CBN To Allow Transactions On eNaira Platform Free Of Charge For First 90 Days

e-Naira Is Secure, Dependable, Says CBN

The Central Bank of Nigeria (CBN) has stated that transactions on the eNaira platform will not attract any fees in the first 90 days, beginning from October 25, 2021.

This was contained in a document issued by the apex bank on Monday, titled ‘eNaira Circular and Guidelines’,.

The CB noted that, upon the expiration of the 90 days window, applicable charges will become effective.

The speed wallet app has been downloaded 50,000 times since President Muhamadu Buhari launched the eNaira platform on Monday, October 25, 2021 while the speed merchant wallet has more than 5,000 downloads so far.

The CBN guidelines reveals that there will be a variety of wallets and transaction limits for different users.

READ ALSO: eNaira Provides High-Value Payment Services To Financial Institutions – Buhari

“The eNaira stock wallet belongs solely to the CBN and it shall warehouse all minted eNaira,” the guideline reads.

“Financial Institutions (FI) may create eNaira sub-treasury wallets for branches tied to it and fund them from its single eNaira treasury wallet with the CBN and FI may create eNaira branch sub-wallets for its branches.

“The eNaira branch sub wallet shall be funded from the treasury eNaira wallet.

“eNaira Merchant speed wallets shall be used solely for receiving and making eNaira payments for goods and services. eNaira speed wallets shall be available for end-users to transact on the eNaira platform.”

To address security of funds concerns, the CBN stated that the eNaira will have two-factor authentication, among other measures.

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