Business News Archives — Page 6 of 32 — Business Bells

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  • GSM@20: Danbatta Bags Award As NCC Identifies Next Frontiers For Industry Growth

    GSM@20: Danbatta Bags Award As NCC Identifies Next Frontiers For Industry Growth

     

    As stakeholders in Nigeria commemorate 20 years of telecoms revolution in Nigeria, the Nigerian Communications Commission (NCC) has clearly identified key initiatives being implemented to consolidate the growth and gains of the telecom sector.

     

    Executive Vice Chairman of the Commission, Prof. Umar Garba Danbatta, listed the digital frontiers while delivering a paper titled: ‘Telecommunications in Nigeria: The Next Frontier’ at the 20th anniversary of the telecommunications revolution in Nigeria organised recently by Compact Communications Limited, at the Muson Centre, Lagos.

     

    At the event, the Commission received a recognition award “in appreciation of its institutional support to the growth and development of telecoms in Nigeria”. The EVC of NCC also received a separate award “in appreciation of his immense contribution to the growth and sustenance of telecoms development in Nigeria.”

     

    Represented at the forum by NCC’s Director, Public Affairs, Dr. Ikechukwu Adinde, Danbatta said in the last 20 years, the sector has witnessed significant growth in subscribers, internet usage, investment, innovation, contribution to Gross Domestic Product (GDP) and multiplier effects of the growth in other sectors of the economy.

     

    Danbatta stated that in collaboration with relevant stakeholders, NCC is driving new frontiers aimed at ensuring consistent growth of the nation’s digital economy sphere.

     

    According to him, as a foremost telecommunications regulatory agency and consistent with NCC mandate as stipulated in the Nigerian Communications Act (NCA) 2003, and other guiding legislations, the NCC has been at the forefront of leveraging latest technologies and accelerating broadband infrastructure deployment to put Nigeria on the global map of the digital economy experience.

     

    In this regard, he said NCC was working to ensure increased broadband penetration in line with Federal Government’s targets as contained in the Nigerian National Broadband Pan (NNBP), 2020-2025. The NNBP was launched by President Muhammadu Buhari in March 2020.

     

    Danbatta explained that the NNBP has a target to achieve 70 per cent broadband penetration among 90 per cent of the country’s population. The Plan also seeks to achieve broadband speeds of 15Mbp and 25Mbps in rural and urban areas respectively over the next five years.

     

    “The Commission is also driving various initiatives aimed at facilitating the deployment of Fifth Generation (5G) Mobile Technology in Nigeria.

     

    Prof. Danbatta emphasized that a robust broadband infrastructure will play a key role in fast-tracking the effective deployment of 5G technology and facilitate availability of services associated with 5G technology.

     

    “Already, the Commission is set to auction some spectrum slots in 3.5GHz band and we have confirmed 97 per cent readiness for 5G deployment in this regard. This is in line with the marching order given to us by Honourable Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami), following approval by the Federal Executive Council to proceed on our 5G Deployment Plan. The Information Memorandum (IM) for the auction had earlier been shared with stakeholders and we are set to auction the 5G spectrum before the end of the year,” he said.

     

    The NCC Chief Executive also said one of the initiatives being emplaced by the Commission to enhance the attainment of the next frontier for telecom development in Nigeria and the nation’s economic growth, is the ongoing review of licensing structure in the sector. This is to align telecoms licensing process with the wide range of technological advances, convergence of technologies and services shaping global telecoms space.

     

    Danbatta said the Commission has also finalized review of its Spectrum Trading Guidelines (STG). The STG, according to the EVC, allows spectrum resource in-country to be traded on the Secondary Market through Transfer, Sharing or Leasing (TSL) once the stipulated regulatory conditions have been complied with.

     

    Danbatta declared that NNBP 2020-2025 requires that these Guidelines be reviewed to ensure that un-utilised spectrum is fairly traded to facilitate rollout by other operators among others. The Guidelines will, therefore, facilitate the country’s yearning for ubiquitous broadband access in line with the economic agenda of the Federal Government.

