The eNaira speed wallet and eNaira speed merchant wallet, know the difference; Nigerians say they can’t sign up

The eNaira Speed Wallet and eNaira Speed Merchant Wallet, know the difference; Nigerians say they can’t sign up

QUICK LOAN ARENA reports that the Central Bank of Nigeria launched its Central Bank Digital Currency called eNaira on Monday.

The Digital Currency has two applications – eNaira Speed Wallet and eNaira Speed Merchant Wallet, which were launched on the Google Play Store and Apple Store on Monday.

QUICK LOAN ARENA understands that the eNaira Speed Wallet is designed for individual usage while the eNaira Speed Merchant Wallet is designed for businesses.

However we earlier reported that Google has removed the e-Naira Speed Wallet from its Play Store for alleged policy violation occasioned by series of complaints and poor rating by users folowing its launch and hosting on the Store.

QUICK LOAN ARENA investigation reveals that the eNaira Speed Merchant Wallet, which is designed for businesses, is still running on Google Play Store made available to Android users and has over 10,000 downloads.

However, both the eNaira Speed Wallet and eNaira Speed Merchant Wallet, are currently still hosted on the Apple app store with 2.6 over 5 ratings.

This is coming up barely 36 hours after it was launched by the Central Bank of Nigeria.

At the Monday launch, the Central Bank of Nigeria Governor, Godwin Emefiele, boasted that 500 million eNaira ($1.21 million) has already been minted.

A statement on the eNaira website explained the overall function of the currency and its value to Nigeria’s economy.

The statement read, “eNaira is a Central Bank of Nigeria-issued digital currency that provides a unique form of money denominated in Naira.

“eNaira serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments.”

The eNaira was developed by the fintech company, Bitt, which was also responsible for the creation of CBDC in some East Caribbean countries.

It readS further: “Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment.

“To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.

“First Name, Last Name, Date of Birth, State of Origin, and Email.

“Your banks are waiting to assist you in validating and updating your BVN details to ensure seamless enrolment to the eNaira platform.”

However, negative reactions and etremely poor ratings have trailed the launch of the app as many users complained of several  issues, ranging from their inability to execute a succesful sign up, to inability to link their Bank Verification number, to getting a verification email.

Also, in the review section, many Nigerians expressed their displeasure. See excerpts below:

Dave Amajatoja
25 October 2021
I have not used this app, there are two of the apps in Google Store, both are asking for critical details which include full name, state of origin, mobile number and BVN. One is even asking for the applicants account number. For me the issuance of phone number is enough for the system to derive the BVN from the database especially if the phone number is used in registering the BVN. There are fraudsters in the system that one cannot release all his data to non confirmed source

25 October 2021
Smooth download and registration but it hunged at the last page where I was to submit. This stayed for over 20 minutes. At the time of typing, its still processing. The back end engineers need to be world class else there will be uncountable bugs.

Abdulrazak Rogo
25 October 2021
Can’t signup, after providing all the information for registration, the app keep loading for more than 30min without any response. I did again but the same problem.

Ogbaekirigwe Victor
25 October 2021
Finding it difficult to sign up, it keep telling me contact customer support. Again this is no information on any mail to write. I mean customer support mail to write or complain to.

Abdulrazak Rogo
25 October 2021
Can’t signup, after providing all the information for registration, the app keep loading for more than 30min without any response. I did again but the same problem.

Ogbaekirigwe Victor
25 October 2021
Finding it difficult to sign up, it keep telling me contact customer support. Again this is no information on any mail to write. I mean customer support mail to write or complain to.

Maleek Shorunke
25 October 2021
I didn’t understand the app, i can’t login, it says try again later. CBN should fix the app very well before we can be using it.

stephen Tadi
25 October 2021
I downloaded both applications in Google store and both proved to be difficult to register it kept showing error bla bla blaa. If from the take off hackers have already created there own apps Iam afraid Nigerians will lose fate in the credibility of the project and I doubt if the safety of Nigerians transaction e wallet will be gauranteed. CBN shouldt act fast before Nigerians lose fate in the whole intended noble project.

Adebayo Olumide Damilola
25 October 2021
Why can’t we signup? All informations have been given and yet, registration is taken eternity…

Kolapo nurain olawale
25 October 2021
I can’t sign up to this wallet, it shows that there’s no available bank for now. What rubbish app is this?

bishop sunny
25 October 2021
Why are there two apps with different names.. please what’s your website, so I don’t get scammed downloading the wrong app. Thanks..

A user, Moyosore Fagbemigun, despite giving four stars, wrote: ”After sign up, I did not get the verification email in my BVN linked email. I have checked the spam folder and nothing yet. Easy registration process.”

Another user, Oscar Alexander, who gave it one star rating, noted, “I tried registering the first time. Told me there was no email attached to my BVN. I tried my other bank account. It told me an invalid account number. Lol. Now it says too many attempts with the same BVN. What a joke!”

“Every single attempt to get registered on the platform seems futile. It kept giving a prompt invalid BVN whereas my BVN is valid,” another user had said before the app was taken down.

Meanwhile experts have said that the eNaira, when rolled out, will have far-reaching implications for the future of the banking sector in Nigeria.

The experts, in separate interviews, was quoted by mainstream Newspapers as saying that whether the launch would be salutary or destabilising would depend on how it is implemented.

The President, Major General Muhammadu Buhari (retd.), on Monday, launched the Central Bank Digital Currency, the eNaira.

With the official launch, Nigeria becomes the first country in Africa and one of the first in the world to introduce a digital currency to its citizens.

Professor of Finance and Capital market, Nasarawa State University, Keffi, Uche Uwaleke, said without doubt that the launch would have effects on the future of the banking sector.

“Expectedly, being among first-time movers of a technologically complex project such as a central bank digital currency, it is bound to create winners and losers and produce unintended consequences.

“The cheering news, however, is that the CBN appears to have devoted considerable time and resources to prevent undesirable outcomes especially in relation to the health of the Nigerian banking sector.

“In any case, that the CBN is testing eNaira through pilot projects is a demonstration of a cautious approach. All said, the launch of the CBN’s digital currency is an important milestone which holds a lot of promise for the financial system in Nigeria and the banking sector in particular,’’ he said.

The Director, Centre for Economic Policy Analysis and Research, Prof. Ndubisi Nwokoma, said that the currency which is novel would be faced with distrust even as implementation progresses.

“The launch of the eNaira is a new path being taken by the CBN to follow in the global practice of enhancing the payment system through the use of digital currency.

“It is novel, even in advanced societies, hiccups may be encountered as implementation progresses. Even currently, many global companies have not fully embraced the use of crypto-currencies in payments.

“Skepticism may be the order of the day, at the onset, except for those already familiar with digital currencies,” he said.

A Professor of Economics at the Olabisi Onabanjo University, Ago-Iwoye, Ogun State, Sheriffdeen Tella, said the eNaira is a worthy innovation by the CBN, hoping that the banks would keep the charges low so as not to frustrate the project.

“eNaira is a worthy innovation by the CBN, though some other countries are already into it. It is expected to strengthen the cashless policy.


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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (, the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.


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