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Tag: Nigeria

Nigeria to earn $157bn from AI by 2030

DSN trains 5,000 talents
Nigeria’s economy has been projected to earn at least $157 billion from Artificial Intelligence (AI) going by the growing impacts of the technology on global economies. This, according to the founder of Data Science Network, Dr. Bayo Adekanmbi, represents one per cent of the $15.7 trillion projected by PwC as the contribution of AI to the global economy by 2030. Speaking at an event to commemorate the five years of Data Science Network, Adekanmbi said Africa would be getting, at least, four per cent of the total amount, while Nigeria would get one per…

Founder of Africa-Focused Media Firm Urges Continent’s Governments to Embrace Crypto – Defi Bitcoin…

The founder of Africa-focused media and investment company Footprint to Africa, Osita Oparaugo, has urged governments on the continent to embrace cryptocurrency.
Africa Must Not Be Left Behind
Osita Oparaugo, founder of Footprint to Africa, has argued that a timely embrace of cryptocurrencies by African governments would be beneficial to the continent’s growth prospects. In his remarks published by the Vanguard, Oparaugo, who was co-host of a Decentralized Finance (defi) event in Nigeria, suggested that African countries cannot afford to lag behind when it comes to crypto.
After…

Nigeria’s eNaira faces a bunch of privacy challenges • The Register

Opinion Nigeria recently became the first African country to launch its central bank digital currency (CBDC), the eNaira. However, there are significant privacy challenges that could make eNaira a lot less attractive.
The central concern? Authorities may see every transaction. This could potentially provide a great deal of data on individuals, making them vulnerable to malicious use for political or commercial purposes.
At the same time, there are fears that due consideration has not been given to the broader societal and rights implications. A recent IMF analysis [PDF] suggests adopting…

imf: IMF report explains why digital naira has drawn attention from the outside world

NEW DELHI: The International Monetary Fund (IMF) has explained in a report published on November 16, the reasons why eNaira or the CBDC of Nigeria has received so much attention from the world The IMF report titled ‘Five observations on Nigeria’s Central Bank Digital Currency’ was authored by Jack Ree. In its report, the IMF acknowledged that the newly launched Nigerian CBDC has attracted a lot of interest from many global institutions, particularly central banks. The IMF was involved in the rollout process of eNaira and would help the Central Bank of Nigeria in technical assistance…

Global Payments Newsletter, November 2021 | Hogan Lovells

In this Newsletter:

For previous editions of the Global Payments Newsletter, please visit our Financial Services practice page.

Regulatory Developments

Nigeria: eNaira digital currency launched

On 25 October 2021, it was reported that Nigeria had launched its central bank-backed digital currency, called eNaira. The official eNaira launch by Nigeria’s President Buhari is available to watch online here. Nigeria is the first African country to launch a digital currency, and one of only a few countries globally to have done so. President Buhari said that the “use of CBDCs can help move…

The US is Slow with its CBDC Development, Says Former CFTC Chair

Several countries around the world are moving fast with their central bank digital currency (CBDC) development, but the United States is yet to take concrete steps.
US Needs to Move Fast with CBDC Development
Central bank digital currencies (CBDCs) are gaining popularity in various parts of the world as governments look to establish a presence in the digital currency world. Some central banks, such as Nigeria and China, have already launched their CBDCs, while others are still developing.
Tim Massad, who served as chair of the Commodity Futures Trading Commission, has pointed out that the…

CBDC and The Future of Money

Friday, November 19, 2021 / 8:15 AM /
Ottoabasi Abasiekong for WebTV / Header Image Credit: WebTV

The Central Bank Digital Currency and the
Future of Money was the central focus of discussion at the recent 2021 Nigeria
Fintech Week in Lagos.

It was an opportunity for stakeholders in
the industry to brainstorm on the pathway for the CBDC and driving a vibrant
digital economy.

