A year on since that October 2021 launch, adoption of the digital currency is still very low amongst Nigerians. The app has just 500k downloads on the Google store with lots of negative reviews from unimpressed users.

eNaira is not a cryptocurrency, it is marketed as the digital version of the country’s existing currency by the CBN. The project might have some advantages to the CBN as it will enable the apex bank to reduce the number of physical banknotes it circulates. But to the end user, the eNaira app does the same things your bank apps already do with better efficiency. For starters, most users complain that the app does not allow them to convert or transfer money in their eNaira wallet to a bank account, and also, there are no payment features on the app. The only thing the app does is allow transfer from one eNaira wallet to another.

According to the CBN Governor, Godwin Emefiele, eNaira has recorded 700,000 transactions valued at N8 billion since its inauguration on Oct. 25, 2021. These numbers are far from impressive considering that Nigeria has a population of over 200million people and over half of which are mobile internet users. The reason for this slow pace of adoption is large because most people have bank apps on their phones that do what the eNaira is supposed to do more efficiently. Some bankers have even been accused of discouraging their customers from transferring funds to their eNaira wallets.

The eNaira app

The eNaira app is available for download from either the iOS Store or Google Play Store. While the iOS Store does not show the number of downloads, as of the time of filing this report, the eNaira app has recorded over 500,000 downloads on the Google Play Store.

The CBN recently updated the app into what it called eNaira Speed Wallet App (Combo), making it a single app for consumers and merchants. According to the bank, the app was redesigned to meet users’ expectations concerning usability (UI/UX), security, variety of other features that make their experience on the app worthwhile and proudly Nigerian content.

Key features of the app

• Two Apps in One: The new version of the app is now a combo wallet app. In other words, the consumer and merchant wallets are now accessible on the same app. For those who have both wallet types, now you can download the single eNaira speed wallet app on your phone.
• 10 Digit Wallet ID: The CBN has introduced a 10-digit Wallet ID just like NUBAN for all wallets which can be used to log in to eNaira Wallet and make and receive payments.
• Multi-Theme: Light, Dusk, and Dark themes are available, making it possible for users to change their themes to what they prefer.
• Multilingual services: The new eNaira Speed Wallet App now supports three major Nigerian languages and one foreign language – Yoruba, Hausa, Igbo & French.
• Personalization: Profile Pictures have also been introduced. Users can now upload their pictures on their profile notifications, subscribe to SMS notifications, and so on.
• Security Features: The eNaira Speed Wallet comes with improved security features to ensure the safety and privacy of our users. Users are now required to create 4-digit PIN (Personal Identification Number) codes to approve transactions with a unique password/biometric (fingerprint) authentication for login and a PIN to authorize transactions.

What other users are saying about the eNaira app

While the level of adoption of the digital naira has been slow, the eNaira app has seen a surge in users over the past few months. However, the experience has not been smooth for many, as the app suffers glitches and bugs that keep users complaining about one problem or the other. Here’s what the users are saying through their reviews of the app on Google Play Store:

Njubemere Okazu wrote, “I downloaded the app and after signing up with all the required details. I tried logging in with my e- mail and password which was the only option available for logging in, but was told invalid username or password. But when I was signing up there was no provision where I can input my e- mail address. If anyone has similar experience can they tell me what they did and they were able to sign in. I am waiting for your timely response. Thanks.”

Duke Terry II wrote, “Very bad experience ever since the time I put some money in the wallet I’ve been trying to get it out time and time again but I can’t do so, emails I’ve been sending are yielding absolutely no result and despite how many times I call I don’t get a response. Please I want to get my money out this is nothing but a scam as far as I’m concerned. There are other merchants out there but I’ve never had this level of difficulty for months like with you people. I will never use this app for anything.”

Gozie Ilorah wrote, “For many weeks it’s impossible to set up transaction pin cause the system can’t recognize password……I received a reply to this review with advice to go to settings and “clear cache” and “reset password.” After doing that I still can’t setup transaction pin. Going through reviews it’s clear that many other people have the same issues after following CBN advice and yet CBN still refuses to find solution…I have reduced my rating of this app to one star because there is no option of “no star.”

Bottomline

The eNaira app is basically your bank app that is owned and controlled by the CBN. It performs the same function except less efficiently and comes with the disadvantages of not having a payment gateway, cash withdrawal is difficult, and you can only make transactions from one eNaira account to another.

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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

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The Central Bank of Nigeria (CBN) has postponed the official launch of its controversial digital currency, the eNaira.

According to the CBN spokesperson, Mr Osita Nwanisobi, the decision to postpone the unveiling of the E-naira, scheduled for October the 1st, was made to avoid any distractions from the country’s 61st Independence Day celebration.

Nevertheless, the CBN has assured Nigerians that the bank and other partners are working to ensure a seamless process for the benefit of all.

The eNaira is a central bank digital currency (CBDC) issued by Nigeria’s Apex bank. It is supposed to run on blockchain – the technology that powers most crypto currencies including Bitcoin.

Only two countries in the world have so far issued a digital version of their currency, China and the Bahamas. Nigeria was scheduled to be the third in the world, and first country in Africa to issue a digital currency.

Meanwhile, no new date has been announced for the launch.

