How to Become an eNaira Merchant in Nigeria and make more Money

The eNaira is a digital currency initiated by the Central Bank of Nigeria and approjved by the Federal Government to help improve the monetary value.

The currency will be using a medium of exchange and will be generally acceptable in the world.

Becoming an eNaira Merchant will pave the way to creating a passive income while you focus on your career.

Note, the eNaira will only be allowed to be distributed by the Central Bank of Nigeria, commercial banks, and eNaira merchants.

This will be an opportunity for those who are unemployed and want to create a business for themselves.

Just like the Point of Sale (POS) business we have all over the country today, that the mode of operation, the eNaira merchant will carry out transactions but in a digital format.

How To Become An ENaira Merchant In Nigeria

To become an eNaira merchant, you have to go to your bank and talk to the customer care service and request the eNaira merchant application form which will attract zero charges.

The form will be provided and you are expected to provide all the necessary information to qualify you to become a fully approved eNaira Merchant.

Who Is An ENaira Merchant?

A Merchant is a person to whom some or all aspects of the postal outlet have been delegated
by a higher merchant, e.g. the Commercial Bank.

ENaira Application And Approval Requirement

Any financial institution that wishes to engage in eNaira merchant shall submit an application for approval to the CBN. The application shall clearly state the extent of the merchant activities and responsibilities of the relevant parties.

The application shall be submitted to the Office of the Director, Banking & Payments System
Department, CBN, Abuja.

All applicants shall supply information to the CBN as may be required from time to time.

Information required by the CBN to become a licensed eNaira Merchant shall include:

1. Name of the applicant
2. Postal Address/email
3. Business Address
4. Telephone number
5. Company Registration Number/certificate
6. Bank Verification Number
7. Know Your Customer (KYC) information

Activities To Be Carried Out By The ENaira Merchant

1. eNaira deposit and transfer
2. Bills payment (utilities, taxes, tenement rates, subscription, etc.).
3. Payment of salaries.
4. Balance inquiry.
5. Generation and issuance of the mini statement.
6. Agent mobile payments/banking services
7. Repayment of loans.
8. Collection of bank mail/correspondence for customers.
9. Any other activity as the CBN may from time to time prescribe.

In August, the Central Bank of Nigeria (CBN) announced that Bitt Inc., an international fintech firm, has been appointed as the Technical Partner for its digital currency, dubbed eNaira, which would be presented later this year.

Bitt Inc is a financial technology business that uses blockchain and distributed ledger technology to enable safe peer-to-peer transactions with seamless mobile money across Bitt’s software and mobile apps

How to Become an eNaira Merchant in Nigeria and make more Money

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