Sign Up for CBN eNaira Speed Wallet » Voice of Nigeria

October 29, 2021 Mary

CBN eNaira Speed Wallet – How to Sign Up

eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.

Here you should know that eNaira acts as both a medium of exchange and a store of value, offering better payment possibilities in cash payments and retail transactions. eNaira has a special operating structure that is remarkable and is nothing like other forms of central bank money.

Furthermore, the embedded security token system makes your information unreadable to fraudsters as tokens are randomly generated each time you make payment.

How to Sign Up for CBN eNaira Speed Wallet

To register on e-Naira Speed Wallet, you must access the following information, as captured when you register BVN.

First Name, Last Name, Date of Birth, State of Origin, and Email
Your bank is waiting to assist you in authenticating and modifying your BVN data to ensure that there is no access to the e-Naira platform.
Note: Remember that your BVN information is your personal information that is never disclosed to others.

For Individuals – Account Opening Steps

Download eNaira app.
Enter minimum identification details (i.e., NIN, BVN, or KYC/AML Information, depending on the customer tier you are).
Enter other identification details (i.e., Name, Place and Date of Birth, Phone Number, Passport Photograph, Email and Password).
Minimum ID is validated.
You receive an email to activate your wallet.
Log in to account

Different Customer Tiers

Tier Zero – Customers without Existing Bank Account and without Verified NIN

Minimum Account Opening Requirement: Phone Number
Daily Transaction Limit: N20,000
Maximum Cumulative Daily Balance: N120,000

Tier One – Customers without Existing Bank Account

Minimum Account Opening Requirement: NIN
Daily Transaction Limit: N50,000
Maximum Cumulative Daily Balance: N300,000

Tier Two – Customers With Minimal Spending Abilities

Minimum Account Opening Requirement: BVN
Daily Transaction Limit: N200,000
Maximum Cumulative Balance: N500,000

Tier Three – Customers With Regular Spending Abilities

Minimum Account Opening Requirement: BVN
Daily Transaction Limit: N1,000,000
Maximum Cumulative Balance: N5,000,000

For Businesses – Account Opening Steps

Merchant downloads eNaira Mobile App.
Enters invitation code from bank and validates it.
Enters minimum identification details (i.e., Full KYC as stipulated in the CBN’s AML/CFT Regulations).
Enter your TIN (Tax Identification Number).
TIN is verified, enters other identification details (i.e., email, password, Business Category, Legal Business Name).
Financial Institutions verifies application.
eNaira wallet created and activated.
Merchant and Financial institution receives notification.

The Fourth Customer Tier (The Merchants/Business Tier)

Tier Four – Customers with regular spending abilities
Minimum Account Opening Requirement: Full KYC as stipulated in the CBN’s AML/CFT Regulations
Daily Transaction Limit: N1,000,000
Maximum Cumulative Balance: Unlimited