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The e-Naira is Nigeria’s new digital currency supplied and regulated by the CBN as a legal tender. e-Naira is equivalent to the physical naira and will be held and accessed via an e-Naira wallet.

Benefits of e-Naira:

  • Fast, cheap, reliable and available payment channels.
  • Supports the 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.
  • Ease in targeted social interventions to support Nigerians.
  • Advanced data privacy and security.

How to

Sign Up for e-Naira

as an Individual

  • Download the Speed Wallet app on Google Play store or Apple App store.
  • Select Fidelity Bank from the list of banks displayed.
  • Validate your personal information (Email, password, BVN)
  • You’re all set.

How to

Sign Up for e-Naira

as a merchant

  • Download the e-Naira Speed Merchant app on Google Play store or Apple App store.
  • Select Fidelity Bank from the list of banks displayed.
  • Validate your business information (Tax Identification Number, Bank Account Number, BVN of MD/CEO, Email, Phone Number)
  • You’re all set.

Frequently Asked Questions

What is e-Naira?

E-Naira is a Central Bank Digital Currency (CBDC) issued by the Central Bank of Nigeria (CBN) as a legal tender. It is the digital form of the Naira and will be used just like cash.

What is an e-Naira wallet?

The e-Naira wallet is a digital storage that holds the e-Naira. It is required to access, hold and use e-Naira.

Is e-Naira a cryptocurrency?

No, it is not.

  • E-Naira is a legal tender backed by law, the full sovereignty of Nigeria, and issued by the Central Bank of Nigeria. Cryptocurrencies are private digital currencies, not backed by law, underlying assets or by the sovereignty of any nation. They are not legal tender currencies.
  • E-Naira is a unit of account, store of value and medium of exchange. Cryptocurrencies do not have all these qualities
What makes e-Naira different from the money in my bank account?

e-Naira 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 e-Naira wallet?

For the typical online bank transaction, there are intermediaries whereas for e-Naira transactions, there are no intermediaries

What are the benefits of e-Naira?

The benefits of the eNaira are:

  • Fast, cheap, reliable and available payment channels.
  • 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.
  • Ease in targeted social interventions to support Nigerians.
What is the primary role of the CBN with respect to e-Naira?
  • 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 e-Naira, to guide financial institutions.
Will e-Naira replace cash?

No, it will circulate alongside cash. The e-Naira will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.

Is e-Naira safe?

e-Naira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.

As an e-Naira holder, am I assured of data privacy?

Yes. Similar to the privacy enjoyed by current online banking patrons, the e-Naira 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 e-Naira?

Similar to cash, any person or business can have access to e-Naira as long as they have the requirements for onboarding.

What is the exchange rate between e-Naira and physical naira?

The e-Naira 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 e-Naira wallet?
  • 99.9% service availability.
  • Low charges.
  • Nationwide acceptance.
  • No dispensing errors.
  • Advanced data privacy and security.
Why should a business/corporate operate the e-Naira wallet?
  • Instant settlement.
  • 99.9% service availability and reliability.
  • Low charges.
  • No dispensing errors.
  • No reconciliation issues.
How do I access e-Naira?

Customers will be able to access e-Naira via the Speed wallet in app stores such as Google Play store and the Apple App store. 

How do I get e-Naira into my e-Naira 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.
How do I connect my e-Naira wallet to my bank account?

The e-Naira app allows customers to identify a bank of their choice, connect to their bank accounts and perform transactions.

What are the different tiers of e-Naira wallet that I can open as an individual?

These are different tiers of wallets and they include:

How do I create a merchant e-Naira wallet for my business?

To create an e-Naira 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 e-Naira 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 e-Naira 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:

How do I resolve failed transactions or raise enquiries on e-Naira?
  • Reach out to the customer support of the bank you selected when registering for e-Naira through their available channels which includes: phone (0800myenaira), email, WhatsApp, etc. Disputes will be resolved as soon as possible.
  • If a customer’s complaints are not resolved within 48 hours, send an email to CBN’s e-Naira Customer Support via [email protected]

 

Is e-Naira wallet safe?

Yes. The e-Naira system uses a two-factor authentication system in addition to cryptographic encryption to ensure the safety of customers’ wallets and the e-Naira holding.

How do I reset my password?

You can also rest your password within the App by navigating the settings menu.

How do I escalate e-Naira inquires and issues from banks (FIs) to the CBN
  • [email protected]
  • 0800myeNaira

For more information, please contact TrueServe on

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