Welcome to Libranaira

The evolution of financial technologies has given birth to comfort and cost-effective financial services.

However, emerging economies like Nigeria are still struggling to attract qualified adults to the financial system despite its opportunities.

In Nigeria, only 38 million Nigerians are in the financial system out of almost 200 million people. While the Central Bank of Nigeria (CBN) has promised to increase that number to 100 million in the next 5 years, it will take an easy-to-use technology to attract the over 35 million unbanked adults into the financial system.

Last week, Facebook and Libra Association alerted the world to a blockchain built stablecoin called Libra. According to the association, the cryptocurrency will help lure 1.7 billion unbanked adults in the world to the global financial system, add $3.7 trillion to emerging economies, create 95 million new jobs and eliminate $25 billion in remittance fee.

While none of the aforementioned is certain, it represents the possibility of what could be if Libra eventually get the needed approval given Facebook, MasterCard, PayPal, Uber and Coinbase reach.

Therefore, Libra (Liberation of) Naira, LibraNaira, will work independently to ease and facilitate the exchange of Libra coin to the Naira and vice versa, build financial technologies around Calibra (Libra wallet) financial services to adapt it to the local market and generally enhance CBN efforts on financial inclusion.

At Libra Naira, we are convinced that the future of money is Digital and with the surge in mobile technology adoption and financial services in Nigeria and Africa, we are positive we will not just improve lives but also enhance productivity through efficient financial service.

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