[UPDATE: The Nigerian stablecoin consortium has said it will not be launching a stablecoin in late February 2024 as previously advised. Instead, the consortium, which is comprised of banks and fintech startups, said it plans to launch the stablecoin only after it gets the green light from the central bank.]
[PRESS RELEASE: LAGOS, NIGERIA]
A monumental shift in the financial landscape unfolds as the Central Bank of Nigeria (CBN) greenlights the Africa Stablecoin Consortium (ASC) to pilot cNGN (compliant Nigerian Naira StableCoin) in the Central Bank’s Regulatory Sandbox.
This pivotal approval heralds a new financial chapter, with ASC, an alliance of prominent financial institutions, fintech innovators, and blockchain experts, set to transform the dynamics of monetary transactions. The consortium is committed to enhancing secure and compliant financial interactions, revolutionising the way people transact and engage with their money securely and seamlessly.
Introducing the cNGN: Your Naira, Enhanced
The cNGN (Compliant and regulated Nigerian Naira pegged Stablecoin) ushers in a new era of financial fluidity, bridging the Nigerian Naira with the global market through blockchain technology.
Backed 1:1 by Naira reserves held in designated commercial banks, cNGN transforms traditional currency into a dynamic tool for worldwide remittances, commerce, trade and investment. More than just a currency, cNGN shortens settlement times, enabling payments that traverse the globe swiftly, mirroring the speed of a text message at a fraction of the cost. This breakthrough paves the way for instantaneous financial transactions, seamlessly connecting Nigeria’s vibrant economy with international markets and offering unprecedented efficiency in both domestic and global financial interactions.
Imagine a world where:
- Your Naira without Borders. Explore the World with cNGN and experience a seamless and cost-effective way to engage with a global marketplace, with the familiarity of your Naira. cNGN extends your financial reach far beyond Nigeria’s borders and acts as a global bridge, so you can pay for anything, anywhere, and at any time– all with a seamless tap. Shop the World and pay in Naira without the traditional challenges of currency conversion and hefty international transaction fees.
- Sending money home feels like sending a text message: effortless and instant. No more agonising days waiting for remittances to clear. With cNGN, supporting your loved ones back home becomes as simple as a quick tap on your phone. No more standing in lines. With cNGN, funds land directly in their wallets within seconds, ready to fuel their dreams and brighten their days. No more distance, no more delays, just the magic of compliant virtual assets bridging the gap between hearts.
- Conduct Business without Borders: Trade Like a Pro, Cost-Effectively. Cut out the red tape and sky-high fees of traditional international trade. With cNGN you can send and receive payments across the globe instantly enabling you to transact with national & international partners in any stablecoin currency, fueling economic growth and global success.
- You can unleash your global hustle and get paid, anywhere, instantly. Ditch the limitations of location and outdated payment systems. With cNGN, you can freelance for the world, right from your desk in Nigeria. Your talent knows no borders, so why should your income? Skip the bank queues and paperwork. Receive payments from clients across the globe, directly deposited into your cNGN wallet in minutes. Get paid instantly and securely, without the hassle of currency conversions or hidden fees. Use cNGN to fuel your hustle.
cNGN: Built for a Brighter Future
The transformative power of cNGN rests on a foundation of 5 core pillars:
- Reliability & Global Reach: Transact, trade, or invest across borders with confidence. cNGN bridges to other stablecoins like USDT, USDC, and even digital securities, empowering your global aspirations.
- Uncompromising Security: Multi-signature technology, transparent blockchain, and the Central Bank of Nigeria’s (CBN) oversight guarantee secure and compliant transactions.
- Unwavering Trust: Backed by a transparent Naira reserve, cNGN builds trust and instils confidence in every interaction.
- Effortless Transparency: Users can verify the Naira reserve collateral behind cNGN anytime, ensuring complete visibility and accountability.
- Infinite Scalability: Designed for widespread adoption, cNGN’s robust infrastructure handles transactions efficiently and supports future growth.
Building a future-proof financial system that leverages technology to streamline transactions and enhance security for Nigeria, the cNGN is only the beginning. This move complements the enhanced capabilities of the country’s payment rails and paves the way for further advancements in:
- CBDC utilisation
- Regulatory Sandbox Frameworks, and
- API & Open Banking
The Africa Stablecoin Consortium envisions a future where digital assets complement traditional finance, creating a robust, inclusive, and future-proof financial landscape for Africa.
- Visit the official website (asc.africa) to learn more about the cNGN project and the ASC
- Follow the project on Twitter (@as_consortium) for the latest updates and insights
NB: The Africa Stablecoin Consortium (ASC) doing business as Wrapped CBDC Limited.
