Nigerian banks have issued a new directive to thier customers on the launch of digital currency, e-Naira.
This is coming after some banks in Nigeria commenced the integration of e-Naira features in their applications.
In a new update, Guaranty Trust World app has integrated e-Naira features.
The bank however noted that when opened, “Kindly note that you will need to download and onboard on the CBN e-Naira speed wallet app to create your e-Naira username and password.”
The bank said, “Your e-Naira wallet offers a great way of making purchases with retailers on-site, transferring or sending money while tracking rewards programmes”
You can link the e-wallet to your bank account or pay as you go with a prepay option.
“In addition, the embedded security token system makes your information unreadable to fraudsters because tokens are randomly generated every time you make a payment.”
Nigeria is the first country in Africa to launch a digital currency.
According to CBN governor, e-Naira allows customers to move money from their bank account to their eNaira wallet with ease and can monitor their eNaira wallet, check balances and view transaction history; and make in-store payments using their eNaira wallet by scanning QR codes.
With the rising threat of cryptocurrencies on the country’s economy, leading to a ban of all crypto transactions from the Nigerian banking system, the apex bank believes the currency is a distraction from cryptos.
“e-Naira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments,” said the CBN on its newly launched eNaira website.
Unlike Crypto-currencies which have been allegedly used to fund terrorism according to the CBN and the European Central Bank, transactions made with the e-Naira currency will be traceable.
DAILY GIST Findings shows that the currency would be used to receive diaspora remittances at greater speed.
The CBN is also making the process for receiving these remittances cheaper.
The Central Bank of Nigeria recently had postponed the launch of the country’s digital currency, e-Naira.
According to reports, The postponement was to recheck and retest the robustness, safety, scalability and security of the eNaira system.