     

    As vehicles for implementation of the NNBP, the National Digital Economy Policy and Strategy (2020-2030) and other similar digital economy policies, Danbatta said the NCC has unveiled its Strategic Management Plan (SMP) 2020-2024 and the Strategic Vision Plan (SVP), 2021-2025, which will ultimately drive the next frontier of growth in the telecoms sector. He said the two strategic plans embody critical areas on which the Commission intend to focus toward driving the implementation of the digital economy agenda of the government.

     

    He stated that the two regulatory documents (the SMP and SVP) encapsulate the totality of regulatory and policy initiatives, designed to re-invent and transform the telecom ecosystem, within the context of regulation, to a greater height. He added that this, to the Commission, is the next frontier for the sector. “While emerging technologies are disruptive by nature, Nigeria cannot afford to lag behind digitally and this explains Commission’s engagement with developmental regulations for the industry and we are irrevocably committed to this,” he said.

     

    Other individuals bestowed with recognition awards at the event include Former President Olusegun Obasanjo; and the former EVC/CEO of NCC, Dr. Ernest Ndukwe, both for pioneering the Global System for Mobile Communications (GSM) revolution of 2001. The Zenith Bank also received an award for being at the forefront of leveraging technology for powering financial services delivery. Among the journalists who received awards is a veteran ICT journalist/Publisher, E-World News, Aaron Ukodie.

     

     

  • Nigerian Banks to Stop Accepting £20, £50 Notes Dec 31

    Nigerian Banks to Stop Accepting £20, £50 Notes Dec 31

    By Adejuwon Osunnuyi

     

    Deposit Money Banks in Nigeria have issued a deadline of December 31, 2021 for the acceptance of  old £20 and £50 notes to enable proper conclusion of cash evacuation.

     

    One of the banks, Heritage Bank, disclosed this in an email to its customers on Wednesday titled, ‘Pound Sterling notes out of circulation’.

     

    It said, “Esteemed customer, This is to notify you that from September 2022, the Bank of England has mandated the withdrawal of paper £50 and £20 notes from circulation.

     

    “This implies that from January 1, 2022 Heritage Bank will stop accepting paper notes of £50 and £20 in all Experience Centres nationwide.

     

    “We recommend you to deposit all £50 and £20 paper notes in your possession at any of our Experience Centres near you on or before December 31, 2021 to avoid losing the value of your money.

     

    In the same vein, Fidelity Bank Plc, also sent its own email to its customers on Wednesday titled ‘Withdrawal of old 20 and 50 GBP notes from circulation’.

     

    The message stated, “The Bank of England has announced the withdrawal of paper £20 and £50 notes after September 30, 2022. A year’s notice has been provided to customers and the global banking community.

     

    “In view of this, Fidelity Bank, alongside other Deposit Money Banks in Nigeria, has issued a deadline of December 31, 2021 for acceptance of the stated denominations from the public to enable proper conclusion of cash evacuation.

     

    “Thus, we advise you to use or deposit your paper GBP notes into your Fidelity Bank domiciliary account by December 31, 2021 to avoid a loss in the value of your money.”

     

    The Bank of England has recently introduced new polymer £20 notes featuring J.M.W. Turner, and polymer £50 notes featuring Alan Turing to replace the paper notes. 

     

     After 30 September 2022, the new polymer notes will be the only ones with legal tender status.

     

    After 30 September 2022 people with a UK bank account will still be able to deposit withdrawn notes into their account.

     

    Some Post Offices may also accept withdrawn notes as payment for goods and services or as a deposit to an account accessed via them.

     

    The Bank of England will continue to exchange all withdrawn notes.

