Review of eNaira

How to Become an eNaira Merchant in Nigeria and Succeed

Want to start a business similar to what a POS agent does with a little or no capital and make a lot of profits?

Then being an eNaira merchant could be for you.

If you want to know how to become an eNaira merchant in Nigeria, the process is made very simple with this guide.

As a matter of fact, this guide will show you the rudiments of the business an how to become a successful eNaira merchant.

The Federal Government of Nigeria launched eNaira to harness online payments in Nigeria.

This new development in the financial sector creates another business opportunity for Nigerians to make passive income.

With eNaira, you can provide popular services like money transfers and cash withdrawals without even needing to have physical cash.

Most people can’t start the POS business because of the cost of acquiring a POS machine and the fear of being robbed.

The good news is eNaira business does not bear such a risk and you do not even need an expensive hardware like a POS machine to get started. Since the currency you will be dealing in is digital, no one can point a gun at you and rob you off your cash.

All you need is your mobile phone and the eNaira mobile app to become an eNaira merchant.

While customers still wait long hours to get attended to in banks, the situation warrants a quicker way of managing their transactions.

And this makes eNiara a better platform compared to POS and ATM.

So, becoming an eNaira merchant will help you attract customers who need faster services for making their daily transactions. While eNaira is still new, you can opt for it and be ahead of others who want to become eNaira merchants.

You may need some guidance to start getting customers and making money via the eNaira platform.

Everything you need would be provided in this very straightforward step by step guide on how to become an eNaira merchant in Nigeria.

What is eNaira?

eNaira is a centralized digital form of the Nigerian currency otherwise known as naira.

The digital currency works just like cash in virtual forms, which is created and regulated by the Central Bank of Nigeria.

As a legal tender, the implication is that eNaira is equal to naira and will be accepted to make business or personal transactions online.

Who is an eNaira merchant?

Who is an eNaira merchant? Or better put, what is the job of an eNaira merchant?

As an eNaira merchant, you will work with banks to provide services like transfers, deposits and withdrawals.

While you are helping banks keep doing transactions even after working hours, you will be making some money from the commissions which the banks charge their customers for your services.

In summary, you will be responsible for the following services as an eNaira merchant:

  • E-naira deposit and transfer: After becoming a legal eNaira merchant, you will be responsible for helping customers who come to you to make transfers, withdrawals or deposits. By virtue of this business, you are a representative of Nigerian commercial banks.
  • Payment of bills: You will be responsible for the payment of bills such as data subscriptions, utility bills, rent, and even taxes. For tax payment, you will need to talk to your bank about the tax rates charged. This should not be hard. After getting the approval to become an eNaira merchant, your bank will direct you on other things you need to know.
  • Payment of salaries: You will be responsible for helping businesses and schools to pay the salaries of their staff.
  • Balance inquiry: Anyone who wants to know his or her account balance can come to you for it. Your jo is to help them check their account balance and safe them from going miles to the bank.
  • Generation and issuance of bank statement: You will be responsible for printing the bank statement of clients. You will be told how to do this without giving valuable information to a wrong person.
  • Agent mobile banking: You will provide mobile banking services to customers or help customers activate mobile banking services on their phones.
  • Repayment of loans: You will be responsible for paying loans made by your customers to the people they borrowed money from.
  • Collection of bank mail/correspondence for customers: You will be collecting information on behalf of your customers.

You will be responsible for whatever tasks your banks and CBN give you from time to time.

How to become an eNaira merchant

Becoming an eNaira merchant is very simple if you can take these steps.

Since each commercial bank has began integrating eNaira with their existing payment platforms, you will need to go to the bank of your choice to apply.

If you want to be sure you choose the right bank, consider doing these things.

Having made your choice, approach the bank and talk to their customer care team.

A form will be given to you to process your application.

Take the form and enter all necessary information and indicate your interest as required.

Requirements for being an eNaira merchant

There are certain requirements you should meet to make the CBN and your bank approve your application.

And these include:

  1. Name of applicant: Your real name will be needed for this application. So ensure that the name you use corresponds with the name on your identity card or any means you use to prove your identity.
  2. Postal and email address: You need to provide a valid postal or email address where you can be contacted in case there are changes in terms of services or additional information which the bank wants to send to you and improve your business.
  3. Business address: A physical location address is also required for this process. Your current home address or business location or where you intend to run your eNaira business will be fine with the application.
  4. Telephone number: You need an NIN verified phone number to apply. This number must be owned by you as the means to contact you.
  5. Company registration number/ certificate: This is a number given to you by the Corporate Affairs Commission (CAC) of Nigeria to show that you are a registered business and eligible for becoming an eNaira merchant. This will be required to grant your application approval. Many people don’t know that registering a business name in Nigeria now takes place online. You can do it yourself following these steps.
  6. Bank verification number (BVN): If you have a bank account then you already know what the BVN is and how it is important to you. The BVN will be used by the CBN to establish your identity and to know which banks you work with to provide the eNaira service to people.
  7. Know your customer (KYC): You also need to show you have a method of verifying customers so as to prevent scams and theft.

How to get eNaira

If your application is approved, you will require some sort of starting point or tips to get your business off the ground.

To do this, you need to know how to get eNaira. The CBN will distribute eNaira in these manners:

  • CBN gives eNaira to different financial institutions like deposit money banks (DMBs). 
  • The banks or other financial institutions will then sell eNaira to you as a merchant.
  • Merchants will sell eNaira to individuals and make profits.

If you want to buy up to 50,000 eNaira per day, you can do so with just an NIN verified phone number without having a bank account. But when you need more, up to 1,000,000, your BVN will be required in addition to your NIN phone number.

How to create an eNaira wallet

You can get an eNaira wallet where you can store your eNaira tokens by downloading the eNaira app on Google play store, Apple store or the official website of eNaira.

After downloading the eNaira app to your phone, you will have to do the following to create a wallet:

  • Enter the identification code your bank gives you.
  • Enter your identification details like the KYC as stated in the CBNs AML/CFT regulations.
  • Enter your tax identification number (TIN).
  • Once your tax ID number is verified, enter other details like your email, business category, and your legal business name among other things.
  • Your financial institution e.g. (bank) verifies application.
  • Your eNaira wallet is then created and activated.
  • Both you as a merchant and your financial institution will receive alerts to confirm your wallet is being created.

How to accept eNaira payment:

This works just like any other electronic transaction.

When payment is made to your wallet, you will be credited in eNaira and receive an alert to confirm this all through the app.


Becoming an eNaira merchant is very simple. All you need to do is to ensure you have all the necessary requirements so you can have an eNaira business of your own and start making money in a faster way.

If you want to know how to become an eNaira merchant, the process is very simple. Everything you need to know to get started has been said above.

For questions about the article or the topic itself, please leave a comment in the section below.

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