Stanbic IBTC Bank, a full-fledge commercial bank in Nigeria, is creating awareness on the proposed e-Naira digital currency, initiated by the Central Bank of Nigeria (CBN).
In a message to its customers on the need to embrace the yet-to-be-launched e-Naira, Stanbic IBTC Bank explained that the e-Naira is a Central Bank Digital Currency (CBDC) regulated by the CBN and would only exist in digital and electronic form, having same value as fiat.
e-Naira wallet, it goes further to explain, “is similar to a bank account and is created the same way a bank account is created, however, it is a separate account entirely different from an already existing bank account.”
The Bank in the message to its customers stated: “As an innovative and customer-centric financial institution, we would like to assure you of our readiness to provide you with all that is required to access the e-Naira. As we await the official launch of the e-Naira by the Central Bank of Nigeria (CBN), we would like to provide you with some information about the digital currency.”
It explained that to use the e-Naira to transact, users will have to download the speed wallet from the store, which is not available yet as CBN has not announced the go-live date.
After download, the prospective account user will click on sign up and select a bank of choice to create an account by entering the phone number attached to his/her BVN, then select preferred password with a minimum of 12 characters.
“Add your personal information as it appears on your BVN: first name, last name, date of birth, state of origin, account number and BVN. Click continue to finish. You would get a successful activation message if all details are correct; An activation email will be sent to the email address attached to your BVN.
It is a fast, cheap, reliable and available payment channel. It supports digital transactions and aims to improve the ease of cross border transactions.”
The bank assured that the e-Naira is safe and secured with cryptographic techniques against counterfeiting, cloning, and other forms of attack.
“We cannot wait to serve you better, do not forget ‘Same Naira, More Possibilities’”.
