The Central Bank of Nigeria, CBN, Governor, Godwin Emefiele has said that the Central Bank Digital Currency, CBDC, codenamed eNaira will define the next phase of Nigeria’s e-payment system.
Emefiele said this ahead of this year’s eNaira hackathon, a partnership with the Africa Fintech Foundry, AFF – an innovative hub established to identify and accelerate innovative startups in Africa.
He said the eNaira would bring more people into the financial system, expand access to financial services at the grassroots and boost its economy.
“We desire to achieve this and more with the eNaira with the underlying goal to boost Nigeria’s economic outlook. Innovators at the hackathon will develop solutions in the areas of international remittance, trans-border payment, blockchain, financial inclusion, and trade (AfCTFA),” he said.
The eNaira hackathon is geared towards ideating innovative solutions for the newly launched digital currency.
Interested participants are to visit the eNaira Hackathon www.affcbnhack.com to register from June 27, 2022, till July 21. The event is expected to address the strategic points to eliminate possible glitches that could hamper smooth transactions being carried out with the eNaira.
The main event, which is billed to kick off on August 4, 2022, is part of efforts to drive financial inclusion, facilitate macroeconomic growth and integrate the Nigerian economy into the world’s leading economies through innovation and cutting-edge technologies.
Speaking further on innovation in Nigeria’s payments system ecosystem, the CBN Governor, Godwin Emefiele, said, “We cannot deny the fact that the newly introduced CBDC (eNaira) would be necessary in the future to ensure Nigeria is competitive as the world becomes increasingly digital.
‘We have seen in the past few years how digital currencies have opened international economies to individuals who wield them and how seamless they have made trading, buying, investing, and other economic activities.
“We desire to achieve this and more with the eNaira with the underlying goal to boost Nigeria’s economic outlook. Innovators at the hackathon will develop solutions in the areas of international remittance, trans-border payment, blockchain, financial inclusion, and trade (AfCTFA),” he added.