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What do I need to know about eNAIRA?

Although it is no longer news that eNaira has been launched, we are, however, still in the phase of learning and finding out more about the values and benefits of eNaira to all stakeholders.

As a financial platform interested in providing unending values to our users continuously, we found it very important to have a look at the areas that will benefit users in the domains related to loan financing. In this article, we would be examining the eNaira and its impact on influencing loan financing in Nigeria, while we further delve into the general benefits of eNaira and why it is one of the most advanced systems in Africa.


The eNaira is Nigeria’s CBD, a legal tender, and a digital equivalent of the physical naira. It is the same naira with far more possibilities. The eNaira has the same value (exchange at 1 Naira to 1 eNaira) as the physical naira and is owned and regulated by the CBN.
The Nigerian federal government through the CBN launched its creation and adoption of the country’s digital currency, eNaira some days ago, with the goals of driving a digital economy, rapid financial inclusion, and strengthening the CBN’s cashless policy. With the growing interest in digital currency,


Part of the key benefits of the eNaira is financial inclusion, which simply is the availability and equality of opportunities to access financial services. This means that the processes by which businesses and individuals can now access financial products and services will be more timely, cheaper, and secure across borders. These financial services of course would include banking services, loan financing, equity, insurance, etc.
Amidst several criticisms and conflicting opinions of many Nigerians, the eNaira by the CBN should be applauded. The eNaira has the potential of making a significant positive impact in Nigeria’s payments ecosystem and may truly be a game-changer.
Here’s why…

The eNaira will Facilitate Diaspora Remittance in Nigeria.

This is good news for businesses, individuals, families, non-governmental organizations (NGOs), and religious institutions as they can now accept diaspora payments and/or receive financial support/interventions through their eNaira account. This will increase the customer base for financial Nigerian businesses and institutions.
Up until the advent of the eNaira, most international business success rates and life span consistently battle with issues around the volatility of foreign exchange, international payments processing, etc., which makes it difficult to run a business in Nigeria. With the eNaira, you can now receive funds directly from IMTOs into your eNaira wallet.

The eNaira is Secured

With the cryptographic encryption and two-factor authentication features built into the eNaira platform, you can relax and rest easy without fear of any intrusion (provided you do not expose your key information and credentials). In addition, the CBN implemented secure and safeguarded policies to maintain the integrity of the eNaira platforms.
The eNaira has been speculated to be a useful tool for promoting cross-border transactions for individuals and businesses, which will, in turn, provide stability to the country’s payment ecosystem and most importantly, extend financial inclusion.
In addition to the above benefits mentioned, the eNaira will:
• Support a resilient payment ecosystem
• Reduce the cost of processing cash
• Encourage rapid financial inclusion
• Enable direct and transparent welfare interventions for Nigerians
• Reduce the costs of financial transactions
• Increase revenue and tax collection
• Improve the efficiency of payment and drive financial inclusion in Nigeria
• Reduce the costs of financial transactions
• Increase revenue and tax collection
• Improve the efficiency of payment and drive financial inclusion in Nigeria

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