In his remarks Adedeji Owonibi,
Co-Founder, Convexity commended the Central Bank of Nigeria for stepping up and
taking the first movers advantage in developing a CBDC framework for…

Central Bank of Nigeria issues nearly 500,000 eNaira wallets since launching CBDC • NFCW

CBDC: To use the digital currency customers download the eNaira wallet and link it to their bank accountMore than 488,000 consumers in Nigeria have downloaded an eNaira digital wallet and conducted transactions worth a total of 62m naira (US$151,000) in the country’s central bank digital currency (CBDC) since its launch in October, according to a Central Bank of Nigeria (CBN) spokesman.
The CBN officially launched the eNaira on 25 October following a pilot scheme rolled out in September, making Nigeria the first African country to introduce a CBDC.
To use the digital currency, consumers…

IMF, CBN To Aid Other Countries Deploy CBDC

With the successful launch of the eNaira, the International Monetary Fund (IMF) has said it will be working with the Central Bank of Nigeria (CBN) to advise other counties interested in deploying Central Bank Digital Currency (CBDC).
The IMF however noted that though the e-Naira has the potentials for Financial Inclusion and boost Diaspora remittances but could pose risks to Nigeria’s financial stability.
It therefore  urged the CBN to watch the product with a view to properly managing risks that may arise from the initiative.
On boosting remittances,  the fund said,…

Charting India’s path to a ‘Digital Rupee’

In late October, Nigeria launched its non-interest-yielding central bank digital currency (CBDC) — the eNaira. In doing so, it joined the Bahamas and five islands in the East Caribbean as the only economies to have introduced CBDCs. This is a short list, but one that is likely to be supplemented. CBDC pilot projects are underway in at least 17 other countries.
In substance, the great hope for the eNaira lies in its perceived potential to address inefficiencies in Nigeria’s payment, remittances, and public welfare distribution systems, while progressing financial inclusion. The eNaira…

Nigerian Central Bank insists CBDC use amid Bitcoin bull

As Bitcoin surges have become a routine in the bull season, Nigeria has also become more alert of its CBDC promotions or lack of it. Given the Central Bank of Nigeria’s continued stance on its Bitcoin ban, the country is forced to remain barren to the Bitcoin bull profits. Central Bank’s Director of Corporate Communications Department, Osita Nwanisobi, recently spoke at the Lagos International Trade Fair and appealed to Nigerian citizens to embrace the eNaira, Africa’s first Central Bank Digital Currency (CBDC). The Director emphasized Nigerian CBDC’s qualities, noting that…

Flutterwave’s acquisition of Disha is a win for the creator economy

In 2015, software engineer Rufus Oyemade and web designer Evans Akanno started a creative agency called Cregital. Cregital, at that time, built websites for high-profile clients in Nigeria, some of them large corporations in banking and hospitality. The business was successful; yet, four years into its existence, Oyemade and Akanno embarked on a curious venture—to build a product for clients who could not afford their services.

Disha, the product they built, launched in 2019—by which time Blessing Abeng had joined them as co-founder and growth and marketing…

Zimbabwe Looks Towards A Future With Bitcoin As It Seeks Guidance For BTC Payments

A lot of countries have been looking to follow in El Salvador’s footsteps since the country officially implemented bitcoin as a legal tender. Most of these countries have however been from the same region as El Salvador in Latin America. Others, while not looking to accept bitcoin as legal tender, have passed more favorable laws for the use of crypto in their countries.
Despite these advancements by other continents, Africa has not been particularly enthusiastic about bitcoin. This has not stopped the growth of crypto on the continent. Countries like Nigeria…

Nigeria’s CBDC Rollout Highlights Concerns

Trust is paramount to any payments mechanism, be it hard currency, stablecoin or a central bank digital currency (CBDC).
Ecosystems can take shape only when the value of the payment will remain as agreed upon and the data underlying them are kept safe and private.
In the continuing conversations surrounding the development and deployment of CBDCs, the latest countrywide launch in Nigeria has placed privacy concerns front and center.
The nation’s rollout of the eNaira currency is facing headwinds and mistrust, despite the hundreds of thousands of digital wallets downloaded in the two…

Nigeria eyes October launch for CBDC after 5 years of research

Nigeria is set to launch its central bank digital currency (CBDC) within the next two months, the country’s central bank has revealed. In a webinar with stakeholders, a top central bank executive revealed that the West African country has been researching and developing the digital naira for the past five years.
Rakiya Mohammed, the director of information technology at the Central Bank of Nigeria, made the announcement on Thursday, as local outlet People’s Gazette reports. Mohammed was speaking during a webinar in which he revealed details about the digital naira for the first…

