The central bank of Nigeria is now independent due to the development and growth of several cryptocurrencies around the globe. digital currency So called-Naira.
The Nigeria appex bank CBN has revealed the official wallet for its digital currency, e-Naira, the Speed Wallet.
What is Speed Wallet?
According to the Central Bank, the Speed Wallet is designed to allow the Central Bank to meet its October 1st timeline.
Although the wallet won’t compete with existing banks, it will allow you to transact value. This is pending until banks and other innovators have their own wallets.
Transaction Limits & KYC for the Speed Wallet
There are three levels to the Speed wallet. Users without a bank account can use the Speed Wallet at the first tier. Users will need to submit a passport photo, name, address, date, and gender.
For Send & Receive, there is a daily limit of N50,000. The minimum requirement to use the Wallet at this level of the Wallet is a telephone number that will be validated with a National Identity Number (NIN). Cumulative Balance Daily is set at N300,000.
How E-Naira works
Tier 2 wallet users must have an existing account at a bank. This level allows users to send and receive N200,000 per day with a Cumulative Daily Balance of N500,000. The minimum requirement for this level of service is the Bank Verification Number, BVN.
The third Tier permits daily transactions up to N1,000,000, with a Cumulative Balance Daily of approximately N5,000,000. BVN is the minimum required.
Merchant Level allows you to transact daily (SEND/RECEIVE). N1,000,000. Merchants have unlimited money transfers to their bank accounts. The CBN AML/CFT Regulations stipulate minimum requirements for KYC.
Use Speed Wallet/E-Naira at a Cost
The Central Bank announced that the wallet will be free for both Merchants and Customer wallet users.
There were two question marks for two cost questions. These were Transfers from Wallet into Bank Account and Cash withdrawals at Agent/Merchant locations. These two cost centers were not explicitly mentioned.
The e-Naira was declared a National Critical Infrastructure. It will now be accessible to corporate accounts.