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Currency Market: CBN, AFF To Boost eNaira Adoption With Supports For 10 Startups


The Central Bank of Nigeria (CBN) alongside Africa Fintech Foundry, (AFF) has announced its collaboration to support 10 startups, to increase the adoption of eNaira across the country.

This was revealed by the Head of AFF, Daniel Awe in an interview with the News Agency of Nigeria on Saturday in Lagos while speaking on the sideline of the Semi-Final Pitching of the eNaira Hackathon 2022.

Mr. Awe said that the top 10 startups, innovators, and entrepreneurs, were part of the over 5,000 startups that registered for the eNaira Hackathon.

He added that there was a need to increase the adoption of eNaira in the country, as it enhanced financial inclusion, supported the digital economy, and improved economic activities.

According to him, “eNaira was introduced by CBN in 2021 as a digital currency and a lot of people have asked the question, what is the usefulness of this eNaira?

‘A lot of people have also criticised eNaira, that they prefer cryptocurrency, but the truth is that eNaira is going to be a successful product when there are use cases when people can see problems it is going to be solving,” he said.

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

“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,” he said.

Mr. Awe analysed that CBN’s role was to create the platform for fintech startups and entrepreneurs the ecosystem to leverage to create solutions that would benefit the entire financial services space.

He said that the 5, 000 startups who registered for the eNaira Hackathon were reduced to about 175 teams and eventually 70 for the quarter-final pitching. However, the semi-final would see 20 teams being selected for the finals, of which the top 10 would be assisted to boost eNaira adoption in the country.

According to the organisers, there will be a cash prize for the top 10 potentials as number one is going to get 5 million eNaira. Number two is getting 3 million eNaira. Number three, 2 million, and the remaining; next ten will get 1 million eNaira.

“Afterwards, those top 10 will resume in the AFF accelerator programme, whereby some of them will get some funding to start up their businesses on their ideas,” he said.

Mr. Awe said that there is a possibility of wealth that would be created by these people.

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