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What are eNaira Speed Wallets?
The Central Bank of Nigeria, CBN built the eNaira app with several capabilities to provide different wallets for holding money digitally. Users of the eNaira app have at least three approaches to using the wallets provided on the platform depending on what people need to do.
When necessary, the eNaira wallet can serve as a regular digital currency holder or even a transactional medium.
CBN eNaira – download, sign up and use eNaira wallet
Access to CBN eNaira, download and use of CBN eNaira wallet
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Keeping track of a business bank account in Nigeria to avoid theft
These are the wallet options available on the CBN eNaira platform;
eNaira Speed Wallets – Opening an eNaira wallet means having a place to hold money digitally. However, eNaira Speed Wallets represents private eNaira accounts and is available for users to transfer, receive cash and carry out other transactions.
The eNaira speed wallet is a self-service element, it should also be funded after signing up.
eNaira Stock wallet – The eNaira stock wallet is the sole property of the CBN. It carries in it all eNaira minted by the apex.
eNaira Treasury Wallets and Sub-wallet – Operating a treasury wallet or branch eNaira sub wallet would require one to be a financial institution. The treasury wallet is to house eNaira received directly from the CBN eNaira stock wallet and used to fund the branch sub wallet.
Bank customers will then have access to eNaria through the branch sub-wallet.
eNaira Merchant Speed Wallets – eNaira Merchant speed wallets is the transactional wallet making payments with eNaira online.
The CBN eNaira Merchant Speed wallet differs from the regular Speed wallet as it serves this single purpose.
CBN eNaira wallets operations
Only the CBN has the power to administer the eNaira. The apex uses its Digital Currency Management
System (DCMS) to mint and issue eNaira.
It maintains all treasury eNaira wallets from financial institutions on the DCMS through a backend system integration. This way the transfer of eNaira between bank accounts and wallets is more efficient.
