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CBN & Africa Fintech Foundry To Support 10 Startups To Boost eNaira Adoption

CBN & Africa Fintech Foundry To Support 10 Startups To Boost eNaira Adoption

CBN & Africa Fintech Foundry To Support 10 Startups To Boost eNaira Adoption

CBN & Africa Fintech Foundry To Support 10 Startups To Boost eNaira Adoption

To boost the use of eNaira across the nation, the Central Bank of Nigeria (CBN) and the Africa Fintech Foundry (AFF) plan to sponsor 10 businesses.

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Over the weekend in Lagos, Mr. Daniel Awe, the AFF’s head, revealed this to the News Agency of Nigeria (NAN).

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.

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What CBN is saying

Mr Daniel Awe stated that AFF and the CBN were working together on the hackathon to promote the use of eNaira.

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,” he added.

    CBN & Africa Fintech Foundry To Support 10 Startups To Boost eNaira Adoption

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.

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He stated that 20 teams would be chosen for the finals, with the top ten receiving assistance to increase eNaira adoption in the country.

He said ”Now, these top 10 potential businesses when they come out of the final of the hackathon, there is a cash prize for them.

  • ”I think number one is going to get 5 million eNaira. Number two is getting 3 million eNaira. Number three, 2 million and the remaining, the 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 added that by the time they come up with good business with their innovations, employment would be created and they would increase the adoption of eNaira.


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IBEH C. JOE

Financial analyst, Entrepreneur, Blogger and Business model

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