Advantages of eNaira
Central Bank Launches E-Currency in Nigeria
The Central Bank of Nigeria (CBN) has told financial institutions in the country that eNaira is not a subtle scheme to take away bank customers. It said the plan is to grant access to more financially excluded people.
The regulator said this in details published on the website of the country’s digital currency which went live on Monday ahead of its launch on October 1.
It said the eNaira opens up a whole new market of digital currency users for financial institutions to increase their customer base and add value to their account owners.
The bank provided details of how the digital currency will affect individuals, businesses, governments and nongovernmental organizations.
The following are the CBN explanations in respect of the eNaira’s advantages:
“Integral to the establishment of eNaira is the necessity to build more synergy with financial institutions. The framework of eNaira is such that it entrenches many pipelines of collaboration and further strengthens financial institutions core service delivery. By its very nature with regards to its mandates, eNaira enhances the structures of these institutions instead of replacing same.
“eNaira opens up a whole new market of digital currency users for financial institutions to increase their customer base and add value to their account owners.
“Financial Institutions act as bridges between customers and the CBN, this increased customer interaction can help them adopt better customer support models.
“eNaira is not a subtle scheme to steal your customers. It is a collaboration to grant access to more financially excluded people.
“eNaira gives every linked financial institution access to the database of customers with wallets domiciled in their banks.
“eNaira Maximum Daily Cumulative Limit restricts customers from total migration which result in a capital loss for financial institutions.
“The eNaira system is designed and integrated with the best fraud management system, which guarantees the security of transactions and fosters customers’ trust”.
“For individuals, eNaira promises fast transactions, cheap diaspora remittance, direct government aids, easier local payment, and secure banking.
“eNaira was minted with your expectations in mind. We understand our customers are real people whose needs are constantly evolving so our approach to delivering tailored solutions needs to constantly evolve. From functionality, call to action, to user interface, our goal has always been to deliver an exceptional digital experience tailored to your needs.
“eNaira makes diaspora payments cheap and safe to ensure you get more value for every Naira you earn.
“Financial Government Aids gets straight to you. eNaira knocks the middlemen out the way and you can claim funds directly.
“The faster, the better. eNaira makes it possible to send funds, save money, and save time while at it.
“Boycott the queues and pay taxes, and bills from the comfort of your home. It’s easier and it’s dependable
“Worried about the safety and security of banking details? Rest assured; the transparency makes everything traceable.
“Now there’s enough room for everyone to enjoy banking services. The process is easy and the process is simple.
“Through a reduction in cash handling costs and more transparent taxing systems, eNaira makes more funds available for development projects such as better feeder roads, affordable education, and more equipped health facilities. Spending eNaira, will make for richer Government and richer people.
“eNaira creates easy access to financial services at remote areas that have suffered financial exclusion for years
“With eNaira, tax evasion is history because eNaira ensures the traceability of taxable assets and enforces transparency in the taxation systems thereby increasing revenue.
“eNaira enables the government to send direct welfare allowance to citizens and communities that are beneficiaries of such interventions.
“eNaira facilitates instant cross-border foreign exchange which boosts the economic growth of the nation.
“eNaira greatly reduces the costs of handling cash, from minting all the way to destruction, the Federal government saves cost
“eNaira minimizes fraudulent activities and shady deals such as money laundering, and illegal money deals because of the trackable unique ID of each eNaira.
“The transparent nature of the currency also benefits Non-Governmental Organisations, donations can be made easily, and easy tracking of usage.
“eNaira offers local and international Non-Governmental Organizations and Religious Institutions money transaction solutions that ensure that, at the end of the day, their focus is trained more on carrying out their projects than on the security and usage of the money backing each project. This is because the confidence that the money will do exactly what it was purposed to do, even faster, cheaper, and safer than previously obtainable is what eNaira offers.
“International NGOs can now send and receive donations and contributions across countries with a faster, easier, cheaper, and safer method than previously obtainable, without the old hassles of rigorous money transfer bottlenecks.
“Community and Aid project beneficiaries do not have to wait so long to receive what has been promised them anymore. Once the beneficiary owns an eNaira wallet, all aid goes straight from the wallet of the NGO to the wallet of the beneficiary in seconds.
“Religious institutions now have a cleaner and more direct means of gathering collections by members, eliminating the costs and risks of cash handling.
“Micro-donations are now so much more possible for welfare projects, whereby, denominational limits are not placed on what can be donated, giving all cadres of donors a chance to give in situations where “looking for transaction balances” would have deterred them.
“Expense-tracking and report-development for social projects for NGOs have become nearly automated with eNaira, as the traceability of each eNaira ensures that balancing ledgers and knowing the exact identity of the recipient of each eNaira occurs at near-real-time and in tandem with the very transfer of funds itself.
“NGOs and Religious institutions do not have to worry about cases where hired project managers abscond with money set aside for welfare projects when they use eNaira, as forgery and counterfeiting of eNaira units is impossible due to its unique identity and the fortified security backing its Distributed Ledger System.”
For businesses, eNaira promises to help customers pay for their services with ease.
“eNaira helps your customers pay for your services with such ease that keeps them coming back. With eNaira, your customer base spreads beyond the shores of Nigeria because overseas payment is not just possible but fast and even cheap. The more the patronage, the more profit!
“eNaira makes it easier for you to get support allowance from the government because the CBN has your wallet information and can make direct deposits on behalf of the government.
“eNaira gives your customers a super-easy payment option through its QR Code Scan feature and it makes them keep coming back.
“eNaira promotes efficient and straightforward cross-border payments which foster profitable foreign business partnerships.
“eNaira peer-to-peer payment feature facilitates a boost in eCommerce and gives the in-mall experience to friends physically separated by distance.
“eNaira opens up a whole new customer base you did not know existed, with the increased customers, business growth is guaranteed.
“With eNaira businesses can easily make sales in any country because the eNaira is 100percent local and 100percent global,” according to the CBN