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For the purpose of the eNaira account operations, limits and balances, the Central Bank of Nigeria, CBN grouped customers into tiers – zero to three with the least designated tighter restrictions on the eNaira app.
More so, the app security framework gives the CBN the ability to control access as it takes into consideration cyber security risks as well as financial integrity and stability.
The IMF has also released its observation on the CBN eNaira where it talks about these risks.
The CBN eNaira app determines what kind of transactions a customer can carry out especially in terms of limits and balances.
- Customers who have no existing bank account or NIN can sign up with only phone numbers as a verification method. Due to this, the app allows only a daily transaction limit of N20, 000 and a maximum cumulative daily balance of N120, 000.
- Customers who have no existing bank accounts but have NIN can provide that for identity verification. The app allows a daily transaction limit of N50, 000 and a maximum cumulative daily balance of N300, 000 for this kind of identity verification.
The CBN further groups customers according to their spending abilities – minimal and regular. The app also demands customers in this tier to provide the highest standard of identity verification, BVN.
- Customers with minimal spending abilities will require a BVN to open an account. The daily transaction limit for customers on this tier is N200, 000 and a maximum cumulative balance of N500, 000.
- Similar to the minimal, customers with regular spending abilities will need BVN when signing up on the eNaira app. The daily transaction limit is N1,000,000, maximum cumulative balance is N5,000,000. This is the highest of the eNaira tiers.
CBN eNaira wallet sign up steps
All customers who have bank verification numbers can have an eNaira wallet.
- Got to app store and download eNaira app.
- Enter an identification details from the acceptable ones – NIN, BVN. The app wil also accept KYC/AML Information, depending on the customer tier.
- Enter personal detail.
- Wait for the app to validate identity then check email.
- Use the link in the email to log into eNaira wallet and account.
eNaira Speed Wallets and other options available on the CBN platform
Access to CBN eNaira, download and use of CBN eNaira wallet
