Applicant name: VTNetwork LIMITED/VTNGlobal Inc
Applicant type: Private Company
Headquarter City: Ibadan, Nigeria and Laurel, Maryland
Headquarter Country: United States
Innovation Name: eNaira APIs
Innovation Type: Solution
Category: Innovation Remittance Solution
Status of Innovation: In-Market
Innovation Active Since: 10/01/2022
Demonstrate what technology your product has that is different from the market: The Central Bank of Nigeria (CBN) launched one of the first CBDCs, its e-Naira, in 2020. it hired the digital currency firm Bitt to white label an instance on its platform as the e-Naira. This firm is one of very few with direct experience offering CBDCs in a live environment.
CBN initially rolled out the e-Naira only with commercial banks, and excluded other licensed financial services providers, including mobile money operators which serve many Nigerians who are unbanked. Among its major plans for the e-Naira, CBN wishes to incorporate it into a reinvented remittance flow process, and for this to occur, the financial services firms involved must have access to the e-Naira platform. In addition to commercial banks this also includes mobile money operators and international money transfer operators.
The product we are nominating for this innovation are the APIs which constitute a 2nd layer for the e-Naira and which accomplishes the goal of connecting all the licensed providers. Most of the eligible licensed financial services firms have now consumed the APIs and are connected with the e-Naira.
Explain the functionality. eNaira API’s
#22.0 eNaira – Get Transfer Fee
#22.1 Document History
#22.3 Service Response Model
#22.6 Response Message and Code
#23.0 eNaira – Transfer Fund to eNaira
#23.1 Document History
#23.3 Service Response Model
#23.6 Response Message and Code
#24.0 eNaira – View Transaction VCash to eNaira
#24.1 Document History
#24.3 Service Response Model
#24.7 Response Message and Code
#25.0 eNaira – Get Wallet Details
#25.1 Document History
#25.3 Service Response Model
#25.7 Response Message and Code
#26.0 eNaira – Webhook for Transaction Status
#26.1 Document History
#26.2 Webhook Creation
#26.3 Data posted to Webhook URL
#27.0 eNaira – Get Countries
#27.2 Service Request Parameters
#27.3 Service Response Model
#27.4 Response Message and Code
#28.0 eNaira – Get Nigerian States
#28.2 Service Request Parameters
#28.3 Service Response Model
#28.4 Response Message and Code
#29.0 eNaira – Get Nigerian State Regions
#29.2 Service Request Parameters
#29.3 Service Response Model
#29.4 Response Message and Code
#30.0 eNaira – Register New Wallet
#30.2 Service Request Parameters
#30.3 Service Response Model
#30.4 Response Message and Code
#31.0 eNaira – Get Wallet Alias Using Nuban
#31.2 Service Request Parameters
#31.3 Service Response Model
#31.4 Response Message and Code
#A.0 Document History
#A.1 Information to be provided by VTNETWORK LIMITED
#A.2 POST Method explained
Explain who followed your example and deployed the same technology and timeframes. All industry stakeholders with mobile money operator licenses and all international money transmitter operators have been anxiously awaiting a change in the current CBN policy for remittances, specifically the requirement that payout be in US dollars, usually physical US dollars. And although the e-Naira was specifically set up to modernize the remittance flows into Nigeria, the lack of connectivity made this seem distant, not in the near future.
With no change in sight and with as background as a technical leader, our company led by our CEO/CTO Dr Peter Ojo brought it cumulative technical knowledge to deliver a solution. We wrote the APIs and tested and retested with CBN’s e-Naira team. We continue to test daily as the e-Naira platform is still new and is new to all stakeholders.
Do you know if this innovation is specific to only one market and which one? To date very few central banks has issued CBDCs, which is a precondition. This is not a plug and play solution, it is a specific approach and a specific series of APIs. That said our 2nd layer can inform the industry as a whole and, depending on the nature of a given CBDC, be more or less relevant.
Innovation Description. It is a set of APIs that allow authorized financial services firms to access the e-Naira platform.
Do you know if this innovation is specific to only one market and which one? As above.
What was the inspiration for this innovation? It was needed, all parties were frustrated and only our CEO/CTO Peter Ojo had the vision to clearly see what was needed, had the technical ability to build it and took it upon himself to work with CBN to deliver and produce the APIs.
Who can benefit from your innovation most? The ecosystem stakeholders, the central bank and all the end users, members of the general public and in particular those who are financially supported by remittances sent by loved ones abroad.
What are you most proud of about your innovation? We took action, we solved an issue of great industry concern and as a direct result our CEO/CTO Dr Peter Ojo is now seen by most stakeholders as one of the foremost experts on the e-Naira.
Why do you think you should win this category? We believe we are a worthy entry. These APIs will feature in all remittances moving forward once CBN provides the FX guidance.
Full Name: Dr. Peter Ojo
Role: Project Sponsor, Architect and Leader
Full Name: Joel Patenaude
Role: Project Support