     

    Speaking ahead of the date, the Bank of England’s Chief Cashier Sarah John said “In recent years we have been changing our banknotes from paper to polymer because this makes them more difficult to counterfeit, and means they are more durable. The polymer £20 featuring the artist J.M.W. Turner, and the polymer £50 featuring the scientist Alan Turing are now in wide circulation, and we are in the process of withdrawing their paper equivalents. So we want to remind the public that they have one year from today to spend their paper banknotes.”

     

    The new polymer £20 was first issued on 20 February 2020, and the polymer £50 note was first issued on 23 June 2021. These notes complete the Bank of England’s first polymer series.

     

    The introduction of polymer banknotes allows for a new generation of security features which make them even harder to counterfeit. The notes are also resistant to dirt and moisture and so remain in better condition for longer. These notes also have tactile features that allow the blind and partially sighted to use them.

     

     

  • Ade-Ojo, Jelani, Oyeyemi, Hathiramani for Honours At 2021 Nigerian Auto Awards

    Ade-Ojo, Jelani, Oyeyemi, Hathiramani for Honours At 2021 Nigerian Auto Awards

     

    Founder of Elizade Nigeria Limited, Chief Michael Ade-Ojo, is set to be honoured as Pillar of Auto Industry at the 2021 edition of the annual Nigeria Auto Journalists Awards.

     

    Other prominent personalities in the Nigerian automotive industry to be honoured by the Nigeria Auto Journalists Association (NAJA) at the event slated for Wednesday, December 1, 2021 are the Director General of the National Automotive Design and Development Council (NADDC), Jelani Aliyu; Corps Marshal of the Federal Road Safety Corps, Boboye Oyeyemi; and Managing Director of Dana Motors, Jacky Hathiramani.

     

    According to NAJA, the organisers, the event, to be held at Eko Hotel and Suites on Victoria Island, Lagos, will also be used to announce the Nigeria’s Car of the Year, among other industry awards.

     

    NAJA in a statement said Chief Ade-Ojo is being honoured as Pillar of the Nigeria Auto Industry for his outstanding contributions to the development of Nigeria’s auto industry over the decades.

     

    Chief Ade-Ojo has marketed and sold various auto brands like Peugeot and Volkswagen before finally settling for Toyota, a product he turned to a household name in the country.

     

    Elizade Nigeria Limited, which was incorporated in 1973, and started business in 1971 with just one supporting employee, has become a conglomerate with several subsidiaries, and a reference point in Nigeria’s auto industry.

     

    In a similar vein, the NADDC DG as well as the Dana Motors MD are to recognised as Auto Personalities of the Year.

     

    While Jelani has been very consistent in pushing the narrative for alternative greener automotive fuel, Hathiramani has been able to make the Kia brand a successful name in Nigeria.

     

    Commenting on the honours, Chairman of NAJA, Mike Ochonma, noted that it was important to hounor and recognize people who had contributed immensely to the development of the sector while alive, not when dead.

     

    “We like to recognise people while they are still alive, which is very important so that they can also reap some rewards from their service and serve as encouragement for younger people to serve, knowing full well that when you serve, there is always recognition,” he said.

     

    Meanwhile, Chairman of the 2021 NAJA Awards Committee, Theodore Opara, has said nominations are still coming in for the various categories of the Nigerian Auto Awards.

     

    He said apart from the Car-of-the-Year category, there are over 15 other categories that are being contested for in this year’s edition of the prestigious awards.

     

  • African Firms Jostle for 2021 Global Quality Excellence Awards As World Quality Day 2021 Holds Nov 11 In Lagos

    African Firms Jostle for 2021 Global Quality Excellence Awards As World Quality Day 2021 Holds Nov 11 In Lagos

     

    Organisations across Africa are jostling to be recognised and awarded the most compliance company in Nigeria, West Africa and Africa and other categories at 2021 World Quality Day, scheduled to hold on 11th November, 2021 at Four Points By Sheraton, Victoria Island Lagos.

     

    The Global Quality Excellence Awards is a platform of the World Quality Alliance and Chartered Quality Institute UK designed to celebrate organisations that have shown greater commitment to quality on World Quality Day.

