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Saturday, November 27, 2021

CBN grants users of eNaira 3-month moratorium on transaction charges

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By Oludare Mayowa

The Central Bank of Nigeria (CBN) has granted users of its first digital currency, eNaira which was launched on Monday a moratorium of three months from payment of transaction charges.

President Mohammadu Buhari launched the country’s first digital currency on Monday at the state house with the Vice President Yemi Osinbajo, CBN Governor Godwin Emefiele and other top government officials were in attendance at the event.

However, the regulatory bank on Monday also released a comprensive guidelines for transactions on the eNaira, which it titled “REGULATORY GUIDELINES ON THE eNAIRA.”

It said after the initial three months moratorium, it will revert to its guide on applicable charges by banks and other financial and non-financial institutions at the end of the stated period.

“The charges for transactions that originate from the eNaira platform shall be free for the first 90 days commencing from October 25, 2021 and then revert to applicable charges as outlined in the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions.

In the Guide to Charges by Banks, Other Financial and Non-bank Financial Institutions, the CBN stipulates that Electronic Funds Transfer below N5,000 is charged N10; N5,001 – N50,000 is charged N25 and for above N50,000, a N50 charge is associated.

Also, in the fresh guideline on the eNaira, the regulatory bank categorises users to five categories, namely Tier 0, which required that users will provide telephone number without verified National Identification Number (NIN) with daily transaction limit of N20,000 and balance/eNaira speed wallet limit of N120,000.

The second category of Tier 1 users will provide phone number with verified NIN and a daily transaction limit of N50,000 and balance/eNaira speed wallet limit of N300,000.

READ ALSO: Nigeria’s foreign exchange buffer hits $41.1 bln by Oct 22

The third category of Tier 2 users will have daily transaction limit of N200,000 and balance/eNaira speed wallet limit of N500,000, while Tier 3 users will have N1 million daily transaction limit and balance/eNaira speed wallet limit N5 million.

Merchants are exempted from daily transaction limit and balance/eNaira speed wallet limit, according to the details in the newly released guidelines.

“Financial Institutions shall put in place appropriate measures to ensure sound risk management practices to address potential threats to their operations.
These shall include:
a) An Enterprise risk management framework;
b) Appropriate governance structures;
c) Documented and approved policies; and
d) Secured information technology infrastructure

Consumer Complaints in relation to the usage of the eNaira shall be referred to Helpdesk of users’ preferred FI Helpdesk. If unresolved by the FI Helpdesk, it shall be escalated to the eNaira Helpdesk.

Complaints from Financial Institutions as well as disputes arising between Financial Institutions shall be reported to the eNaira Helpdesk Team and resolved within two (2) working days.

For disputes where one or both parties are unsatisfied with the resolution, the issue shall be referred to an arbitration panel as provided under the extant Arbitration and Conciliation Act or as may be defined by the Central Bank from time to time.

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