While you focus on your work, eNaira Merchant will pave the way to establishing a passive income. It is a digital currency created by Nigeria’s Central Bank and approved by the Federal Government to assist increase the country’s monetary value. The currency will function as a medium of exchange and will be widely accepted around the world. In this post, we will outline the steps necessary to become an eNaira Merchant and begin earning money.
This will be a great opportunity for individuals who are unemployed and wish to start their own business. The eNaira merchant will carry out transactions in a digital manner, similar to the Point of Sale (POS) business that we have today. Only the Central Bank of Nigeria, commercial banks, and eNaira merchants would be able to distribute the currency.
How to Become a Nigerian eNaira Merchant
To become an eNaira merchant, 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 recognised eNaira Merchant.
What is an eNaira Merchant, exactly?
A Merchant is a person to whom a higher merchant, such as the Commercial Bank, has outsourced some or all aspects of the postal outlet.
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 licenced Merchant:
- The applicant’s name is
- Telephone number/address for correspondence/email
- Number/certificate of the company’s registration
- Number for Bank Verification
- Information on Know Your Customer (KYC)
- The eNaira Merchant’s responsibilities include eNaira deposit and transfer.
- Payment of bills (utilities, taxes, tenement rates, subscription, etc.).
- Salary payments are made.
- Inquiry into the balance.
- The mini statement is created and issued.
- Agent mobile banking/payments services
- The repayment of debts.
- Customers’ bank mail/correspondence.
Based on the Central Bank of Nigeria’s declaration, the e-naira, which will be released on October 1, is a legal tender equal to the naira and must be accepted as a form of payment by all merchants and businesses across the country.
Visit the official website for additional details.