The Challenge for Nigeria’s eNaira

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August 27, 2022

The Central Bank of Nigeria (CBN) continues to innovate on the eNaira, Nigeria’s digital currency. The new evolution is the addition of USSD capabilities: “The newly unveiled USSD code according to the CBN will avail Nigerians opportunities to endless possibilities through financial services. The eNaira has been reported to have recorded 840,000 downloads since its launch in 2021, and has recorded N4 billion transactions across the 270,000 active wallets comprising 252,000 consumer wallets and 17,000 merchant wallets.

”Those numbers are really poor when you look at the resources they have put in this project. A GTV of N4 billion is sub-optimal. The biggest problem for eNaira is that Nigerians are more concerned on how to make Naira in any form and not whether it is paper Naira, mobile money Naira, eNaira or the type in a fintech wallet. Provided it is Naira, they are fine.

While there is a marginal saving of say N26 per N50,000 when you use eNaira, that is not the real headache for most people! I challenge the apex bank to think deeper on how using eNaira will help people make more Nairas as businesses or citizens.

Until that is figured out, this product will underperform. The lack of value acceleration or compounding is the challenge for eNaira.

Central Bank of Nigeria Unveils USSD Code For eNaira

Comment on LinkedIn Feed

Comment 1: You’re right Prof Ndubuisi Ekekwe .

Will eNaira improves Naira exchange rate? If not, it won’t fly. Think we should focus on the fundamentals that’ll improve our economy.

Make a productive economy of our nation, reduce foreign consumption in any form or guise, eat what we produce and produce what we eat!

Start up firms that’ll will become foreign exchange earners and encourage individuals and companies with same intent. These for me are the fundamentals to turn our nation around.

And it is a No Brainer Prof Ndubuisi Ekekwe , you have said same things in different ways many times and over. Thanks again.

Comment 2; Very insightful. Thinking down the value chain is one thing few businesses or government in this case understands. We want to help our customer, so that we won’t have to advertise to them. I am with you on this Prof Ndubuisi Ekekwe

Central Bank of Nigeria Unveils USSD Code For eNaira

By

Ojukwu Emmanuel

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August 27, 2022

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Ten months after the launch of the eNaira by the CBN, the apex bank has proceeded to unveil the USSD code for the country’s digital currency. The new USSD code which is *997#, was introduced by the CBN to deepen financial inclusion, and also to ensure that all transactions can be accessed through the channel.

The newly unveiled USSD code according to the CBN will avail Nigerians, opportunities to endless possibilities through financial services. The eNaira has been reported to have recorded 840,000 downloads since its launch in 2021, and has recorded N4 billion transactions across the 270,000 active wallets comprising 252,000 consumer wallets and 17,000 merchant wallets.

The CBN is betting on the 81 million Nigerian adults who use mobile phones, and 150 million mobile subscribers, for the successful adoption of the eNaira. The unveiling of the eNaira USSD Code took place in Kano State on Thursday, where the CBN governor of operations, Folashade Adenisi Shenubi represented the Central Bank Governor, Mr. Godwin Emefiele where he said the eNaira is expected to enhance inclusion, support poverty reduction, and enable direct welfare disbursement to citizens.

In his words;

“It captures the slogan ‘same naira, more possibilities, and designed to positively impact lives of Nigerians, and transform the economy.”

“The eNaira is expected to enhance inclusion, support poverty reduction, enable direct welfare disbursement to citizens, support a resilient payments ecosystem, improve availability and usability of central bank money,”

”Since its inauguration, the eNaira had reached 840,000 downloads, with about 270,000 active wallets comprising more than 252,000 consumer wallets and 17,000 merchant wallets. In addition, the volume and value of transactions have been remarkable above 200,000 and N4 billion naira respectively.

“The eNaira will make a significant positive difference to Nigeria and Nigerians. It was also developed to provide Nigerians with a cheap, safe, and trusted means of payment. It is unlike the offline payment channels like agent network, USSD, Wearables, Cards, and near field communication technology”.

