According to the Central Bank of Nigeria, Nigerians who do not have internet-enabled phones can use eNaira.
This was revealed by the CBN in a document entitled “Design paper for the eNaira”.
Ultimately, eNaira would certainly improve its usability as Nigerians would be able to conduct transactions without subscribing to data or having an internet-enabled phone.
Meanwhile here are the 12 things you must know about the central bank of Nigeria eNaira;
CBN said, "The eNaira will therefore further alienate the populations who are uneducated, have no access to the internet services or digital devices."
“In order to reduce this risk, the bank has taken into account the need for inclusion in the basic design principle of eNaira. This principle has allowed the bank to focus on simplicity and ease of use and to ensure that Nigerians can access the service without internet-enabled phones, ”added the CBN.
According to Apex-Bank, ENaira will complement existing payment methods such as mobile banking apps, point-of-sale terminals, USSD, quick response code, and internet banking.
CBN said, “The CBDC account-based model reflects the progress made on the national financial inclusion strategy, which increases access to financial services through the use of last-mile networks to identify users and deliver banking services through channels how PoS and USSD enables.
“With the account-based model, the CBN is trying to enable access by using the existing identity infrastructure in Nigeria such as BVN, NIN, TIN etc. to uniquely identify natural and legal persons.
“In particular, identity frameworks such as the NIN will enable access to financially marginalized individuals as they can be clearly identified and thus enable the provision of financial services.
These identity systems will help ensure a robust KYC framework that is positioned to allow access for all Nigerians. "
The interoperability between eNaira and other CBDCs has been incorporated into the architecture of eNaira, according to the CBN.
The document says this would help boost cross-border payments and allay concerns about the dollarization of the economy.
This was revealed by the CBN in a document entitled “Design paper for the eNaira”.
Ultimately, eNaira would certainly improve its usability as Nigerians would be able to conduct transactions without subscribing to data or having an internet-enabled phone.
Meanwhile here are the 12 things you must know about the central bank of Nigeria eNaira;
- It is a digital storage that contains the eNaira. It is managed and administered in a distributed ledger.
- It can be used for remittances that include a cheaper option for diaspora remittance.
- To resolve failed transactions, contact the customer support of the bank you selected when you signed up for eNaira using the available channels such as phone, email, WhatsApp, etc. If problems are not resolved within 48 hours, email CBN customer support eNaira at helpdesk@enaira.com
- To create an e-wallet account for smartphone users, download the eNaira app (called "Speed") from the Google Play Store or the Apple Store and complete the registration process. For multifunction phone users, use USSD codes and follow the registration prompts.
- You can monitor your e-wallet activity.
- Payments can be made by scanning QR codes.
- There is no interest.
- It's universal - anyone can hold it.
- It is exchanged peer-to-peer.
- It has a unique identity and security structure
- It can be used for international and local trade.
- It is traceable, so fraudulent activity can be tracked.
CBN said, "The eNaira will therefore further alienate the populations who are uneducated, have no access to the internet services or digital devices."
“In order to reduce this risk, the bank has taken into account the need for inclusion in the basic design principle of eNaira. This principle has allowed the bank to focus on simplicity and ease of use and to ensure that Nigerians can access the service without internet-enabled phones, ”added the CBN.
According to Apex-Bank, ENaira will complement existing payment methods such as mobile banking apps, point-of-sale terminals, USSD, quick response code, and internet banking.
CBN said, “The CBDC account-based model reflects the progress made on the national financial inclusion strategy, which increases access to financial services through the use of last-mile networks to identify users and deliver banking services through channels how PoS and USSD enables.
“With the account-based model, the CBN is trying to enable access by using the existing identity infrastructure in Nigeria such as BVN, NIN, TIN etc. to uniquely identify natural and legal persons.
“In particular, identity frameworks such as the NIN will enable access to financially marginalized individuals as they can be clearly identified and thus enable the provision of financial services.
These identity systems will help ensure a robust KYC framework that is positioned to allow access for all Nigerians. "
The interoperability between eNaira and other CBDCs has been incorporated into the architecture of eNaira, according to the CBN.
The document says this would help boost cross-border payments and allay concerns about the dollarization of the economy.