Banks Start Integrating e-Naira App

Posted by Thandiubani on Thu 07th Oct, 2021 - tori.ng

Recall that the Central Bank of Nigeria recently postponed the planned unveiling of the country’s digital currency, e-Naira.

Banks in Nigeria have began integrating the Central Bank of Nigeria's e-Naira app on their platforms.

In its latest update, the Guaranty Trust World app has integrated the e-Naira feature.

However, when opened, the bank said, “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.”

Recall that the Central Bank of Nigeria recently postponed the planned unveiling of the country’s digital currency, e-Naira.

According to the CBN, the e-Naira wallet is a digital storage to hold the e-Naira.

It added that it would be held and managed on a distributed ledger, and required to access, hold and use e-Naira.

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.”

The CBN had said that banks were integral to the establishment of the e-Naira, on the e-Naira website.

The apex bank said, “Integral to the establishment of eNaira is the necessity to build more synergy with financial institutions.

“The framework of e-Naira 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, e-Naira enhances the structures of these institutions instead of replacing same.

“Financial institutions act as bridges between customers and the CBN. This increased customer interaction can help them adopt better customer support models.”

The apex bank added that e-Naira afforded profitable partnership for progressive innovations and opens up a new market of digital currency users for financial institutions to increase bank’s customer base and add value to their account owners.