     

    The theme for this year’s commemoration is “Sustainability: Improving our products, people and planet”.

     

    According to Mrs. Ifeoma Favour Emeka, Secretary Awards General Committee, “Quality sustenance is not an option; organisations should be committed to building quality sustainability into their culture and DNA, because the issue of sustainability in quality management is a key one, adding that “If sustainability hasn’t already become an essential part of your business operations, your competitive advantage and your reputation, it will,” she said.

     

    She said, for the WQA/CQI, the concept of improving our products, people and planet is in line with our Royal Charter and our mission to champion quality management for the benefit of society. So we encourage you – whether you’re a WQA/CQI member or a professional working in quality management – to join us in promoting World Quality Day. This is a great opportunity to support your organization not only to think about but to act on sustainability.

     

    “The Global Quality Excellence Awards 2021 is meant to celebrate Excellence in Quality conformance to customer needs and promote awareness of the important contributions that quality makes towards a nation, or organization growth and prosperity, in a Global Economy where success depends on quality, innovations and sustainability, the Award is your chance to reinforce these, as the foundation of organization and brands for their achievements in improving brand/business performance.”

     

    The Award is organized by World Quality Alliance with the support of the Chartered Quality Institute. The two organizations made an alliance to improve relationships in order to intensify the Global Commitment to Quality principles and their application in all segments of the society.

     

    The organisers said that the 2021 World Quality Day Exhibition will provide organizations with: maximum exposure at a premier congress and exhibition devoted to increasing brand visibility, an opportunity to build and reinforce strategic relationships with customers.

     

    Other benefits to be derived by firms include a cost-effective way to reinforce organizations’ brand and build brand awareness among a relevant audience. Exhibition will also offer organisations time to present latest innovation and new products or services to the participants and showcase expertise and capabilities.

     

  • 5G: NCC Hosts Stakeholder Engagement on Spectrum Auction

    5G: NCC Hosts Stakeholder Engagement on Spectrum Auction

     

    As part of activities lined up for the implementation of the Fifth Generation (5G) Technology Deployment Plan in the country, the Nigerian Communications Commission (NCC) is set to host a stakeholder engagement forum this week.

     

    The forum will afford industry stakeholders the opportunity to discuss the draft Information Memorandum (IM) for the upcoming auction of the 3.5 gigahertz (GHz) spectrum band.

     

    Scheduled to hold at the Lagos Marriot Hotel, Ikeja, Lagos, Thursday November 4, 2021 at 10:00 am prompt, the Commission has confirmed that the attendance at the event is open to all interested stakeholders in the telecoms sector and beyond.

     

    The decision to host the stakeholder engagement is in keeping with the provisions of the Nigerian Communications Act (NCA) 2003 and NCC’s distinctive tradition of robust stakeholder consultation on all telecom regulation-related issues.

     

    In June, the Commission inaugurated a committee to develop the IM for the auction of 3.5 GHz spectrum band, which will be utilized for early deployment of 5G technology services in the country.

     

    The Information Memorandum (IM) is a comprehensive document, which defines the process emplaced by the Commission for the auctioning of the 3.5GHz spectrum band. It also provides information on the Nigerian telecommunications market, details of the spectrum to be made available, the pre-qualification process, the auction process as well as the indicative timetable.

     

    The stakeholder engagement forum is, therefore, an important regulatory prerequisite for the planned auction of 3.5Ghz spectrum before the end of this year.

     

    Accordingly, the Commissions has called on interested stakeholders and members of the public to participate and make contributions to discussions around this important draft document.

     

    In line with the objectives of the National Digital Economy Policy and Strategy (NDEPS) for a Digital Nigeria, and the positioning of Nigeria as an early adopter of digital technology as well as a major participant in the growing global digital economy, the successful and timely deployment of 5G is crucial for the country.

     

    The 5G technology is expected to facilitate several emerging technologies, generate innovate new use cases, spur significant socio-economic growth and create jobs.

