This is the Benefit of eNaira to Bank Customers - EcoBank NG

 Written for BusinessPost.NG in 2021

Man holding Mobile With the ENaira App on

An intensive sensitization aimed to explain to customers of Ecobank Nigeria the inherent benefits of the e-Naira has commenced.

Last month, the Central Bank of Nigeria (CBN) launched the digital version of the Naira, and residents of Nigeria were told to download the mobile app created for the smooth running of the electronic currency.

The e-Naira wallet would be operated in conjunction with financial institutions licensed by the apex bank and Ecobank Nigeria, as part of its efforts to make Nigerians embrace the initiative, is sensitizing its customers on the reason they should use the electronic legal tender.

The e-Naira is a Central Bank Digital Currency (CBDC) that can be used just like cash while the e-Naira wallet is a digital storage that holds the e-Naira. The e-Naira wallet is required to access, hold, and use the e-Naira.

The Head of Consumer Banking at Ecobank Nigeria, Mrs. Olukorede Demola-Adeniyi, said the bank decided to create massive awareness among its customers because of the benefits to both individuals and businesses, disclosing that the bank has also created a dedicated information page for customers to access vital information regarding the policy and how they can easily sign up for the wallet at https://www.ecobank.com/ng/enaira.

e-Naira is the Nigerian digital currency issued and regulated by the Central Bank of Nigeria (CBN). It has the same value as the physical Naira and guarantees simple, safe, and fast transfers and payments anytime and anywhere. Think of it as the same Naira but digital, borderless, and with more possibilities, she stated.


Further, she listed other benefits of the e-Naira including support for the digital economy, thereby leading to improved economic activities. She noted that it will also simplify and facilitate easy cross-border payments and trade.

Mrs. Demola-Adeniyi stated that the e-Naira will bring about financial inclusion and improve the effectiveness of monetary policies, reiterating that the e-Naira will circulate alongside cash, as it will complement cash as a less costly, more efficient, generally accepted, safe, and trusted means of payment.

To sign up, she urged customers of the bank to “visit the Google Play Store or Apple AppStore to download the e-Naira Speed Wallet or Merchant Speed Wallet App; click on sign up, select Ecobank and enter the required information.

She stated that Ecobank has carried out various sensitization activities both internally and externally. She also confirmed that the Ecobank Mobile app has the eNaira menu under the Transfers section to facilitate easier digital payments.

In addition, customers can fund their wallets directly from the Ecobank Mobile app.

She enjoined merchants, especially, to sign up for the e-Naira Merchant Speed Wallet App to enable them to receive payments seamlessly and position their business for better profitability.

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