The CBN via its Twitter handle disclosed that the eNaira is expected to improve availability and usability of money, facilitate diaspora remittances, reduce the cost of processing cash and improve the efficiency of cross-border payments.

The decision by the CBN to unveil the eNaira’s USSD code indicates that Nigerians without internet-enabled phones, can also make use of the eNaira for transactions. It has been reported that 35.9% of Nigerians do not have access to formal financial services, and about 45% do not own bank accounts.

This USSD code will no doubt deepen financial inclusion by giving a large percentage of Nigerians access to unlimited opportunities, through financial services. This decision by the CBN is no doubt based on an understanding of the financial inclusion in Nigeria, and the unique features of the Nigerian economy.

I earlier published an article on Tekedia, where I wrote on the need for Fintechs in Nigeria to develop offline transaction features, such as the introduction of USSD code, which I used Safaricom’s M-Pesa as a case study. It is however interesting that the CBN has adopted a similar initiative through the launch of the eNaira’s USSD code.

This feature will no doubt deepen financial inclusion, as Nigerians who do not own smartphones, can still be able to make transactions using the eNaira code. Through this, it is obvious that the CBN aims to financially include a lot of Nigerians who are unbanked, which is a major yardstick for economic development thereby creating capital accumulation.

STEPN, Avalanche, and Big Eyes: Survive the Crypto Winter With These Three Crypto Tokens

By

TI Partners

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August 27, 2022

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When the Luna stable coin project crashed, it led to a series of liquidations which resulted in the crypto winter. Due to over leveraging and undercollateralized crypto loans, many protocols and investors were affected in liquidations. As the crypto winter continues to sweep over the market, investors are implementing strategies to preserve their capital and rebalance their portfolios to prevent any further damage. The crypto winter provides a unique opportunity for investors to purchase decent crypto projects that are currently trading below their worth. Therefore, investors can purchase tokens that will rebound at dirt cheap prices and benefit from the upside when the prices rise. A word of caution is necessary as market prices are currently volatile.

Three crypto tokens you should observe this crypto winter are STEPN (GMT), Avalanche (AVAX), and Big Eyes (BIG EYES). These projects tick all the boxes investors want, including solid fundamentals, trading below their value, use cases, and a strong user community. All these factors come together to offer investors great incentives to purchase their tokens. Here is more information on these three projects.

STEPN (GMT)

STEPN (GMT) is a fitness tech that uses crypto and the blockchain to incentivize users to exercise. The project calls itself a Web3 lifestyle app. STEPN incorporates GameFi elements to reward its users for various physical activities. In addition, it uses Play-to-earn (which it has renamed “move to earn”) to reward its users. Users purchase various NFT sneakers using GST on the platform. Once these sneakers are activated, they earn rewards for various physical activities, including walking, running, or jogging.

GMT is the platform’s governance token, allowing users to propose and vote on proposals by other members. The project uses GPS technology powered by the blockchain to ensure that its users do not cheat or game the system. Finally, the STEPN project uses GST as its native token, and users can use GST to perform transactions on the platform. In addition, users earn GST depending on the type of sneakers they purchase.

Avalanche (AVAX)

Avalanche (AVAX) is a low-fee, environmentally friendly, and fast blockchain designed to deploy smart contracts. The project is the fastest smart contracts blockchain and the best platform for deploying smart contracts and dApps. Its speed helps developers to create better projects that outperform the competition. Furthermore, the Avalanche mainnet launched in September of 2020 and currently has more than 450 crypto projects on its blockchain.

AVAX is the utility token of the Avalanche network, and it performs various functions within the ecosystem. Some of the uses of the AVAX token include staking, securing the network, paying fees, and connecting multiple subnets within the blockchain. The Avalanche token supply is hard-capped, and the supply is strictly controlled. The blockchain creates an ecosystem where developers can create fast, cheap, and seamless smart contract projects.

