eNaira wallet in Nigeria serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.eNaira has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money. Below are the functions and importance of enaira
Functions and Importance of eNaira Wallet
- eNaira fosters Economic Growth
- eNaira Provides Remittance
- Traceability in case of fraud
- eNaira helps in distribution of Welfare packages
- eNaira provides Financial Inclusion
- eNaira increases Local and International Trade
- eNaira has a stronger security
- eNaira aids Revenue collection
eNaira fosters Economic Growth
eNaira fosters Economic Growth by offering easier access to capital and financial services thereby increasing economic activities at low/no interest transaction rate.
eNaira Provides Remittance
eNaira provides a secure and cheaper diaspora Remittance option and an increase in the speed of such transactions.
Traceability in case of fraud
eNaira’s traceability limits its use for illicit or fraudulent purpose
eNaira helps in distribution of Welfare packages
eNaira enables effective, equitable, and faster distribution of cash assistance to households and communities included in government Social Welfare Programs
eNaira provides Financial Inclusion
eNaira provides Financial Inclusion by making financial services available to people or communities who do not have (enough) banking opportunity.
eNaira increases Local and International Trade
eNaira increases Local and International Trade by making transactions cheap, safe, quick, and better.
eNaira has a stronger security
eNaira has a stronger security because it cannot be forged or counterfeited as a result of its unique identity and security structure.
eNaira aids Revenue collection
eNaira aids Revenue collection by reducing cash handling costs.
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