The Central Bank of Nigeria plans to unveil Nigeria’s digital currency. Yes, the e-Naira is coming next year. I am looking for startups which are thinking ahead of this new market, and ready to build a product for that future. While we do not know fully what it would look like, one thing I know is this: there would be new or updated payment gateways and possibly Nigeria will have nodes for “agents” at different levels of market stacks, from commercial banks to mama put and akara sellers. This is a cambrian-level opportunity and it looks promising.
The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has revealed that Nigeria will launch a digital currency. With this, Nigeria tracks other nations which plan or have launched digital currencies. China is expected to roll out the e-yuan, its digital currency, at scale, later in the year. The United States has also started work on e-dollars.
Next month, Tekedia Mini-MBA LIVE is converging a session to be anchored by Dubai-based Bitfxt (crypto exchange) and BoundlessPay (crypto payment) on Digital Currencies: E-Yuan, E-Dollars, and E-Naira. We do expect to learn a lot about this evolving market and how businesses and entrepreneurs could prepare for that future. Yes, I want to make sure people can pay for Tekedia Mini-MBA with e-Naira once it goes live.
At Tekedia Capital, this is an area we hope to invest if indeed the Central Bank of Nigeria (CBN) decentralizes the distribution of the e-Naira to the extent that our phones, portals, etc become our banks, and our bank accounts are now ‘warehoused” in the CBN, at least up to a level.
If you have a compelling vision with a roadmap of that future, I will personally write a cheque once CBN shares guidelines on the protocol. More so, we would like to invite you to this exclusive conversation for the Tekedia community. Indicate your interest by commenting below.
The race to Fintech 2.0 in Nigeria is beginning next year. Are you ready? Who builds the first e-naira compatible API?
1. Advance your career with Tekedia Mini-MBA (Sept 13 – Dec 6, 2021): 140 global faculty, online, self-paced, $140 (or N50,000 naira). Click and register here.
2. Click to join Tekedia Capital Syndicate and own a piece of Africa’s finest startups with a minimum of $10,000 investment.3. Register and join me every Saturday at Business Growth Playbooks w/ Ndubuisi Ekekwe (Sept 4 – Oct 23, 2021), Zoom, 4.30pm WAT; costs N20,000 or $60.