Making Passive Income As eNaira Merchant

Following the ongoing hitches with internet banking that has scuttle business transactions, as well as inability to access cash from banks, Automated Teller Machines(ATMs) and Point of Sales(PoS); another option left to conduct seamless business transactions is through the Central Bank Digital Currency (CBDC) known as eNaira.

Hence, people can make passive income from being an eNaira Merchants. 

The eNaira is a digital currency initiated by the Central Bank of Nigeria(CBN) and approved by the federal government to help improve the monetary value as the currency will be using a medium of exchange and will be generally acceptable in the world.

Becoming an eNaira Merchant

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A merchant is a person to whom some or all aspects of the postal outlet have been delegated by a higher merchant, such as the commercial banks.

To become an eNaira merchant, you have to go to your bank and talk to the customer care service and request the eNaira merchant application form which will attract zero charges. The form will be provided and you are expected to provide all the necessary information to qualify you to become a fully approved eNaira Merchant.

eNaira Merchant Requirement

Any financial institution that wishes to engage in eNaira merchant shall submit an application for approval to the CBN. The application shall clearly state the extent of the merchant activities and responsibilities of the relevant parties.

The application shall be submitted to the Office of the Director, Banking & Payments System Department, CBN, Abuja. All applicants shall supply information to the CBN as may be required from time to time.

Importance of eNaira For Business Transaction

Presently, eNaira transactions are only enabled on MTN and 9mobile networks, however, there are plans to partner more telecommunication companies on the adoption of the Unstructured Supplementary Service Data (USSD) which has almost no downtime. 

Speaking on this, CBN coordinator on the eNaira, Ms. Rakiya Mohammed, said, the eNaira also came in to create an efficient and resilient environment for Nigeria’s electronic payments and transactions.

“Our aim of the eNaira includes reaching out to the financially excluded and the unbanked. We had to not only do something that works on the smartphone but something that works on any feature phone and with tech companies coming on board such as BullNet, people with limited internet services can fund their eNaira wallet and have a safe wallet to be able to transact without having to go through the difficulties of having cash at hand,” she pointed out.