     

     

  • Q3 2021: NB Plc Records N309.22billion Revenue, Declares N8.47B As Profit

    Q3 2021: NB Plc Records N309.22billion Revenue, Declares N8.47B As Profit

     

    Nigerian Breweries Plc, the foremost brewer and leading beverage company in Nigeria has announced its figures for the 3rd quarter of 2021, delivering   N309.22 billion in revenues for the third quarter of the 2021 financial year.

     

    The revenue represents an increase of 32.1% from N234.02billion recorded in the corresponding period in 2020.

     

    Further breakdown of the audited result showed that profit for the company in the third quarter of the financial year also grew from N7.1billion to 8.47billion, representing a 20.1% rise.

     

    Cost of Sales rose significantly by 37.9% from N144.1Billion in 2020 to N198.74billion in the period under review in 2021, while Marketing, Distribution, and Administration Expenses also grew by 27,2% from N67.86Billion in 2020 to N86.32Billon in 2021.

     

    Q3 2021: NB Plc Records N309.22billion Revenue, Declares N8.47B As Profit

    The board of directors of the company has approved an interim dividend of N3.23billion payable to shareholders at 40kobo each per ordinary share of 40k.

     

    A statement signed by the Company Secretary/Legal Director, Nigerian Breweries Plc, Uaboi Agbebaku revealed that the company remains committed to its strategy to deliver improved growth as it continues to monitor the business environment and remain dynamic in its response to challenges confronting the business as well as that of the economy, particularly in the face of COVID-19 pandemic.

     

    Agbebaku explained that the company would continue to deploy cost-efficient measures to keep the balance sheet strong and healthy while ensuring that the health, safety and welfare of its employees, customers and partners are protected.

     

  • Just In: Facebook Rebrands, Changes Name to Meta

    Just In: Facebook Rebrands, Changes Name to Meta

     

    Facebook has changed its corporate name to Meta as part of a major rebrand.

     

    The company said it would better “encompass” what it does, as it broadens its reach beyond social media into areas like virtual reality (VR).

     

    The change does not apply to its individual platforms, such as Facebook, Instagram and Whatsapp, only the parent company that owns them.

     

    The move follows a series of negative stories about Facebook, based on documents leaked by an ex-employee.

     

    Frances Haugen has accused the company of putting “profits over safety”.

     

    In 2015, Google restructured its company calling its parent firm Alphabet, however, the name has not caught on.

     

    ‘Reflects who we are’

    Facebook boss Mark Zuckerberg announced the new name as he unveiled plans to build a “metaverse” – an online world where people can game, work and communicate in a virtual environment, often using VR headsets.

     

    He said the existing brand could not “possibly represent everything that we’re doing today, let alone in the future”, and needed to change.

     

    What is a metaverse?

    “Over time, I hope that we are seen as a metaverse company and I want to anchor our work and our identity on what we’re building towards,” he told a virtual conference.

     

    “We’re now looking at and reporting on our business as two different segments, one for our family of apps, and one for our work on future platforms.

     

    “And as part of this, it is time for us to adopt a new company brand to encompass everything that we do, to reflect who we are and what we hope to build.”

     

    The company also unveiled a new sign at its headquarters in Menlo Park, California, on Thursday, replacing its thumbs-up “Like” logo with a blue infinity shape.

     

    Mr Zuckerberg said the new name reflects that over time, users will not need to use Facebook to use the company’s other services.

     

    The word “meta” comes from the Greek word meaning “beyond”.

     

    People in a metaverse

     

    To an outsider, a metaverse may look like a version of VR, but some people believe it could be the future of the internet.

     

    Instead of being on a computer, people in a metaverse might use a headset to enter a virtual world connecting all sorts of digital environments.

     

    It is hoped the virtual world could be used for practically anything from work, play and concerts, to socialising with friends and family.

     

    Facebook said it intends to start trading it shares under the new stock ticker MVRS from 1 December.

