eNaira — The Nigerian Digital Currency

Features of eNaira

  1. Single payment system: Customers can easily send money from their bank account to their eNaira wallet.
  2. Non-contact payment: In-store payment can be made using their eNaira wallet by scanning the QR codes.
  3. Manage bank accounts: Clients can monitor their eNaira portfolio, verify balances and view transaction history.
  4. Peer-to-Peer Payment: Enables users to send money to each other via a bank account or connected card.
  5. Send/Receive Money: Clients can send and receive money faster, easier and at a minimal cost.
  6. Payment Verification: Clients can check their payments and view their transaction history anytime, anywhere.
  7. Transactions between financial institutions: Transactions between financial institutions are not only feasible but also faster and cheaper.
  8. Foreign exchange transactions: Clients can benefit from fast transactions across borders and a seamless exchange rate.
  9. It does not yield any interest.

Difference between eNaira and money in the bank

eNaira Wallet

  • Download the eNaira wallet app from playstore for android users and Appstore for iPhone users.
  • 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

Difference between eNaira and Cryptocurrency

Challenges That Might Face eNaira

  1. Exploitation by fraudsters: Smartphones and mobile banking apps will be used to manage eNaira, and these apps must be safe to avoid fraudsters from exploiting them, as they have been known to reverse engineer apps and construct convincing trojans that appear to be legitimate while being malware.
  2. Privacy: A multi-layered defence against data leaking is needed to protect privacy. As a result, these apps will have to protect themselves from rogue keyloggers and sloppy screen sharing.
  3. Illiteracy: The registration and usage of the eNaira require a little bit of know-how as uneducated might not get it easily.

How RTOpensquare Can help the Fintech & Blockchain Industry

RT Opensquare
  • Detect anomalies
  • Monitor the health and risks of operations

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