January 29, 2022

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eNaira (CBDC) Wallet Meaning and Key Explanations

eNaira (CBDC) Wallet Meaning and Key Explanations
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eNaira wallet or central bank digital currency has a wallet. Also called e-wallet or electronic wallets. The wallet is in the eNaira app called Speed. It stores and uses digital currency from the wallet. In this article, let’s define this term and explain it in detail.

Definition of eNaira Wallet

eNaira wallet is digital or electronic storage where the central bank’s digital currency is stored and used as a medium of exchange. It can also be defined as a digital address where the individual can locate his/her CBDC or eNaira.

Key Explanations of eNaira Wallet

The eNaira wallet is electronic or digital storage. The wallet can only be found in the app that holds all activities that can be done with the eNaira. For Nigeria CBDC, the name of the app is “speed.” The mobile application can be downloaded anywhere in the world through Google Play Store or Apple Store.

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What you need is a smartphone, electricity to power the phone and a good internet connection. This implies that the wallet or purse can be assessed anywhere in the world. And that you can own the eNaira anywhere you go.

It is from the digital purse you can use the digital currency. Generally, it stores your electronic money. Just like a physical purse or wallet. Then from there, you can trade (buy or sell items/services) or invest the stable coin anywhere you go. You can use the eNaira through a digital address. Just as it is in cryptocurrencies. Or through a barcode or a link made available in-app. This depends on what is available in the app.

The benefit of the eWallet

According to the central bank of Nigeria, eNaira will have zero transaction costs. Unlike banking and fintech apps where you pay additional fees for using the app. For example, you buy a dress from an e-commerce store for 20,000 Naira. On the speed app, you only pay this amount. However, in banks and fintech apps, you will be charged an extra fee known as a convenience fee.

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With the eNaira wallet borderless transaction is also possible without transaction cost attached to it. Family members, relatives, and friends can send money anywhere in the world with zero transaction fees.

Conclusion

In summary, the eNaira wallet is like a purse in your pocket. From there you can buy, sell or invest with the amount of digital currency in it. The e-wallet can be assessed through a digital address, barcode, or a link provided in the app. Finally, the primary benefit of using the digital purse is that there will be no transaction fee.

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