     

  • My World of Bags Partners Mastercard Foundation To Launch Kafawa Training Program

    My World of Bags Partners Mastercard Foundation To Launch Kafawa Training Program

     

    My World of Bags, in partnership with the Mastercard Foundation has announced the launch of Kafawa, a training initiative designed to bridge the skills gap in the leather and non-leather manufacturing industry.

     

    My World of Bags, the parent company of FemiHandbags, one of Africa’s leading luxury accessory brands, is partnering with the Mastercard Foundation’s Young Africa Works upskill hundreds of Nigerian youths and connect them to work opportunities in the creative sector.

     

    Kafawa, which means ‘establishment’ in Hausa, will kick-off its pilot edition in Oyo state, and will launch a series of intensive courses in hard and soft skills. The goal is to empower and establish a highly skilled generation of youth to enhance the quality of workmanship in Nigeria – and Africa’s leather and non-leather industries.

     

    In a statement by the Program Director and Founder of My World of Bags/FemiHandbags, Mrs. Femi Olayebi, she said, “There is a breadth of potential in the leather and non-leather manufacturing industries in Nigeria, and yet, there is a lack of skilled hands to bring that potential to life. This partnership with the Mastercard Foundation is the perfect opportunity to achieve this, by not only equipping young Nigerians with the necessary skill sets to grow and expand the sector, but also to enhance their own economic outcomes. We are honoured to be driving this change, and we are committed to creating access for as many young people at the bottom-of-the-pyramid as possible. We truly believe that there is dignity in working your way to the top, no matter how low you start, and we hope to begin to change mindsets and create a chain reaction.”

     

    Speaking at the Opening Ceremony, Chioma Nwagboso, Program Lead, MSME Finance at the Mastercard Foundation said, “The Mastercard Foundation is excited at the potential for Kafawa to create a new generation of young people with a changed mindset and new- found belief that production, tailoring and manufacturing can provide dignified and fulfilling work opportunities.”

    L-R: Oluwayemi Olukanni, Course Design Lead, Kafawa; Nkem Okocha, Founder, Mamamoni; Mrs. Femi Olayebi, CEO, My World of Bags Ltd; Sinmi Olayebi, Project Lead, Kafawa at the launch of My World of Bags Kafawa training program recently
    L-R: Oluwayemi Olukanni, Course Design Lead, Kafawa; Nkem Okocha, Founder, Mamamoni; Mrs. Femi Olayebi, CEO, My World of Bags Ltd; Sinmi Olayebi, Project Lead, Kafawa at the launch of My World of Bags Kafawa training program recently

    Over the past five years, My World of Bags has been an active advocate for skill-building, through its annual training program for leather designers, in partnership with the Nigerian Export Promotion Council (NEPC); and for expanding access and creating a platform for visibility, through its annual Lagos Leather Fair. This partnership with the Mastercard Foundation enables the company to further expand its reach, intensify and broaden the training curricula and offer placement opportunities within the leather and non-leather manufacturing industry.

     

    The first cohort of trainees, selected based on their passion, availability, and readiness to strive for better, have officially been on-boarded into the Kafawa Training Program and are very eager to begin a journey that will involve intensive training over a period of 3-4 months. Application for the next cohort will be open in March 2022.

     

  • Jumia Launches First E-commerce Report

    Jumia Launches First E-commerce Report

     

     Africa’s leading e-commerce platform, Jumia, has published its first Africa  e-commerce report, Jumia Africa e-Commerce Index 2021 with a Nigerian section, which leveraged data from the company’s platform to illustrate the importance of shopping online in a pandemic context. 

     

    The shift to everyday products during COVID-19, is part of a broader economic transformation led by the continent’s young, urban and tech savvy population.

     

    Groceries and everyday essentials were the best selling products on Jumia during the pandemic.