Big Eyes (BIG EYES)

Big Eyes (BIG EYES) is a community token that takes the same path as other popular tokens. The project aims to improve the crypto ecosystem by improving liquidity in the DEFI and NFT ecosystems. Big Eyes will give more value to the ecosystems by funnelling more liquidity into these crypto sectors. Additionally, Big Eyes is a fully community-driven project and would be owned entirely by its community. At launch, 90% of the token would be available for users. Additionally, it would have NFT events where community members could participate and purchase various NFTs, including the top 10 NFTs in its ecosystem. The Big Eyes project is emersed in Japanese culture and draws inspiration from the country.

The BIG EYES tokens will be at the project’s centre, enabling users to participate in the NFT and DEFI ecosystems. Purchase tokens at the ongoing pre-sale to become an early member and pioneer user. Finally, you will enjoy various bonuses when you purchase BIG EYES tokens and refer your friends.

https://bigeyes.space/#signup

Stay on Top of the Market with Long-Term Cryptos: Proprivex Token and Ethereum

By

TI Partners

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August 27, 2022

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The introduction of blockchain technology has changed how people view basic transactions and financial services globally. The main motivation behind centralized banking practices and financial institutions is profit.

The benefits of utilizing or investing in the cryptocurrency market are easy to comprehend. Several users who desire quick and safe transactions find considerable value in many cryptocurrencies’ functionality. The advantage of incorporating cryptocurrencies such as Proprivex Token (PPX) and Ethereum (ETH) into your portfolio is that you could potentially accrue a lot of money, when you consider the advantages of diversity and the possibility of protecting against the effects of inflation.

What is Proprivex Token (PPX)?

Proprivex Token (PPX) is a cryptocurrency for managing and trading portfolios. Proprivex Token is basically concerned with digital assets and currencies and aims to make it easier for users to manage multiple portfolios from a single location. There are specific rules that must be managed differently for crypto assets because the risks, volatility, and security hazards of the cryptocurrency markets are completely different from those of traditional financial assets.

Proprivex Token (PPX) aims to create a useful platform to help new and seasoned investors in the cryptocurrency market. The major attractions of Proprivex Token (PPX) include:

? Full-Scale Security

Proprivex Token (PPX) has smart contracts that will be developed utilizing the pyramid standard for safer base code modifications and will be certified by Certik. This combines the newest technology with the least hacking footprint and best practices in the crypto industry. The source code will be made available on GitHub for developers to search for defects, helping to ensure that bugs are fixed practically as soon as they are discovered.

Successful bug fixes will be rewarded with the Proprivex official token.

? Transparency

The documentation detailing adopted revenue models, requirements for membership in the governance community, and other operating procedures that keep yield aggregators thriving will be made public by Proprivex Token.

? Gamified Ecosystem

Users of the DeFi Yield Aggregator platform now have a second way to make money, thanks to the referral program’s functioning referral system. By posting a personalized invitation link, existing users and their referees are paid 50% of the purchase amount every time new users are brought into the network.

Each component of Proprivex Token’s infrastructure is designed to connect with the next with astonishing efficiency, supporting the company’s people-driven philosophy that puts people before profits. This allows for the successful administration of a variety of portfolios.

The ecosystem’s official utility token is PPX, a coin created by Proprivex. Some tokens can be used to make payments on the Proprivex network, but they will offer discounts to encourage using PPX tokens instead. Early purchasers will benefit from various advantages as the Proprivex Tokens are released, including keeping 6% extra tokens if a purchase of Proprivex Tokens is made during stage 2 of the presale and an 8% bonus in Proprivex Tokens if you buy in stage 1.

Ethereum(ETH) – The Money-making Platform

As one of the best cryptocurrencies to purchase in 2022, Ethereum (ETH) is second only to Bitcoin (BTC) in terms of market capitalization and widespread acceptance. Contrary to many cryptocurrencies, it has maintained a relatively constant price during the recent bad market. A paradigm shift in how we think about cryptocurrencies is promised by the ETH vision for the coming years, which is very intriguing.

