, the eNaira, has gone live after an official launching by President Muhammadu Buhari){kind=link}
Nigeria’s central bank digital currency (CBDC), the eNaira, has gone live after an official launching by President Muhammadu Buhari on Monday.
The launch took place at the State House in Abuja. Nigeria is one of only a few countries in the world to develop an official digital currency.
The CBDC’s digital currency app and its merchant wallet are now live and available for download HERE.
The potential impacts of eNaira
GROWTH : eNaira fosters Economic Growth by offering easier access to capital and financial services thereby increasing economic activities at low/no interest transaction rate.
REMITTANCE : eNaira provides a secure and cheaper diaspora Remittance option and an increase in the speed of such transactions.
MONITORING : eNaira’s traceability limits its use for illicit or fraudulent purposes.
WELFARE : eNaira enables effective, equitable, and faster distribution of cash assistance to households and communities included in government Social Welfare Programs.
INCLUSION : eNaira provides Financial Inclusion by making financial services available to people or communities who do not have (enough) banking opportunity.
TRADE : eNaira increases Local and International Tarde by making transactions cheap, safe, quick, and better.
SECURITY: eNaira has a stronger security because it cannot be forged or counterfeited as a result of its unique identity and security structure.
SECURITY: eNaira has a stronger security because it cannot be forged or counterfeited as a result of its unique identity and security structure.
How Customers can use the eNaira
UNIFIED PAYMENT SYSTEM: Customers can now move money from their bank account to their eNaira wallet with ease.
BANK ACCOUNT MANAGEMENT: Customers can monitor their eNaira wallet, check balances and view transaction history.
CONTACTLES PAYMENT: Customers can make in-store payment using their eNaira wallet by scanning QR codes.
PEER-to-PEER PAYMENT: Allows users to send money to one another through a linked bank account or card.