eNaira Wallet: Types Of eNaira Wallet Account, Limitations

Your eNaira wallet offers a great way of making purchases with retailers on-site, transferring, or sending money while tracking rewards programs. 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 payment.

Another Tori4Town: eNaira: What You Should Know About Digital Naira

As a digital currency that is issued and regulated by the Central Bank of Nigeria, the eNaira wallet comes in various account tiers for different customers and each account have its own account opening process, requirements, and transaction limitations.

How To Create eNaira Wallet For Individuals

  1. Download the eNaira app.
  2. Enter invitation code received from the bank.
  3. Enter minimum identification details (i.e., NIN, BVN, or KYC/AML Information, depending on the customer tier you are).
  4. Enter other identification details (i.e., Name, Place and Date of Birth, Phone Number, Passport Photograph, Email, and Password).
  5. Minimum ID is validated.
  6. You receive a notification from your financial institution.
  7. Log in to account

Types Of eNaira Wallet, Requirements And Limitations

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

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

How To Create eNaira Wallet For Businesses

  1. Merchant downloads the eNaira Mobile App.
  2. Enters invitation code from the bank and validates it.
  3. Enters minimum identification details (i.e., Full KYC as stipulated in the CBN’s AML/CFT Regulations).
  4. Enter your TIN (Tax Identification Number).
  5. TIN is verified, enter other identification details (i.e., email, password, Business Category, Legal Business Name).
  6. Financial Institutions verifies application.
  7. eNaira wallet created and activated.
  8. Merchant and Financial institutions receive a notification.

Businesses will use the Tier Four (Customers with regular spending abilities)

How To Create eNaira Wallet For Government MDAs

  1. Merchant downloads the eNaira Mobile App.
  2. Enters invitation code from the bank and validates it.
  3. Enters minimum identification details (i.e., Full KYC as stipulated in the CBN’s AML/CFT Regulations).
  4. Enter your TIN (Tax Identification Number).
  5. TIN is verified, enter other identification details (i.e., email, password, Business Category, Legal Business Name).
  6. Financial Institutions verifies application.
  7. eNaira wallet created and activated.
  8. Merchant and Financial institution receive a notification.

Government MDAs will use the Tier Four (Customers with regular spending abilities).

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The Author

tori4town

Tori4Town is the print name for one of the authors of the Tori4Town news platform. An engineering student who derives satisfaction writing about trending news stories.

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