My name is Stanley Abor. I am a Geologist cum blockchain expert, with vast expertise in Fintech related developments.
I am Nigerian & came to terms with blockchain tech as far back as 2015. My interest in blockchains drove me into research, creating this undiluted urge to contribute my quota to the developement of a fully decentralized African payment system that incentivises common masses to mine value on assets held or transacted with.
In large numbers, we came together in 2017 to research on blockchains & also understand the technicalities. By understanding the technology behind blockchains, our youthful Nigerian congregation collectively came to an agreement with a fact that this hybrid resourceful technology is what we might just require to phase out the centralised control that weighs down SMEs and upcoming businesses in this part of the world. A very good proportion of the Nigerian population are connected to the internet, but still appreciably unbanked. Taking advantage of these current statistics, we have now deployed the first African stablecoin called NIRX.
I am the Co-Founder and elected CEO of NairaX, a registered cooperation (RC-2903759) in Nigeria poised towards providing a decentralized payment gateway to be employed as a default processor in our upcoming ecommerce platform currently at development stages. NairaX is the custodian of the NIRX stablecoin.
With Charismatic ties established through tons of engagements recorded in the past, our team at NairaX now has untethered access to a tangible amount of insured funds from sponsors. These funds keep NairaX stable and safe for all our investors. Therefore contributing towards the maintainance of our age-old principles and never giving our investors causes to fret or worry about price volatilities or fluctuations. To guarantee accountability and to ensure stability of NairaX’s future exchange price, we have maintained no less than a one-to-one reserve ratio between the Naira (NGN) and NairaX (NIRX).
How? Via coordinated triennial buyback strategies & the proposed initial adoption of NIRX within the company’s Minimum Viable Product (MVP);
being our copyrighted NairaX eCommerce platform. NairaX will also provide a guaranteed use
case in other commercial world applications. This way we will initially be able to create a true
value for the digital version of the Naira and its associated real-world value as a FIAT currency.
In as much as we recognize that the implementation and workability of NIRX isn’t completely
decentralized (since NairaX as well as a limited sector of acts as a regulatory custodian
for the distribution, security, insurance and guarantee of NIRX), being a
cryptocurrency pegged to Fiat, we strongly believe that our developmental implementations sets the stable foundation for supporting future business/SME
innovations in Nigeria, Africa and global markets at large. Our developing MVP creates a
robust platform for new products, services, exchange and provides both support & awareness for
the growth of upcoming businesses run by unbanked individuals who are apparently searching for trustless modes of decentralized payment.
Our project NairaX will foster the adoption of cryptocurrencies in various countries by breeding trust in stable fungible cryptocurrencies like ours. For over three (3) years, we have diligently gathered awareness as well as required resources, to deliver real DEFI to Africa through the NairaX project.
We are now over 60% through with our implementations. A Beta-test set out for a release in Q3 2020. Watch out for more updates via our social channels.