CBN Launches E-Naira Wallet (Cryptotvplus) | How To Use E-naira Wallet

CBN Launches E-Naira Wallet (Cryptotvplus) | How To Use E-naira Wallet: The Central Bank of Nigeria has come up with an operational module to give the Naira a stable value, CBN officially released guidelines to kick-start the e-naira cryptotvplus wallet  

If all go according to plan, the e-naira will be a legal tender that will be generally accepted in the country as a means of exchange

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The E-naira platform will be supported by five key stages

Retail Consumer Suite;

  • Features user-centred designs for a great user experience.
  • The architecture will be expandable to enable innovation; features advanced privacy and security.
  • The proposed transaction cost for the e-Naira wallet was also outlined by the Nigerian Central Bank.
  • The digital currency infrastructure does not charge for user-to-merchant transactions and P2P wallet transactions.
  • It shall be the responsibility of Nigerian banks to promote and market the centrally issued digital currency as a cash alternative to existing and potential customers in support of the Nigerian apex bank’s goal for financial inclusion.

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Monetary Authority Suite;

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The CBN will supervise the monetary authority, which encompasses:

  • Issue,
  • Distribute,
  • Redeem And
  • Destroy The Currency.
  • Store Data On A Cloud Server,
  • Monitor And
  • Analyse Currency Transactions.

Financial Institution Suite;

The registered financial institution will:

  • Be able to request currency or issue stablecoins,
  • Manage digital currency across branches, KYC,
  • Identify and AML compliance capability.

eGovernment Suite;

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Merchants will provide

  • low-cost payment
  • Business management software,
  • POS,
  • Remote payment solutions,
  • online capabilities
  • Ransaction analysis and
  • Reconciliation.

Speed Wallet’

The wallet will play a role of cryptotvplus, it will “serve as a means to transact value, pending when banks and other innovators can provide their own wallets.”, and will by no means, complete with financial Institutions

This will come into effect 1st October, 2021-the nation’s independent day celebration. The Speed Wallet will have three levels:

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The Frist Level Wallet

  • This is designated for Nigerians without bank accounts.
  • A passport photograph, name, place & date of birth, gender, address and phone number.

The Second level wallet

  • Users on the other hand must “own an account with an existing bank.”
  • Users at this level “can only send and receive $400 [N200,000] daily with a cumulative balance daily of $1,000. [N500,000.]”
  • The minimum requirement for this level is a Bank Verification Number (BVN).

The Third Level Wallet

  • Its allows transacting daily to the tune of $2,000 with a cumulative balance daily of $10,000.
  • Having a BVN is the minimum requirement.

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