     

    The effects of the pandemic, combined with dedicated commercial and marketing efforts on the Jumia side, led to a shift in its product category mix with everyday product categories including Fashion, Beauty and FMCG categories accounting for c. 57% of GMV in 2020, up from 44% in 2019.

     

    Jumia Nigeria CEO, Massimiliano Spalazzi said: “Since the COVID-19 outbreak, e-commerce has played an important role by supporting sellers, consumers and communities. Many businesses have joined  Jumia to keep their business running and to grow. Consumers used  Jumia for their daily needs and seeked convenience and competitive prices on the platform too.”

     

    E-commerce played an important role during the pandemic by providing solutions for both businesses and the communities they serve.

     

     Jumia’s partnerships with various brands and organizations have enabled SMEs to connect with millions of consumers online.

     

    According to the United Nations Conference on Trade and Development (UNCTAD), internet businesses in Africa, including e-commerce which sits at the heart of the digital economy, could add US $180 billion to the continent’s GDP by 2025.

     

     “COVID-19 led to a surge in the use of digital solutions, including e-commerce. This was particularly demonstrated with  domestic sales rather than cross border e-commerce. Food delivery, essentials, and pharmaceutical goods were among the top performing online shopping categories,” said Torbjorn Fredriksson, Head of E-commerce and Digital Economy, UNCTAD.

     

    Lagos city leads the list of cities with the most volume of orders on the Jumia logistics Network in Nigeria.

     

    Jumia Nigeria has more than 11,000 sellers, having achieved gender parity with 51% of sellers on the platform as women.  81% of Nigerians shop online with their smartphones, with 19% access the online platform through desktops. 

     

     

    The Director-General of the National Information Technology Development Agency, Inuwa Kashifu Abdullahi said; “E-Commerce is critical to any digital economy because when you consume a service, you need to make a payment and you can only do that through e-commerce.”

     

    Many consumers turned to JumiaPay, the payment platform for the first time during the pandemic, mainly for safety reasons and for the enhanced services on the app like bill payments.

     

    The report was done in collaboration with UNCTAD, IFC, Mastercard and others partners, highlighting the impact of e-commerce on the African economy.

     

    The full report is available here

     

  • BREAKING: eNaira Wallet Now Available For Download as Buhari Officially Launches Nigeria’s Digital Currency

    BREAKING: eNaira Wallet Now Available For Download as Buhari Officially Launches Nigeria’s Digital Currency

     

    After much anticipation, the Central Bank of Nigeria’s digital currency, CBDC is now live and available for download, as  Nigeria takes the lead as the first country in Africa with a working CBDC.

     

    President Muhammadu Buhari unveiled the e-Naira at the State House in Abuja on Monday.

     

    An earlier plan to unveil the digital currency on October 1 was shelved.

     

    Nigeria is one of only a few countries in the world to develop an official digital currency.

     

    The eNaira was developed by fintech company Bitt, which is also behind the creation of CBDC in some East Caribbean countries.

     

    At the launch Monday, the Central Bank of Nigeria Governor, Godwin Emefiele, said 500 million eNaira ($1.21 million) has already been minted.

     

    The CBDC’s digital currency app and its merchant wallet are now live and available for download.

     

    The two apps, eNaira speed wallet and eNaira merchant wallet, are now available on Google playstore and Apple store.

     

    A notice on the enaira website gives details into how the currency and the wallet will work.

     

    “Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment,” it says.

     

    “To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.

     

    “First Name, Last Name, Date of Birth, State of Origin, and Email.

     

    “Your Banks are waiting to assist you in validating and updating your BVN details to ensure seamless enrolment to the eNaira Platform,” it says.

     

    The central bank has also published the regulatory guidelines of the currency on its website.

     

    “The guideline seeks to provide simplicity in the operation of eNaira, encourage general acceptability and use, promote low cost of transactions, drive financial inclusion while minimizing inherent risks of disintermediation of any negative impact on the financial system,” it says.

     

    You can visit the website to download the eNaira speed wallet, as the application is now available for iPhone and Android users.