CBN set to support 10 startups companies to promote eNaira adoption in Nigeria

By: Damian Okonkwo

The Central Bank of Nigeria (CBN) has disclosed its commitment to promoting eNaira adoption in Nigeria by providing support through eNaira to 10 startup companies in the country. This is intended to condition these startup companies to embrace the eNaira from the onset of their creation and further carry out their future transactions using the eNaira.

This recent development was disclosed to Newsmen over the weekend by the Head of African Fintech Foundry (AFF) - Mr. Daniel Awe. According to Mr. Daniel, the AFF is currently working together with the CBN to promote the adoption of the eNaira across the mainstream industries hence the decision to provide support to 10 startup companies in the mainstream industry through the eNaira. This will help to create more awareness for the eNaira.

To achieve this, he explained that a hackathon has been established which serves as a platform to unite entrepreneurs, innovators developers, managers, etc, and enable them to produce new ideas that will enhance the digital economy and ensure financial inclusion.

The registration for the hackathon came to an end on August 4, 2022. The hackathon has been daubed “eNaira - Africa's Gateway to a Digital Economy”.

Out of the 5000 companies that registered with the Hackathon, the organizers will select the top 10 promising businesses and support them with some cash prizes through eNaira. The organizers known as the African Fintech Foundry will be expected to complete the final selection and announce the 10 winners to receive support for their business through eNaira.

The most outstanding company is to get 5 million eNaira. The second company will get 3 Million eNaira while the third will get 2 million eNaira. The remaining six companies will get 1 Million eNaira to support their business.

The committee further considered this step as a way of promoting the startup business in the country and further creating employment for more people through this platform.

The final winners will be updated on the platform after the final selections.