Nigeria eyes October launch for CBDC after 5 years of research

Nigeria to consider upcoming CBDC as ‘critical national infrastructure’

Nigeria will classify its upcoming central bank digital currency as “critical national infrastructure,” a new report has revealed. This, the country’s central bank believes, will allow for better protection from operational and cybersecurity risks.
Nigeria began exploring and researching the CBDC, which it has dubbed the e-Naira, five years ago under Project GIANT. As CoinGeek reported, the Central Bank of Nigeria is eyeing an October launch for the Hyperledger Fabric-based digital currency.
Now, a report by a local newspaper has revealed more details about the closely guarded…

Nigeria to consider upcoming CBDC as ‘critical national infrastructure’

Nigeria CBDC website goes live as October launch draws near

Nigeria is set to roll out its central bank digital currency (CBDC) in October, and its official website has already gone live. The website touts the benefits of the CBDC, known as the eNaira, how the public can access and use it, its security features, and more.
Nigeria revealed this year that it has been working on its CBDC for five years now under Project GIANT. The Central Bank of Nigeria has reportedly been observing other central banks in Africa and beyond in an effort to keep up with…

Nigerian Court Paves Way for CBDC Rollout, Suggests ‘Plaintiff May Be Adequately Compensated’ – Fintech Bitcoin News

The Nigerian High Court that is presiding over the e-naira trademark infringement case brought against the Central Bank of Nigeria (CBN), has ruled that Central Bank Digital Currency (CBDC) “may proceed on national interest” considerations. The ruling clears a crucial legal hurdle for CBN’s yet to be rolled out digital currency.
CBN’s Alleged Trademark Infringement
As previously reported by Bitcoin.com News, Nigerian firm Enaira Payments Solution had filed a trademark infringement…

Nigerians Optimistic CBDC Will Improve Payments and Help Promote Cryptocurrencies – Fintech Bitcoin News

Nigerians are hopeful the planned central bank digital currency (CBDC), also known as the e-naira, is going to enhance cross-border payments and make it “easier for the naira to be widely used and accepted.”
E-Naira Launch a Boon for Cryptos
In fact, according to a VOA report, some Nigerian blockchain experts like Janet Kaatyo believe the e-naira launch will work in favor of cryptocurrencies. Prior to the Central Bank of Nigeria (CBN)’s February directive, cryptocurrency usage and…

Consumer attitudes to CBDC – UK / Asia

Hidden category        Tue 9 Nov 2021 09:00 – 10:00OMFIF’s Digital Monetary Institute and Giesecke+Devrient convene a private launch of the ‘Consumer attitudes to CBDC’ report. The roundtable will highlight the key findings from the OMFIF-G+D survey on consumer attitudes to central bank digital currencies. The survey spanned four jurisdictions: the US, Germany, Indonesia, and Nigeria. It explored challenges consumers are facing with digital payments, awareness of and…

Nigeria Central Bank Governor Says CBDC Launch Just ‘a Couple of Days’ Away – Emerging Markets Bitcoin News

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has confirmed the country’s upcoming digital currency will be launched “in a couple of days from now.” According to the governor, the digital currency which is also known as the e-naira will be the first of its kind in Africa.
Nigeria to Launch CBDC in Days
Emefiele’s reassurances to Nigerians follow the CBN’s deferment of the e-naira launch to an unknown date.
Sources disclose Emefiele said on Thursday the…

Consumer attitudes to CBDC – UK / US

Hidden category        Tue 9 Nov 2021 16:00 – 17:00OMFIF’s Digital Monetary Institute and Giesecke+Devrient convene a private launch of the ‘Consumer attitudes to CBDC’ report. The roundtable will highlight the key findings from the OMFIF-G+D survey on consumer attitudes to central bank digital currencies. The survey spanned four jurisdictions: the US, Germany, Indonesia, and Nigeria. It explored challenges consumers are facing with digital payments, awareness of and…