The Central Bank of Nigeria (CBN) has released new guidelines on how a
state-backed digital currency (e-Naira) will be regulated, designed, and
issued. The Central Bank Digital Currency (CBDC) is on schedule to be
launched on the 1st of October.
Expected to be a legal tender for
the entire country, the e-Naira will be accessible to both bank account
and non-account holders, according to a CBN presentation seen by
TechCabal.
Consumer Wallets
In order to meet the October deadline, a three-tier consumer “speed wallet” system will be issued by the apex bank before banks and other licensed operators can provide their own wallets for the e-Naira.
The
tier 1 wallet is open to anyone without a bank account. It also comes
with a transfer limit of ₦50,000 and a cumulative balance of ₦300,000
fixed daily. The minimum requirement to open this wallet is a National
Identity Number (NIN).
For tier 2 wallets users, an existing bank
account with a linked bank verification number (BVN) is the minimum
requirement for this level. Users are restricted to sending and
receiving ₦200,000 daily and having a balance of ₦500,000.
Tier 3
wallet holders can transact up to ₦1,000,000 daily with the cumulative
balance set at ₦5,000,000. At least a BVN is needed to get this wallet
category.
Transaction limits on merchant-level wallets are also
set at ₦1,000,000 per day, though there are no limits to how much users
can have in their accounts.
Zero charges
The
e-Naira also has a non-interest-bearing CBDC status and in addition,
there won’t be charges on merchant services, user-to-merchant, and
peer-to-peer wallet transactions.
The zero charges also apply
when users send money from their wallets to bank accounts and make
withdrawals at agent or merchant locations.
After the launch,
Nigerian banks can invite all their customers to register for the
e-Naira, with necessary validation and verification processes.
The
banking regulator notes that the e-naira system, being a National
Critical Infrastructure, will be subject to comprehensive security
checks.
According to the central bank, Nigerian banks are to “market
and promote the adoption of eNaira as a digital version of cash to
existing and potential customers, in support of financial inclusion
objective of the CBN.”
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Central Bank Issues E-Naira Guidelines, Charges And Transaction Limits
Central Bank Issues E-Naira Guidelines, Charges And Transaction Limits
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