The eNaira is Nigeria’s digital currency issued and backed by the Nigerian government. It is a legal tender that is equivalent to the physical Naira cash.
President Muhammad Buhari launched the eNaira on October 25, 2021, under the slogan: “Same Naira, More Possibilities.” It serves as both a medium of exchange and a store of value and claims to offer better payment prospects in retail transactions when compared to cash.
Since its launch, the eNaira has had some challenges with adoption by the general populace. Beyond making technical improvements and partnering with commercial banks to improve the accessibility of the product, the CBN is also trying to tap into the rich pool of technology talent in the country and their problem-solving skills to boost interaction, usability, and adoption.
The eNaira hackathon is a competition aimed at pooling teams of talented entrepreneurs, developers, designers, problem-solvers, unconventional thinkers, and ”code magicians” from Africa to develop innovative solutions that will drive increased adoption of the eNaira.
It is organized by the Africa Fintech Foundry (AFF), an innovative hub established to identify and accelerate innovative startups in Africa, in partnership with the Central Bank of Nigeria (CBN).
The CBN said the competition is part of its efforts to leverage eNaira to drive financial inclusion, boost macroeconomic growth and integrate the Nigerian economy into world-leading economies through innovation and cutting-edge emerging technologies.
Interested parties across the continent can apply for the hackathon.
According to CBN, all participants will be required to develop use-cases for the eNaira in the following target areas: international remittances, cross-border payments, financial inclusion, and trade, as well as wildcard innovations.
The hackathon structure will be both physical and virtual (hybrid). The physical event will be held in AFF premises for Lagos and a designated location by CBN in Abuja.
CBN shared that the newly introduced digital currency (eNaira) would be significant in securing a competitive digital economy in the future.
Also, the currency would support the efficient functioning of the new markets that use these technologies, fostering competition and innovation and allowing Nigeria to take her place in the burgeoning DeFi space.
Interested persons can register for the eNaira hackathon via this link.
The application closes on July 21, 2022.
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Image Source – eNaira
