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Analysts: Lack of Trust in Nigerian Government an Impediment to CBDC’s Success Prospects

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While Nigerians have seemingly embraced the Central Bank of Nigeria (CBN)’s digital currency, skeptical analysts believe a lack of trust in the government will ultimately limit the e-naira’s prospects for success. Threat From Fintech Startups In addition, some analysts insist the digital currency’s already tenuous position is made worse by the fact that it has … Read more

Nigerian Experts Insist Africa’s First CBDC Is Presently Not for the Unbanked

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While the Central Bank of Nigeria (CBN) continues to tout the e-naira’s credentials as a tool for fostering financial inclusion, some experts agree that this central bank digital currency (CBDC) is presently not doing this. The CBDC’s Chaotic Start This assertion as well as the e-naira app’s brief removal from Google Play Store appears to … Read more

African Fintech Giant Raises $150 Million in Funding Round Led by FTX, Firm Now Valued at Over $2 Billion

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Chipper Cash, one of Africa’s biggest fintechs, recently concluded a Series C extension funding round in which it raised $150 million, a report by Techcrunch has revealed. New Investors Participate in Latest Round According to the report, this latest funding round — which was led by Sam Bankman-Fried’s FTX — comes barely six months after … Read more

Nigerian Judge Rules in Favor of Accused Crypto Startup, Accounts to Be Reopened

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A Nigerian Federal Court judge recently ruled that the two frozen bank accounts belonging to Rise Vest Technologies, which is accused of trading cryptocurrencies, must be reopened. CBN’s Bank Account Freeze Order Dismissed In a ruling that overturns the Central Bank of Nigeria (CBN)’s August 17 decision to freeze the bank accounts, Judge Taiwo Taiwo … Read more

Nigerian President Muhammadu Buhari to Unveil Country’s CBDC

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The Nigerian President, Muhammadu Buhari, is expected to formally launch the country’s central bank digital currency (CBDC) on October 25, 2021. High-Level Endorsement of the CBDC According to a statement released by the Central Bank of Nigeria (CBN), the formal event marking the e-naira’s launch will be held at the Buhari’s official residence. After the … Read more

Ghana Central Bank Working to Make CBDC Available to Offline Users

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The Ghanaian central bank is seeking to make its digital currency, the e-cedi, available to offline users, an official with the bank has said. Overcoming the Challenge of Limited Power According to Kwame Oppong, who heads fintech and innovation at the Bank of Ghana (BOG), the e-cedi is also expected to facilitate transactions without the … Read more