers, checking balance, airtime and data purchase, etc. 

2. Using a mobile app

1. Visit the Play store or apps store with your smartphone and install the eNaira speed wallet app on your mobile phone.

Or click here to install directly from the google play store.

2. Once the installation is finished, open it and click on <Create wallet>.

3. Choose the type of wallet you are creating: "individual" for personal uses or "business" if you want to set up a business account. Select either of the two and continue.

4. Enter your phone number, and choose your password. 

Tips: for your utmost security, the wallet has been programmed with automated strong password rules which you must follow to proceed with your account creation.

Those rules are: 

• Your password must contain at least 12 characters with 1 upper case letter, 1 numeric, and 1 special character. 

Look at this sample inside the bracket (Example1&2password). This password follows the rules. Besides, it is strong enough that is hard to hack. But always try using a password that is memorable to you.

5. Read and agree with the developer's terms and conditions. Then click <continue>.

6. An one-time password (OTP) will be sent to your phone number for authentication, enter the code, and continue.

7. Enter your personal information and address details, select your State and Country of Origin, and click continue.

8. Once you fill and submit your form you will receive your ten-digit wallet ID  (NUBAN number) and your username via a text message. Keep them in a safe place because you will use them any time to sign in to your eNaira wallet and make transactions.

9. That is all. Your eNaira wallet account is now ready for sending and receiving money.

How to Funds your eNaira wallet 

There are different methods to fund your eNaira wallet: 

1. Using USSD code (*997#)

This simply occurs by asking someone who has an eNaira account to transfer funds into your wallet using the USSD code. 

2. Using the bank mobile app

Visit your bank's mobile banking channels. Any of the Nigerian banks' mobile banking apps have a section where you can transfer money from your bank to an eNaira wallet. 

Or request from a third-party party to fund you by using your account details (username/email address and password). 

3. Method three

Log in to your speed wallet and click on "Receive" 

Select the method you want to receive the money (receive by asking anyone to scan your QR code or share your Alias/ID and request funding by someone or share your link to request money from anyone)

Related: 

How to open an Opay account and use it like a bank account

How to transfer money from eNaira wallet to another or a bank account 

You can use the USSD code *997#.

Or log in to your wallet and click "Pay".

Select one of the transfer channels (scan the receiver's code or enter the receiver's Alias/ID or send it to the bank/mobile money operator).

Enter the receiver's account details and follow the onscreen instructions. 

Some Exclusive features of an eNaira wallet

1. Seamless transaction any time, anywhere: working with it to make transactions is certainly fast, speedy, easy, and free from transactional errors or network problems.

2. Supports multiple languages: it supports the selection of any of the five most used languages in Nigeria (English, French, Hausa, Yoruba, Igbo). Users can choose one of the five languages to operate their speed wallet with.

3. User privacy and security: it is also a safe and secure means of money transactions. It's safer than commercial bank transactions. There is also a provision of 4-digit PINs for authentication to maximize user security. Any user must create his unique 4-digit PIN and a strong password with at least 12 characters for the wallet transactions.

4. Help desk links: The eNaira speed wallet comes with social media links to seek customer care support.

4. 10-digit wallet ID: every user has a specific 10-digit ID number (NUBAN) which he can use to log in to his speed wallet, send and receive money, make referrals, and so on.

Why Should I Use eNaira?

There are several reasons for you to use eNaira for its uniqueness when compared to its counterparts among the reasons are:

1. Its speediness in a transaction that takes place in a short time. Moreover, you can use it 24/7 of the day and night, unlike the other means of commercial transactions that have specific days and limited times. Moreover, it has been programmed to use blockchain technology which makes it unique and devoid of errors and transactional problems associated with other digital transactions.

2. It is amongst the most secure and reliable means of transaction, in such a way that you can send and or receive as much currency as you want by using just your smartphone,  you wouldn't need to give or collect cash.

When does eNaira launch in Nigeria?

eNaira which was Africa's first e-currency was officially inaugurated by the Central Bank of Nigeria in October 2021 after president Muhammad Buhari unveiled it with his speech at the state house. In addition the launching of a mobile application named "eNaira speed wallet" which is available for download for both android and apple phone versions to allow users to send and receive money.

Nigeria is the first African country and the second in the world to lunched this digital currency.

The reason why eNaira was introduced in Nigeria

1. This e-money was introduced to minimize leakage from state budgets due to inbuilt traceability that uses blockchain technology.
2. Amongst other reasons for commissioning, it was the reinforcement of the cashless policy in Nigeria.
3. Diversification of source of revenue and tax collection in the Nigerian government.

Is eNaira a cryptocurrency?

The answer to this question is absolutely "No" it is not a cryptocurrency, meanwhile, it is a centralized and controlled digital currency officially introduced by the Nigerian government through the central bank to increase cashless policy and generate more revenue. 

While  Cryptocurrency is a decentralized form of encrypted digital currency based on blockchain technology. Moreover, the cryptocurrency is yet to be accepted officially by the Nigerian Government.

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If you have any questions or suggestions regarding the eNaira please drop them in the comments section. 

Also Read: 

• How to detect fake bank alert 
• 8 Effective ways to protect your bank account from hackers