The E- naira is described as the digital currency of Nigeria. Like bitcoin, this currency uses blockchain technology. Thanks to its unique features, you can use this digital money to purchase items or simply store it in a wallet.
As its a new technology, many people do not know how to fund their wallets. Besides they might not even know how to spend the funds.
If you have these problems, you can use this article as a guide to solving them. Now here are the right ways to use an E-naira wallet.
E- Naira Wallet: How to Fund and Spend
On the E-naira app, the wallet is used to store and access your cash. Here we will show you how to fund your E-naira wallet and use it for making purchases. But before we start, let’s talk about this digital currency.
What is the E-Naira?
In 2021, the E- Naira was launched as an official digital currency by the CBN. According to the CBN, it created this currency for people to access welfare payments and boost the economy. Although it has similar features as cryptocurrency, the E-naira is closely regulated by the CBN.
As mentioned earlier, the E-naira serves as a legal tender for goods and services. But before you can use it as a means of payment, you will have to register the app.
Register Your E-Naira Wallet
Before you fund the app, you should register for the E-naira app by linking it with your bank account. Now here are the general steps for performing this task on your smartphone or non-smartphone.
1. For Smartphones
- Head to the Google Play store and search for the E naira app.
- Click on the E naira app from the results
- Download and install the app on your device
- Choose your preferred bank from the list displayed on the app
- Confirm your registration by using your BVN. Also, you can use your email and date of birth ( as it appears on your bank details) to complete the registration.
N.B. If you don’t want to download the app from an app store, you can visit the CBN website. Then head to the E-naira tab and scan the featured QR code.
2. For Non-smartphones
If you don’t have a smartphone, you can still use the E-naira on a non-smartphone. Instead of downloading the app, you will have to use USSD codes to activate the wallet. At the time of this article, the CBN has not released these numbers.
How to Register an E-Wallet for Your Business
Asides from using the wallet as a shopper, you can also use it as a merchant. To register the app for this purpose, you will have to
- Head to the Google Play store and search for the E naira app.
- Click on the E naira app from the results
- Download and install the app on your device
- Add your Taxpayer Identification Number ( for corporate businesses) or BVN ( for traders and smaller-scale entrepreneurs)
- Choose your preferred bank from the list displayed on the app
- If you register your details correctly, your bank will create a wallet for your business.
N.B. Some banks might require an email from their customers before activating E- naira merchant accounts. For help with this task, contact the customer desk of your bank.
How to Add Money to Your Enaira Speed Wallet
After registering your E-naira app, you can fund the wallet. Now here are several ways that you can add money to your E-naira wallet.
1. Direct Transfer from Your Bank
If you want to add money to your E-naira wallet, you can add money from your bank account. Under this method, you can use your bank’s mobile app, internet banking platform, or USSD codes. If you cannot use any of these channels, consider visiting your bank and asking a customer service rep to help with the payment.
2. Payment through E-Naira Transfer from Another E-Naira User
Asides from storing money, the E-naira app can be used to transfer money from its wallet to another wallet. With this in mind, your wallet can be funded via payments from other users of the E-naira app.
3. Payment Via E-naira Agents
You can also fund your E-naira account via payments from approved E-naira agents. Although they are not banks, they can transfer money into your wallet for a small fee. If you cannot find these agents at your location, visit the customer service desk of your bank for help with the transfer.
How to Spend E- Naira
As mentioned earlier, the E-Naira can be used for the payment of goods and services. It can also be used to send money to government agencies. But unlike traditional money, it can be used in the following ways as a payment tool.
1. Direct Transfer
The app allows you to send money from its wallet to the wallet of another E-naira user. Let’s say you bought an item from a trader with an E-naira app, you can transfer money from your wallet to the merchant’s wallet to pay for the purchased item.
2. QR Codes
With the E-naira app, you can scan compatible QR codes to pay for goods and services. To use this payment channel, you will need a smartphone with an active data subscription.
How Much Can You Spend from Your E-naira Account
As with regular bank accounts, the E-naira wallet places restrictions on the amount of cash that you can spend. For instance, if you have a basic account with a verified NIN, you can spend between N50,000 to N200,000. As for higher tiers, you can make payments of up to N5,000,000.
However, the app offers more freedom to merchants. Unlike regular accounts holders, merchants can spend an unlimited amount of cash via the E-naira app.
Extra Tips about Funding and Spending E-Naira
Although the app is easy to use, you might have issues with accessing its features. If you notice any difficulties with this platform, seek additional advice from your bank or reach the CBN helpdesk.
