Basically M-Pesa but on blockchain & issued by the regulator.
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Pretty much.
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Basically an Mpesa
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Why not just adopt M-Pesa (from Kenya) instead of all this hassle!
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Nigerian government has failed at a lot of things, I am sure this is just going the same direction as the government.
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At least it's trying.

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They should monitor it else those in government will use it for money laundering for bandits
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Won’t be a smart idea for anyone to use it to launder money to bandits. It’s fully regulated and monitored by the CBN.
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In theory is a laudable idea, but with CBN & a govt that’s acts outside d law regularly, don’t separate from ur money. Please read below
users experience. Note: CBN using yahoo English unlock is unluck. This is at lunch imagine in a year, 600 years u r still begging for refundpic.twitter.com/6zci2Nqlqy
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Telcoin
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The Central Bank of Nigeria has unveiled a digital currency, the e-Naira. It’s the first of its kind to be issued through a government entity in Africa and will be accessed on mobile phones.