Home Business The eNaira And How It Affects Small Businesses In Nigeria

The eNaira And How It Affects Small Businesses In Nigeria

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eNaira is the Nigerian digital currency issued and regulated by the Central Bank of Nigeria (CBN). It has the same value as the physical Naira and guarantees simple, safe, and fast transfers and payments anytime and anywhere. It is thus a digitized Naira currency and in no way a cryptocurrency, though borderless, and with more possibilities.

How to get started with the eNaira

1. Download eNaira speed wallet from your Google Play Store or Apple App Store the direct download link would be provided at the end of the article. Users with feature phones can also dial a USSD short code and follow the service prompts.

2. Select the bank of your choice from the list of Banks provided.

3. Authenticate yourself by inputting the following details exactly as captured during your BVN enrolment: First Name, Last Name, Date of Birth, State of Origin, and Email.

4. Finally fund your eNaira Speed Wallet via our Online and Mobile Banking channels and start receiving, sending, and managing your digital currency.

Now how the eNaira affects small businesses is that the eNaira is a digital currency and is a direct liability on the Central Bank of Nigeria while the money in your bank account is Naira held as deposit liabilities by the financial institution, and supposedly said to be a fast, affordable, secure, and reliable payment option designed to support the digital economy and aid financial inclusion in Nigeria.

eNaira will, among other benefits, enhance the Nigerian payment ecosystem, increase revenue and tax collection, aid targeted social interventions, and improve diaspora remittances there by making it seamless for business owners to make contactless payments with eNaira by scanning a QR code as it is a digital currency.

This simply entails that small business owners and even on larger scale business entities would be able to enjoy an easy access to government loans and grants directly from the CBN without the need of any middleman channels. 

It’s also important to note that accumulation of the eNaira does not in any capacity yield any interest on an APY basis. So if you decide to save up your capital in your e-wallet there would not be a significant difference in value from when you added it.

You can download it from Google playstore via this Link.


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