The LIT FirstBank Mobile App features

• View your accounts and its activities
• Download your account statement and send to email
• Initiate transfers to own accounts, FirstBank Accounts and Other banks
• Buy airtime, data and pay bills
• Get a Loan
• Request and manage your virtual cards
• Set up Scheduled payments
• View BVN
• Generate receipt for new and old transactions
• Make complaints
• Initiate and complete multiple transfers
• Manage beneficiaries
• Manage profile activities
• Manage devices
• Manage your cards on channels
• Send and receive eNaira, manage your wallet in-app.

How to Download the LIT FirstBank mobile app APK

• Download the LIT App available on the Google Playstore and App store on iOS.
• If you’re already a FirstBank customer, register with you 10 digit Nuban account number and your ATM card details.
• A one-time password OTP will be sent to your phone to confirm your details.
• RV06UHLB. Copy and use our referral code to qualify for some welcome points.

Is LIT FirstBank mobile app legit or scam?

Yes, LIT FirstBank mobile app is legit and safe. It is the app from FirstBank Nigeria limited and your details are secured with the security of your transactions guaranteed by the bank.

What LIT app can improve?

The LIT FirstBank mobile app functions much like the old FirstMobile app but is lighter. Without a strong network connection the app is prone to transaction timeouts.

These timeouts can be annoying as you would have to relogin with your username and password every time. The app does not save your password so you have to type every time.

The loan feature on the LIT app, tho much improved still offers lenders that give borrowers loans with 7 days tenure. The loan is not coming from FirstBank but merely connects you to other lenders.

What are the requirements?

• Be a legal citizen or legal Resident of Nigeria
• Be at least 18 years old.
• Be a FirstBank customer and have an ATM card.

The post LIT FirstBank app review: New mobile app from FirstBank appeared first on AFRICA EXPLAINED.

The president boasted that the digital currency would add $29 billion to the country’s economy in 10 years. But barely three days since it went live, everything that could possibly go wrong, has went wrong for the eNaira project. 

First, the CBN which everyone thought were the sole owners and controllers of the project said it will not bear any liability for any interruption, loss of revenue or loss of services arising from the use of the eNaira website. It doesn’t make for a good first impression when a service provider tells you you’re on your own should anything go wrong.  

The limitation of liability on the CBN’s website read, “In no event will the CBN or its directors, officers, employees, independent contractors, affiliates or agents, or any of its or their respective service providers, be liable to you or any third party for any use, interruption, delay or inability to use the eNaira website, lost revenues or profits, delays, interruption or loss of services, business or goodwill, loss or corruption of data, loss resulting from system or system service failure, malfunction or shutdown, failure to accurately transfer, read or transmit information, failure to update or provide correct information, system incompatibility or provision of incorrect compatibility information or breaches in system security, or for any consequential, incidental, indirect, exemplary, special or punitive damages, whether arising out of or in connection with the use of the eNaira website.”

Then on Wednesday, barely about 48 hours after the launch, and with about 100k downloads: most of them leaving angry and negative reviews, the eNaira wallet was removed from the Google Play Store.

A CBN spokesman explained what happened to reporters by saying “There is an upgrade going at the moment by Google; try in the next few hours.”

What exactly is the eNaira?

The eNaira is the digital version of the Naira, it is a central bank issued digital currency (CBDC). If this doesn’t make sense to you, that’s because the whole thing doesn’t make much sense and no one really understands what the eNaira is or what it is supposed to achieve. 

See, the Naira is already a digital currency. Consider this, the money in your bank account, you can make payments with it through digital transfer without needing to pay for stuffs with physical cash. The use of POS payments, payments through the multiple digital wallets we already have, all of these have already made the Naira a digital currency!

One key difference the CBN is marketing about the eNaira is that the currency is not backed by physical cash, meaning if you have your money in eNaira you cannot withdraw cash from an ATM and if you’re transacting with a merchant that doesn’t take the eNaira or only takes cash, well..

This seems more like a disadvantage, because while the regular Naira can perform all the transactions of the eNaira, the eNaira doesn’t give you access to physical cash which is still very much in use in today’s Nigeria. 

The CBN also says the eNaira is supposed have its own Blockchain: the technology that powers most crypto currencies. 

Here is how the Blockchain works, when a transaction is carried out on a network like Bitcoin, several computers compete by solving complex mathematical equations. The winner wins the right to record the transaction in the hyperledger called the Blockchain and they get some predefined reward. 

