…CBN assures no dispensing errors
By Emma Ujah, Abuja Bureau Chief
Federal government Ministries, Departments and Agencies (MDAs) are expected to operate eNaira Wallets, just like individual account holders and private sector organizations.
eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.
The eNaira wallet is a digital storage that holds the eNaira. It is held and managed on a distributed ledger.
According to the Central Bank of Nigeria (CBN), eNaira transactions would involve person-to-person payments, as well as, corporate organizations using their wallet.
The bank said on its website that to make payments to any MDA, all that one needs to do would be to initiate transfer to the eNaira wallets of MDAs and that once such organizations receive notification, transaction would have been completed.
Similarly, for payments to business organizations, anyone making the payment would be required to login into their eNaira wallet; initiate transfer to the merchant/organisation’s eNaira wallet; and the merchant would receive notification of transfer.
Based on the information available on the website, eNaira is the direct liability on CBN unlike customer deposits in banks that are direct liabilities on the financial institutions.
The apex bank explained that the eNaira is different from cash in the bank because the eNaira wallet is required to access, hold and use eNaira.
In order to access the eNaira, customers will be able to access eNaira via the eNaira wallet in app stores such as Google Play store and the Apple App store.
CBN said, “Our eNaira wallet goes beyond an App, it is a companion for all transactions. At the core of our strategy sits a dire need to find the confluence between humanity and technology.
“Our wallet was designed to respond to your needs and thrash your worries. Careful thoughts and analytics from real Nigerian situations and global realities were distilled into creating the eNaira wallet. For us, the question is not ‘what can I do with my wallet?’ but ‘what can my wallet do for me?’”
To fund the wallet bank account holders need to login into their regular bank app; initiate transfer to their eNaira wallet tied to the bank account on that bank; and get notification on the eNaira wallet.
To convert cash to funding eWallet, all that the individual needs to do is: hand over cash to an eNaira verification agent/Bank branch/SANEF; agent login to eNaira wallet and transfer cash equivalent to consumer’s eNaira wallet; the fund owner receives notification and is ready for transactions.
Highly optimistic that the eNaira initiative would be a success, the apex bank assured that the public should be attracted to it, “Because it is 99.9 percent service available; low charges, nationwide acceptability, no dispensing errors; and advanced data privacy and security.
How Diaspora Nigerians can fund eNaira wallet
For Nigerians in the Diaspora regular account holder will be required to login to their FX bank account; transfer funds into International Money Transfer Operators’ (IMTO) FX bank account; Login to the IMTO eNaira wallet; transfer from IMTO eNaira wallet to consumer eNaira wallet; and the beneficiary receives notification.