Registration for the eNaira hackathon, geared towards ideating innovative solutions for the newly launched digital currency, organised by the Africa Fintech Foundry (an innovative hub established to identify and accelerate innovative startups in Africa), in partnership with the Central Bank of Nigeria (CBN), is billed to open on June 27, 2022 and run till July 21, 2022.
A statement issued by the organisers said the main event, which is billed to kick-off from August 4, 2022, is 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.
Applications will be opened to participants across the continent. 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.
Innovators will develop use cases for eNaira in the following target areas. (There is also an option to innovate outside these areas [Wildcard Innovations]).
- International Remittances – This will focus on the inflow of foreign currencies
- Financial Inclusion – Exploring various products that will bring banking services to the unbanked
- Trans-Border Payments – Solutions that will improve payments across various countries
- Trade [AFCTFA] – Leveraging on the new agreement to improve Intra-African trades
It urged interested participants to visit the eNaira Hackathon www.affcbnhack.com to register from June 27, 2022. With the theme “eNaira – Africa’s Gateway to a Digital Economy,” the hybrid hackathon will 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 will drive improved adoption of the eNaira.
Speaking on innovation in Nigeria’s payments system ecosystem, the Governor of the Central Bank of Nigeria (CBN), 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.
“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),” he added.
According to the organizers, the hackathon has the strategic objectives of Macroeconomic Growth, Cross-Border Trade, Financial Inclusion, Monetary Policies, Improved Payments, Improved Tax Collection, Improved Remittances, Targeted Interventions.