2021 Fintech Week DAY 5: CBDC and The Future of Money

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


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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 the eNaira.

 

He said Nigerians should support the CBN despite the challenges of not having a wider-stakeholder consultation before launching the digital currency, including the issues around how it arrived at its technical partner for the project.

 

"I had the opportunity to train some of the CBN staff on the dynamics of cryptocurrency and blockchain recently. I told them that the eNaira was a bold step and hopefully, the adoption will be done appropriately for the benefit of Nigerians" Deji Owonibi said.


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Senator Ihenye the President of the Stakeholders In Blockchain Association of Nigeria, SIBAN in his remarks said the CBN's focus through the eNaira to deepen digital financial transactions in the country, which is a welcome development.

 

He noted that there are millions of Nigerians who do not have access to the internet and even smartphones, and the effective adoption of eNaira will go a long way to improve financial inclusion in the country.

 

Ihenye said the related tier system of the CBN in implementing the digital currency was also laudable for the Nigerian financial market. He believed leveraging the cryptography of blockchain technology will help to onboard more people into the financial services industry.

 

"With the blockchain technology, we can secure a lot of transactions made through the eNaira without resorting to the issues of KYC because of the challenges of the nation's ID system" The SIBAN President added.

 

He also advised the CBN to explore public consultations on projects like eNaira to get broader inputs that can improve the user experience for consumers. According to him in climes like US, UK, Switzerland, Sweden, and Ghana the CBs engage the public on proposed projects that will have impact on the market.

 

The event also featured a discourse on "Non-Fungible Tokens" NFTs and the presentation of awards to stakeholders that have led the transformation and development of the Nigerian Blockchain industry.


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