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HomeeNairaHow to send, receive and spend eNaira from your eNaira Wallet

How to send, receive and spend eNaira from your eNaira Wallet

The eNaira is the new digital currency that is created and regulated by the Central Bank of Nigeria. It serves as both a medium of exchange and a store of value which offers speedy, safe, and simple transactional opportunities to customers and end-users.

Simply put, eNaira has the same value as the physical Naira and offers simple, safe and fast transfers and payments anything and anywhere compared to cash payments.

BigNaira did a detailed article on eNaira. We recommend you read it to learn more and what the CBN plans to achieve it in the near future.

Before we proceed, it is worth nothing that transactions on the eNaira platform are free for the first 90 days from Monday 25 October 2021 when it was launched. After this period, banks will revert to applicable charges as outlined in the CBN’s guide.

Here are the steps to get started

Step 1: Download the eNaira Wallet App (speed wallet) from the Google Play Store or Apple App Store.

Step 2: Launch the app and choose your Bank from the list of banks provided

Step 3: Validate your details by entering your identification details such as NIN, BVN, Date of Birth and Emails. These details should be as it appears in your Bank details.

Step 4: Now go ahead to fund your wallet from your bank’s app or simply by transfer to start receiving, sending and managing your eNaira.

How to Fund your eNaira Speed Wallet

When you have successfully completed the above steps, you can now fund your eNaira wallet with ease using any of the following methods:

1. Direct Transfer from Your Bank

Just as you can easily transfer money from your bank in person, by using your bank’s mobile app or USSD codes, you can easily fund your eNaira Wallet using any of these same means.

2. Payment through E-Naira Transfer from Another E-Naira User

The eNaira app is built to be flexible such that it can be used to transfer money from its wallet to another wallet. Hence, you can fund your wallet via payments from other users of the eNaira app.

3. Payment Via eNaira Agents

The CBN made provision for approved eNaira agents for easy and quick access from different locations. These agents are not banks but they have been approved by CBN to render eNaira services for a very small fee. If you cannot find any eNaira agent(s) at your location, simply pay your bank a visit for assistance.

How to Spend eNaira

Spending your eNaira currency is a lot easier than you can imagine. It can be used for the payment of goods and services.
It can also be used to send money to government agencies (ease in tax remittance and collection to support the Country’s growth). Here are different ways you can spend your eNaira.

1. Direct Transfer

With the eNaira app, you can send money from its wallet to the wallet of another eNaira user. A good example is when you walk into a supermarket or any other business premises that has the eNaira wallet. When you buy an item or receive a service, you can easily transfer money from your wallet to the merchant’s wallet to pay for the purchased item or for service rendered.

2. QR Codes

The eNaira app as an innovative tool allows you to scan compatible QR codes to pay for goods and services. To use this payment channel, you will need a smartphone with an active data subscription.

How Much You can Spend from Your Enaira Account

The eNaira wallet places restrictions on the amount of cash that you can spend. For Tier 0, the daily transaction and balance speed wallet limits are N20,000.00 and N120,000.00, respectively. For Tier 1, daily transaction and balance speed wallet limits are N50,000.00 and N300,000.00, respectively.

For Tier 2 customers, daily transaction and balance speed wallet limits are N200,000.00 and N500,000.00, respectively. Finally, for Tier 3 customers, daily transaction and balance speed wallet limits are N1,000,000.00 and N5,000,000.00, respectively, while there isn’t any limit for Merchants.

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