Lagos, Nigeria, January 4, 2024 – 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 its innovative Regulatory Sandbox. This 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) is set to revolutionise financial transactions and is scheduled to go live on February 27th, 2024.
This 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, the cNGN Stablecoin transforms the Naira 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 and 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, 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.
- Unleash your global hustle: 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 five (5) core pillars:
- Reliability: cNGN enables confident global transactions, connecting seamlessly with major stablecoins and digital securities.
- Innovation: Stay ahead in a rapidly evolving digital finance landscape. Leverage cNGN to expand your market reach and appeal to a diverse customer base while streamlining your transactions.
- Security: Built on Blockchain Technology, ASC’s Stablecoin’s platform provides a secure digital payment financial markets infrastructure (dPFMI)
- Transparency: cNGN’s offers full visibility and transparency into its Naira reserves which backs it, fostering trust, confidence and accountability of every transaction.
- Scalability: cNGN is built for growth, with a robust infrastructure ready for widespread adoption and transactional efficiency.
Powering Tech-Enabled Efficiency.
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.
Partner with the ASC. Shape the Future.
The Africa Stablecoin Consortium envisions a future where digital assets complement traditional finance, creating a robust, inclusive, and future-proof financial landscape for Nigeria.
We invite you to be a part of this journey!
Visit the website (asc.africa) to learn more about the cNGN Stablecoin project and the ASC.
Also, contact us: contact@asc.africa
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The Africa Stablecoin Consortium (ASC)
