CBN, AFF Host eNaira Hackathon to Enhance Financial Inclusion, Safety

James Emejo in Abuja

The Central Bank of Nigeria (CBN) yesterday announced that registration for the eNaira hackathon has commenced.
The computer programming conference is geared towards ideating innovative solutions for the newly launched digital currency.
The event is being organised by Africa Fintech Foundry,  an innovative hub established to identify and accelerate innovative startups in Africa in partnership with the central bank.

The hackathon registration is billed to open on June 27 till July 21, 2022.
According to a statement issued by the organisers, the main event, billed to kick-off from August 4, 2022, was part of efforts to drive financial inclusion, facilitate macroeconomic growth and integrate Nigerian economy to the world leading economies through innovation and cutting edge emerging technologies.

The statement further urged interested participants to visit the eNaira Hackathon at www.affcbnhack.com to register from June 27.
With the theme: “eNaira – Africa’s Gateway to a Digital Economy,” the hybrid hackathon would bring together teams of talented entrepreneurs, developers, designers, solution developers, problem-solvers, out-of-the-box thinkers, and code magicians from Africa to develop innovative solutions that would drive improved adoption of the eNaira.

Speaking on innovation in Nigeria’s payments system ecosystem, CBN Governor, Mr. Godwin Emefiele recently 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.”
He said, “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).”

The statement further pointed out the conference will to address the strategic points to eliminate possible glitches that could hamper smooth transactions being carried out with the eNaira.

THISDAY also gathered that the event is expected to increase the number of innovative products available on the digital currency platform, providing consumers with choices.

It will also strengthen the eNaira security architecture as experts explore more ways to boost its security.