In the case of the eNaira, the CBN has said it will be the exclusive keeper of all records, meaning there are no computers competing against each other like they do to record most crypto currency transactions. 

This means while users of cryptocurrencies are mostly anonymous, the CBN will know who exactly is buying the eNaira and how much they are buying: they’ll ask for your BVN, phone number, address and other details at the point of registration. 

The eNaira is a failing project for a multitude of reasons, people dont know exactly what it is or what it is supposed to do exactly and the CBN has been very limited with the explanation it has given the public since the project began. 

While the eNaira can pass as a digital currency, it is definitely not a cryptocurrency.

Cryptocurrencies became very popular in Nigeria before the government banned it, a lot of would be users who erroneously thought of the eNaira as a digital currency will realize that it is not, and that would further compound the problems the currency is already facing.  

Then there is the political reason, overwhelming majority of Nigerians hate their politicians.

A politician like Muhammadu Buhari earned his faith when his government announced a ban on cryptocurrency transactions in the country earlier this year. Most of the negative reviews that forced Google to remove the eNaira app from its Playstore is in some ways a payback for the government’s earlier actions. 

To understand what the eNaira is, it is important to understand what it isn’t. It is not a crypto currency. It does not have any special features that the Naira does not already have. It is just another digital wallet that everyone already have one of those on their phones anyways.

FAQs

The post Why the eNaira digital currency is failing appeared first on AFRICA EXPLAINED.

The Central Bank of Nigeria has concluded plans to launch and release the eNaira App for public use starting October 1. The eNaira is a central bank Digital currency (CBDC) issued by Nigeria’s Apex bank to counter the rise and wide spread use of crypto currency such as Bitcoin in the country.

CBN says the eNaira will be minted by licensed fintech companies, and it’s hyperledger will be recorded on blockchain – the same technology that powers most crypto currencies.

How to download the eNaira app

The eNaira app is not yet available for download, it will go live on October 1 when the app will be available for public download via the Google Play Store for Android users and on Apple store for iOS. When live, customers can download the app and create a wallet to store their digital currency.

How to create and Requirements for creating an eNaira wallet.

To create a wallet to hold your eNaira coins, you have to download the app from your respective app stores. Here are the requirements for unboarding:

• National identification number NIN, Biometric verification number BVN,
• Identification details (i.e., Name, Place and Date of Birth, Phone Number)
• Passport Photograph
• A valid Email address.

eNaira Features

Unified Payment System
Customers can now move money from their bank account to their eNaira wallet with ease.

Contactless Payment
Customers can make in-store payment using their eNaira wallet by scanning QR codes.

Bank Account Management
Customers can monitor their eNaira wallet, check balances and view transaction history.

Peer-to-Peer Payment
Allows users to send money to one another through a linked bank account or card.

Growth
eNaira fosters Economic Growth by offering easier access to capital and financial services thereby increasing economic activities at low/no interest transaction rate.

Remittance
eNaira provides a secure and cheaper diaspora Remittance option and an increase in the speed of such transactions.

Monitoring
eNaira’s traceability limits its use for illicit or fraudulent purposes.

Welfare
eNaira enables effective, equitable, and faster distribution of cash assistance to households and communities included in government Social Welfare Programs.

Inclusion
eNaira will accelerate Financial Inclusion.

Trade
eNaira increases Local and International Trade by making transactions cheap, safe, quick, and better.

Security
eNaira has a stronger security because it cannot be forged or counterfeited as a result of its unique identity and security structure.

Revenue
eNaira aids Revenue collection by reducing cash handling costs.

What is the eNaira website?

The official eNaira website is www.enaira.com, the Central Bank has not chosen the usually .gov.ng extension that most government websites have perhaps because it aims the eNaira to be a global currency. Anybody in any part of the world can hold and transact with the eNaira.

Is eNaira a good investment asset?

The eNaira is not an investment option. It does not yield interest, the CBN warns on its website.
Unlike most cryptos that are completely decentralized, volatile and can appreciate in value, the eNaira is just the digital version of the Nigerian Naira. Its value is tied to the Naira and is therefore just a means of exchange and not an investment asset.

The post eNaira App Download: how to download, use and create eNaira wallet appeared first on AFRICA EXPLAINED.