NIBSS, IBM and Samsung Ennovate Naija Challenge
March 25th, 2015
The Central Bank of Nigeria (CBN) introduced a new policy on cash-based transactions which stipulates a cash handling charge on daily cash withdrawals. The new policy is aimed at reducing the amount of physical cash circulating, encouraging more electronic-based transactions (payments for goods, services, transfers, etc.) and drive financial inclusion by providing more efficient transaction options and greater reach. It is also aimed at developing and modernizing the Nigerian payment system.
As a proactive measure to solve some of the challenges posed by the cashless policy, Nigeria Inter-Bank Settlement Systems PLC (NIBSS) conceived the idea of organizing an online crowd sourced contest aimed at generating innovative ideas to drive the policy, and generate solutions to overcome the present challenges.
The contest known as the “2015 ennovation Challenge” is managed by Digital Jewels Limited and is organized in partnership with Samsung and IBM. A large percentage of the process will be completed online. Participants will be required to log on to a website ennovatenaija.com and write ideas around the topic “How do I make cashless policy more effective in my community” for cash reward of N350, 000 each and some Samsung devices for the top 10 ideas. The competition which is open to all and entries closes by 12 noon May 10, 2015.