The post eNaira: CBN Postpones Launch Of Digital Currency Indefinitely appeared first on AFRICA EXPLAINED.

The Central Bank of Nigeria (CBN) has postponed the official launch of its controversial digital currency, the eNaira.

According to the CBN spokesperson, Mr Osita Nwanisobi, the decision to postpone the unveiling of the E-naira, scheduled for October the 1st, was made to avoid any distractions from the country’s 61st Independence Day celebration.

Nevertheless, the CBN has assured Nigerians that the bank and other partners are working to ensure a seamless process for the benefit of all.

The eNaira is a central bank digital currency (CBDC) issued by Nigeria’s Apex bank. It is supposed to run on blockchain – the technology that powers most crypto currencies including Bitcoin.

Only two countries in the world have so far issued a digital version of their currency, China and the Bahamas. Nigeria was scheduled to be the third in the world, and first country in Africa to issue a digital currency.

Meanwhile, no new date has been announced for the launch.

The post eNaira: CBN Postpones Launch Of Digital Currency Indefinitely 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.

The Nigerian government has concluded plans to issue its own digital currency. And understandably, this has left many Nigerians asking questions such as is Nigeria launching its own Bitcoin? Is the Naira going to be as valuable as the dollar? Are we now going to save our Naira on crypto exchanges?”

In this explainer, we’ll brake down what crypto currencies are and how they work, what eNaira is and how it’s supposed to work. To be honest, eNaira seems like another bad idea and just a pure waste of resources from the Nigerian government!

What are crypto currencies and how do they work?

Crypto currencies have grown in popularity over the years. One of the most notable being Bitcoin, the first successful version, created in 2009 by the elusive Satoshi Nakamoto.
Its popularity stems largely from the stories of people who made huge sums of money investing it and ironically those who lost money through it.

The technology behind every crypto currency is called the Blockchain, here is how it works – when a transaction is made, several computers compete to solve complex mathematical equations in a process called mining, the winner wins the right to record the transaction (deduct the value of the transaction from the seller’s wallet and add it to the buyer’s wallet) in a ledger, the ledger is then validated and stored in the Blockchain. The winning computer usually gets some reward, in the case of Bitcoins, one twelfth of a Bitcoin for each ledger added to the Blockchain.
The whole idea of crypto currency is to eliminate government’s control over money. Anyone can buy and sell them, and anyone can become a miner. And unlike your wallets with government regulated banks that can identify with your BVN and other KYC documents attached to it, cryptos are completely anonymous, the only identifier on your wallet is your unique alphanumeric code which cannot be traced.

What is the eNaira?

At a Senate hearing in February, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, famously described crypto currencies as ‘money out of thin air.’

In an interesting turn of events, the CBN is using the technology behind this “money out of thin air” to create the eNaira. It revealed on July 22, 2021, that the pilot scheme for the project will begin.

eNaira is a central bank digital currency (CBDC) that will be issued and controlled by the Nigerian government. It works differently from a cryptocurrency like Bitcoin. Cryptocurrencies are not controlled by a singular entity. The creation and distribution of Bitcoin is decentralised meaning anyone can participate.

Is the eNaira a crypto currency?

No eNaira is not a cryptocurren. While it might share similarities with cryptocurrencies — running on a Blockchain for example — eNaira not necessarily a crypto currency.

What the CBN is trying to do basically is to turn our Naira fiat currency into a currency that is designed for the internet.

Simply, eNaira is a currency created digitally to facilitate digital transactions. While we can already perform digital transactions with the Naira, the eNaira does not need to be backed by physical cash.

Why is Nigeria launching the eNaira?

following the boom of cryptos like Bitcoin, CBDCs are trending and countries want in on the action. Over 80 countries are testing and researching the possibility of a central bank digital currency.

As at February this year when the CBN put a ban on crypto currency trading in Nigeria, the country ranked second globally in crypto currency use. This made the CBN to be fearful of the traction cryptocurrencies were getting. The apex bank feared that Nigerians might dump the country’s Fiat currency, which has been loosing value for some time now for cryptos.

According to the CBN, the apex bank says the objective of the eNaira is to aid financial inclusion, improve payment efficiency, improve revenue and tax collection, targeted social interventions, amongst other objectives.

How will the eNaira work?

Unlike bitcoins where anyone can become a miner and record transactions in the Hyperledger Blockchain, the miners of eNaira will be tightly controlled and regulated by the CBN.

The CBN will grant licenses to banks and fintech companies to mine the digital currency and create wallets for customers, while the Nigeria Inter-bank Settlement System (NIBSS) will most likely be used to settle any disputes that arises.

Financial institutions will play roles in identity verification, payment processing amongst other things.

Can the government monitor transactions with the eNaira?

Yes, the government can monitor all eNaira transactions on the Hyperledger Blockchain. Unlike bitcoins and other cryptos, the government can track who is buying and selling the eNaira.

Conclusion

The eNaira is not a crypto currency, it is just another digital means of payment. Cryptos where created as a way to evade government surveillance and protect people’s money from the volatility arising from government’s inefficiency and corruption.

The eNaira will still give government the ability to track its users and also the ability to control and influence it. This is what makes the eNaira everything cryptos where created to stand against.

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