CBN Releases Document on Roles of Players Regarding eNaira

Following the launching of eNaira by President Muhammadu Buhari and the Central Bank of Nigeria (CBN), the central bank has now published Regulatory Guidelines on eNaira for all stakeholders.

In the document, which was signed by the Director of Financial Policy and Regulation, Chibuzo Efobi, the CBN provided step-by-step guidelines for all eNaira players, the roles of the Central Bank, Financial Institutions, Merchants, Ministries, Departments and Agencies and Customers.

According to the details of the document, the roles of the CBN regarding the eNaira include:

(1)  Managing unresolved eNaira issues and complaints escalated from the Financial Institutions and disputes arising between Financial Institutions.

(2)  Minting, issuing, distributing, redeeming and destroying the eNaira.

(3)  Determining the technical, regulatory, and operational standards for the eNaira.

(4)  Monitoring compliance with applicable regulations.

(5)  Issuing directives and reviewing Guidelines on eNaira periodically as may be required.

 The roles of Financial Institutions include:

(1)  Facilitating eNaira speed wallet onboarding for bank customers (merchants and individuals) including sensitizing them on the need to familiarize themselves with details of their BVN particulars, especially Email addresses.

(2)  Integrating the eNaira speed wallet feature into their electronic banking channels.

(3)  Managing eNaira across its branches.

(4)  Requesting eNaira from CBN for self and on behalf of its customers.

(5)  Developing and/or updating reports and internal frameworks to ensure compliance with KYC and AML/CFT requirements.

(6)  Receiving and resolving customers’ complaints on eNaira (including a prompt update of customers’ BVN particulars in NIBSS.)

(7)  Ensuring that eNaira inquiries and complaints are included in the periodic reports to CBN.

The roles of merchants are:

(1)  Providing cashback services for customers.

(2)  Providing customers with alternative channels for making transactions using eNaira.

(3)  Publicising the option of eNaira payment for transactions at merchant locations.

(4)  Protecting their eNaira speed wallet credentials against fraudulent access.

The roles of Ministries, Departments and Agencies are:

(1)  Receiving revenue in eNaira.

(2)  Making payments in eNaira.

The roles of customers are:

(1)  Utilising eNaira as an alternative payment option for legitimate transactions.

(2)  Creating eNaira speed wallets and funding them.

(3)  Creating eNaira speed wallets and funding them.

(4)  Notifying financial institutions in the event of fraud/complaints/disputes.