How You Can Make Money as an eNaira Merchant in Nigeria

The eNaira is the country’s first digital ledger for a publish date of her 61st independence anniversary. It got into publicity in August with the news that the digital ledger was created in partnership with a global fintech company, Bitt Inc as technical partners.


The ledger supports blockchain technology and will have its price the same as the naira. This information was disclosed by one of Central Bank’s directors, Musa Jimoh. He also declared its level of acceptance to be just like the fiat naira. Adding to this, he included that the Central Bank handles the functionality of this coin.

The eNaira will be used to improve trades across the border, increased financial deepening, more effectiveness in monetary regimes, improved tax system, raise the performance of disbursement systems, and more affordable payments with no delays.

The eNaira is aimed to be a better means of transaction and savings compared to the fiat Naira. Responsible for the distribution of this e-currency will be the apex bank, commercial banks, and eNaira merchants.

Who Are eNaira Merchants?

eNaira merchants are individuals that have been given rights as eNaira agents. They must be registered and endorsed by higher merchants like commercial banks. Their mode of operation will be similar to that of POS business owners in flexibility, service, and availability. 

This is a huge means of creating employment opportunities and improving the country’s economy. A lot of people can now create passive income while focusing on other businesses. Due to the need for the federal government to quicken the widespread usage of this currency, the procedures for endorsement will not seem too tedious and difficult.

eNaira merchants play a huge role in making the digital currency as acceptable as the fiat Naira. This is due to the multiple transaction services they carry out which covers nearly every mode of payment. Also, its operation will be faster, because of its higher processing speed and lesser processing time compared to the fiat Naira’s transactions. Of course, humans are programmed to prefer stress-free operations and this becomes the preferred option for users.

Despite their flexibility and multiple financial operations, they have a daily transaction limit of ₦1 million on every single transaction. Although, it does not state the limit for funds accumulation in their accounts and that of users, however, transaction limits are set for users in three stages.

Tier 1 users who have no bank accounts have daily transaction limits of ₦50,000 for every single transaction and a daily aggregate balance of ₦200,000. 

Tier 2 users with active bank accounts have single limits of ₦200,000 per transaction and a daily aggregate of ₦500,000. 

Tier 3 users with active bank accounts have single limits of ₦1 million for each transaction and a daily aggregate of ₦5 million.

Roles of eNaira Merchants

As earlier stated, eNaira merchants will effectively aid the wide distribution and acceptance of the currency. Below are some roles that will be played by them.

  • Payments and transfers to eNaira funds between users.
  • Making inquiries on account balances.
  • Refund of loans.
  • Deposit of salaries.
  • Creation and allotment of mini statement.
  • Payment of bills which include taxes, tenement rates, utilities, subscriptions, and many more.
  • Agent mobile remittance and banking services.
  • Receiving mails from banks and acting as customer correspondents

Requirements and Know-hows of Being a successful eNaira Merchant

Obtain a License

As a pre-requisite of being a verified eNaira merchant, obtaining a license is the most important. Due and necessary processes must be followed. An application for approval would first be required to be submitted to the Central Bank. The scope of this application includes the kind of merchant activities that would be run and the roles of the necessary bodies.

The submission will be made to the Office of the Director in charge of the Banking and Payments System Department, at the Central Bank in Abuja. Various information as required by the apex bank must be provided. Some of them include:

1. Applicant’s Full Name: As an applicant, your full legal name is highly required as it is proof of identity and responsibility. 

2. A Valid Postal Address/ Email: It is also important to include a valid postal address or an electronic mail address. It will be efficient in delivering messages and other notifications from the apex bank. 

3. A Valid Business Address: Business addresses are highly required for laying traces on merchants. Whatever addresses provided must be valid and traceable, as incorrect details could attract unwanted turnouts.

4. A Valid Phone Number: For decades, one of the basic and most efficient means of communication is the telephone technology. It is necessary to submit a valid and reachable phone number, as this is a partial confirmation of your authenticity.

5. A Valid Registration Certificate or Number: Registration numbers and certificates for businesses are proofs of the federal government’s awareness of their existence. It is therefore of utmost importance to have a business, firm, or brand registered as it secures the future of that establishment.

6. Bank Verification Number: Every approved bank account has a verification number, and this stays as a universal number for every other account owned by that user. It is proof of identity and authenticity. 

7. KYC Information: It is a compulsory process for the verificationof customers and clients. While submitting your application, your KYC information must be included as it shows how secure and quality-conscious your business is.

Maintain an Online Presence

The power of the internet can never be underestimated. Businesses that are taken online tend to perform better than others that are only based offline. Internet publicity performs ten times better than offline publicity. It is necessary to create online publicity and huge reach to create awareness of your growing brand.

Give Referral Incentives

It has been a proven working process for startup brands to give incentives to customers who refer people to them. It increases their reach and customer base, thereby aiding their expansion and giving room for more services.

Always Deliver Quality Services

One working method of growth is rendering quality and satisfactory services. Good services always bring back old customers and make them recommend you to new ones. It also creates a good reputation that pays back in the future


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