How to Sign up and Fund CBN eNaira Wallet via Afrokonnect. With the introduction of eNaira by Central bank of Nigeria, gradually all the financial institutes in Nigeria are beginning to adopt the digital currency into their system, which is why in this article i’ll be showing you easy ways to Sign up for eNaira and also fund your wallet.
Before we proceed, I’ve written an article about Everything you need to know about eNaira, just Incase you need more information before signing up.
How to Sign Up for CBN eNaira Speed Wallet
I’ll like you to know that Signing up for eNaira is very easy, fast and in few minutes you’ll be done, you will need the following details to sign-up successfully on the eNaira speed wallet, your First Name, Last Name, Date of Birth, State of Origin and Email.
They must correspond with the details associated with your BVN, remember it must be exactly as captured during your BVN enrollment. The good thing is your Banks are waiting to assist you in validating and updating your BVN details to ensure seamless enrolment to the eNaira Platform.
NB: Remember Your BVN details is YOUR Personal Information, Do not disclose to Anyone.
Steps to Sign Up for CBN eNaira Speed Wallet
For Individuals – Account Opening Steps
- Download eNaira app.
- 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
eNaira Customer Tiers and Transaction Limit
- Tier Zero – Customers without Existing Bank Account and without Verified NIN
- Minimum Account Opening Requirement: Phone Number
- Daily Transaction Limit: N20,000
- Maximum Cumulative Daily Balance: N120,000
- Tier One – Customers without Existing Bank Account
- Minimum Account Opening Requirement: NIN
- Daily Transaction Limit: N50,000
- Maximum Cumulative Daily Balance: N300,000
- Tier Two – Customers With Minimal Spending Abilities
- Minimum Account Opening Requirement: BVN
- Daily Transaction Limit: N200,000
- Maximum Cumulative Balance: N500,000
- Tier Three – Customers With Regular Spending Abilities
- Minimum Account Opening Requirement: BVN
- Daily Transaction Limit: N1,000,000
- Maximum Cumulative Balance: N5,000,000
For Businesses – Account Opening Steps
- Merchant downloads eNaira Mobile App.
- Enters invitation code from bank and validates it.
- Enters minimum identification details (i.e., Full KYC as stipulated in the CBN’s AML/CFT Regulations).
- Enter your TIN (Tax Identification Number).
- TIN is verified, enters other identification details (i.e., email, password, Business Category, Legal Business Name).
- Financial Institutions verifies application.
- eNaira wallet created and activated.
- Merchant and Financial institution receives notification.
The Fourth Customer Tier (The Merchants/Business Tier)
- Tier Four – Customers with regular spending abilities
- Minimum Account Opening Requirement: Full KYC as stipulated in the CBN’s AML/CFT Regulations
- Daily Transaction Limit: N1,000,000
- Maximum Cumulative Balance: Unlimited
For Government MDA’s – Account Opening Steps
MDAs Onboarding to eNaira Wallet
- MDA Downloads App.
- Login with MD code.
- Enter account (TSA/T24 Account).
- eNaira wallet created awaiting verification from CBN.
- CBN verify and notify MDA.
- MDA proceed to top up.
How to Fund CBN eNaira Wallet for Individual, Business, Government MDAs and Foreign Exchange
eNaira as you may have known is a digital currency that provides a unique form of money denomination in Naira, the Digital currency is issued by Central Bank of Nigeria which serves as both a medium of exchange and a store of value, eNaira offers a better payment prospects in retail transactions when compared to cash payments.
The question now is how can you fund your eNaira Wallet after signing up? whether you want to start saving, pay bills or even investing in the eNaira, it all begins with funding your eWallet. The process is easy and fast, there are also three different options you can choose from,
Below is a details step-by-step guide of how to fund your CBN eNaira Wallet.
Individuals – Funding your eNaira wallet from the same bank
- Login into your regular bank application.
- Initiate transfer to your eNaira wallet tied to the bank account on that bank.
- Get notification on your eNaira wallet.
Funding eNaira wallet from an account in a different bank
- Login to your regular bank app.
- Initiate transfer to your eNaira wallet by selecting your eNaira wallet (tied to the other bank different from the fund source).
- Get notification for the alert in your e-wallet.
Cash to eNaira Wallet Funding
- Cash holder hands over cash to an eNaira verification agent/Bank branch/SANEF.
- Agent login to eNaira wallet.
- Transfer cash equivalent to consumer’s eNaira wallet.
- Fund owner receive notification.
Carrying out Foreign Exchange deposit to your eNaira wallet
- Diaspora regular account holder log in to your customer FX bank account (e.g., HSBC).
- Transfer funds into International Money Transfer Operators’ (IMTO) FX bank account (e.g., Barclays, Western Union).
- Login to your IMTO eNaira wallet.
- Transfer from IMTO eNaira wallet to consumer eNaira wallet.
- Beneficiary receive notification.
How to Fund CBN eNaira Wallet
Businesses – Funding your eNaira wallet
- You login into your eNaira wallet.
- Initiate transfer to merchant eNaira wallet.
- Merchant receives notification of transfer.
Government MDAs – Funding your eNaira wallet
Citizens Paying Fee/Due to Government MDAs
- Login to your eNaira wallet.
- Initiate transfer to eNaira wallet of MDA (Ministries, Departments and Agencies) of Government.
- MDA receive notification.
Conclusion about How to Sign up and Fund CBN eNaira Wallet
Signing up for eNaira is very easy and fast just like signing up for Facebook, Instagram or any other social network, in fact to sign up for eNaira you only need basic information like your Bank verification Number (BVN), Names, email and a Nigerian Bank Account, eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money.
Haven signed up for eNaira you’ll need to fund your eWallet to enjoy all it’s benefits, you can fund your eNaira wallet with cash via accredited agents or with your mobile banking app, to fund your wallet via your banking account all you need to do is Initiate transfer to your eNaira wallet tied to the bank account on that bank, if it’s a different bank you Initiate transfer to your eNaira wallet by selecting your eNaira wallet (tied to the other bank different from the fund source).
In addition, the embedded security token system makes your information unreadable to fraudsters because tokens are randomly generated every time you make a payment. Now that’s the end of this article about How to Sing up and Fund CBN eNaira Wallet via Afrokonnect.
