CEM REPORT | The Africa Fintech Foundry (AFF) has announced that it will be supporting 10 startups in the country.
The Fintech disclosed that its support will be in collaboration with the Central Bank of Nigeria (CBN) to increase the adoption of eNaira in the country.
Speaking to journalists after the Semi-Final Pitching of the eNaira Hackathon 2022, Head of AFF, Daniel Awe, said the 10 startups innovators, and entrepreneurs, will be drawn from the over 5,000 startups that registered for the eNaira Hackathon.
”Now, this top 10 potential businesses when they come out of the final of the hackathon, there is a cash prize for them.
”I think number one is going to get 5 million eNaira. Number two is getting 3 million eNaira. Number three, 2 million and the remaining, the next ten will get 1 million eNaira.
”Afterwards, those top 10 will resume in the AFF accelerator programme, whereby some of them will get some funding to start up their businesses on their ideas.”
Awe said that AFF and CBN were collaborating on the hackathon to increase the adoption of eNaira.
He added that by the time they come up with good business with their innovations, employment would be created and they would increase the adoption of eNaira.
He however noted that CBN’s role was just to create the platform for fintech startups and entrepreneurs the ecosystem to leverage to create solutions that would benefit the entire financial services space.
”So the hackathon is a platform where innovators, developers, entrepreneurs, coders come together, to solve problems, to create innovative ideas.
”When we layer that on eNaira, it means we brought in different players within the ecosystem – developers, coders, innovators, entrepreneurs, to come up with different ideas, different use cases, that they can leverage on eNaira,
”This is so that the consumers of eNaira will now see the benefit of eNaira, they will have the opportunity to see the problem that eNaira will solve.”