The Central Bank of Nigeria (CBN) and Africa Fintech Foundry (AFF), have opened the first ever e-Naira Hackathon.
This is part of efforts to drive financial inclusion, facilitate macroeconomic growth and integrate the Nigerian economy to the world leading economies through innovation and cutting edge emerging technologies.
This was disclosed on the apex bank’s Twitter handle @cenbank, where it called on interested participants to visit the e-Naira Hackathon website to register for the event.
As part of efforts to drive financial inclusion, facilitate macroeconomic growth and integrate the Nigerian economy to the world leading economies through innovation and cutting edge emerging technologies, 1/2 pic.twitter.com/4WYtBvupwb
— Central Bank of Nigeria (@cenbank) June 28, 2022
A visit to the website by The Sight News, revealed that applications will be opened to participants across the continent. Also, the Hackathon structure will be Hybrid (Physical and Virtual). The physical event will hold in AFF premises for Lagos and a designated location by CBN in Abuja.
Furthermore, Innovators will develop use cases for e-Naira in the following target areas; International Remittances, Financial Inclusion, Trans-Border Payments, and Trade [AFCTFA] by leveraging on the new agreement to improve Intra-African trades
There is also an option to innovate outside these areas.
Project Background
In partnership with CBN, the hackathon will bring together top talents to ideate on use-cases for e-Naira. The newly introduced CBDC (eNaira) would be key in ensuring a competitive digital economy in the future.
It will also support the efficient functioning of the new markets that use these technologies, thereby fostering competition and innovation.
Project Objectives
- Macroeconomic Growth
Improve macroeconomic management and growth in the country and continent at large.
- Cross-Border Trade
Facilitating cross-border trades between various countries in Africa and across the ocean
- Financial Inclusion
Exploring various products that will bring banking services to the unbanked
- Monetary Policies
Exploring various solutions to efficiently manage the supply and demand of money in the country
- Improved Payments
Improving the infrastructure for payments and ensuring little to no failures
- Improved Tax Collection
Efficiently collecting taxes for the government and ensuring debtors are easily recognized and charged
- Improved Remittances
Improving the flow of foreign currencies into the country and ensuring it is properly recorded
- Targeted Interventions
Easily carry out interventions such as social interventions in times of crisis and ensure it gets to the citizens individually
