How To Become An eNaira Merchant

Following the launch of the CBN eNaira digital currency portal, a lot of potential customers have been asking questions about How To Become an eNaira Merchant. So we decided to create this post to guide you through the process of becoming an eNaira Merchant.

What is eNaira and eNaira Marchant

a. eNaira is a central bank digital currency (CBDC) issued by the Central Bank of Nigeria as a legal tender. It is the digital form of the Naira and will be used just like cash.

b. eNaira Merchants are individuals or businesses authorized by the CBN to render eNaira service to potential customers. eNaira Merchant must have a physical outlet for operation.

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How to Become an eNaira Merchant

To become an eNaira merchant, you will have to contact your bank's customer service department and request the eNaira merchant application form, which is free of charge. The form will be provided, and you will be expected to fill it out completely in order to qualify as a fully recognized eNaira Merchant.

Application and Approval Requirements

Any financial institution wishing to participate in the eNaira merchant must submit an application to the CBN for approval. The scope of the merchant operations and the duties of the relevant parties must be clearly stated in the application.

The application should be sent to the CBN’s Directorate of Banking and Payments System Department in Abuja. All candidates must provide the CBN with any further information that may be requested from time to time.

The following information is required by the CBN in order to become a licensed Merchant:

1. The applicant’s name

2. Telephone number/address for correspondence/email

3. Number/certificate of the company’s registration

4. Number for Bank Verification

5. Information on Know Your Customer (KYC)

6. The eNaira Merchant's responsibilities include eNaira deposit and transfer.

7. Payment of bills (utilities, taxes, tenement rates, subscription, etc.).

8. Salary payments are made.

9. Inquiry into the balance.

10. The mini statement is created and issued.

11. Agent mobile banking/payments services

12. The repayment of debts.

13. Customers’ bank mail/correspondence.

You may want to also read eNaira CBN Digital Currency Portal Goes Live

Based on the Central Bank of Nigeria, the e-naira, which portal has just been launched, will be made in a way that users can link their eNaira wallet with their bank account so that they can convert real-time Naira into digital currency for transactions. The eNaira will be accepted as a form of payment by all merchants and businesses across the country.