How CBN Aims To Boost eNaira Adoption

By Tolulope Oke

The Central Bank of Nigeria (CBN) and the Africa Fintech Foundry (AFF) plan to sponsor 10 businesses in order to boost the adoption of the eNaira across the country.

The News Agency of Nigeria (NAN) disclosed this over the weekend in Lagos by the AFF’s head, Mr. Daniel Awe.

He said that more people in the nation needed to accept the eNaira since it boosted financial inclusion, aided the digital economy, and improved economic activity.

He said, ”So the hackathon is a platform where innovators, developers, entrepreneurs, coders come together, to solve problems, to create innovative ideas.

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”When we layer that on eNaira, it means we brought in different players within the ecosystem – developers, coders, innovators, entrepreneurs, to come up with different ideas, different use cases, that they can leverage on eNaira.”
”This is so that the consumers of eNaira will now see the benefit of eNaira, they will have the opportunity to see the problem that eNaira will solve.”

According to Awe, the CBN’s sole responsibility is to offer a platform for fintech startups and entrepreneurs to use in order to create products that will help the entire financial services sector. He said that around 5,000 people from the finance industry submitted applications for the hackathon. Additionally, he said that they were reduced from about 175 teams to 70 for the quarterfinal pitching