The creation and recording of token transfers was not the only purpose for which the Ethereum protocol was created. It is a more all-encompassing protocol created to be decentralized, programmable, scalable, and secure. It is the blockchain of choice for businesses and developers who are building technologies on top of it to transform several sectors and how we live our everyday lives.

With the Merge, Ethereum intends to make a significant modification to its design. Since cheaper fees and faster transactions are anticipated from a less computation-heavy paradigm when compared to PoW, switching to a PoS model solves many of the issues it now faces.

So here is your chance to get involved in these exciting projects, especially Proprivex Token (PPX), as it could make you very rich when it explodes on the market.

https://prop.proprivex.io/register

Three Cryptocurrencies That Can Transform the NFT Sector: Axie Infinity, ApeCoin, and HachiFi

By

TI Partners

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August 27, 2022

0

Investors have bought into predictions of significant profits in the near and medium term, using this bear market as a buying opportunity. The best possible use of this crypto meltdown is being sought out, particularly by investors who wish to make long-term investments. The news from the major stock markets around the world has put a lot of pressure on the cryptocurrency market. Numerous coins, including well-known blockchain-based cryptocurrencies, can be shown to be declining in value.

Axie Infinity (AXS), ApeCoin (APE), and HachiFi (HACHI) are three crypto tokens every investor should aim to buy after the current bear market. Keep reading to learn more about these crypto tokens and how they are poised to revolutionise the NFT sector.

Axie Infinity (AXS)

Axie Infinity, the most popular blockchain game that was inspired by Pokémon, must be mentioned when writing about NFT-based coins. Players can gather NFT creatures known as Axies thanks to the game’s open, incredibly versatile gameplay. In the ever-expanding Axie ecosystem, these Axies can be raised, fought, and exchanged using NFT tokens. Axie Infinity has the greatest weekly on-chain volume of any Ethereum-based gaming DApp as of August 2021. Axie Infinity is among the top three most used game Dapps, with over 100,000 weekly users.

The Axie Infinity ecosystem uses Axie Infinity Shards (AXS) and Smooth Love Potions (SLP) as its two primary NFT coins. AXS is a governance token with voting privileges on a DAO that is held by the community. Platform-related issues including the distribution of treasury money and ecosystem funds are up for a vote. Similarly, SLP is an NFT coin for Axie Infinity’s gameplay that can be used to breed new Axies and is gained by playing the game. ERC-20 tokens that can be traded on the Ethereum network include AXS and SLP.

ApeCoin (APE)

ApeCoin is well-positioned to continue to be a significant player in the digital currency market even as other coins fall victim to the bear market because of its high market value and remarkable use cases. Due to its solid foundations, ApeCoin’s (APE) market value has endured the crypto crisis pretty well. The coin’s development team followed its plan with precision, and this combined with the coin’s clear goal has given much hope for its long-term prospects.

Although ApeCoin’s (APE) price has considerably decreased from its all-time high, its market worth is still large when compared to that of its competitors. As a result, it ranks among the more alluring digital currencies for buyers of dips.

HachiFi (HACHI)

One of the cryptocurrencies that have gained popularity recently is HachiFi (HACHI), which is being built on a fairly extensive ecosystem. Users can profit from the NFT collection and passive revenue thanks to this ecosystem. The ecosystem makes a concerted attempt to sell to huge audiences.

HachiFi (HACHI) estimates that by the end of the year, it will have more than a thousand NFTs in its inventory. These NFTs, which can be acquired through the ecosystem’s game mechanisms, are designed to serve as a collection and offer long-term value. The ecosystem’s financial landscape also makes mention of a thorough and profitable staking scheme. In addition to earning passive revenue, staking investors can participate in decentralized management. If you spend $1,000 on this upcoming cryptocurrency, the site will reward you an extra 19% in HACHI tokens.

Final Thoughts

The bear market offers the opportunity for new investors to enter at attractive prices or longer term investors as an opportunity to accumulate and dollar cost average down. With the markets eyeing a bounce and hopes that a return to a sustained upward trend is in sight coins such as AXS, APE, and HACHI all look like solid options for your portfolio.

https://signpup.hachifi.com/register