Just weeks after the first stablecoin in Nigeria was launched, a second one hit the market, promising users seamless cross-border efficiency and daily returns from tokenized assets.
Known as eNSC, the new stablecoin was launched by ProsperaVest, a company founded by two Nigerian entrepreneurs but registered in the United Kingdom. The token is pegged 1:1 with the naira and the country’s central bank digital currency (CBDC), the eNaira.
“Our vision is to bring the Naira on-chain and democratize access to low-risk, high-return opportunities while upholding rigorous regulatory compliance. eNsc is more than a stablecoin—it’s a gateway to financial inclusion, blending the trust of traditional finance with the agility of blockchain,” RaheemAnikulapo Ibrahim, one of the co-founders, commented in a statement shared with media outlets.
eNSC launches just one month after the West African nation’s first stablecoin, cNGN, hit the market. cNGN was launched by a national consortium whose members include local banks and fintechs and was availed on the only two licensed exchanges: Busha and Quidax.
Just like the eNaira CBDC, the cNGN stablecoin has not recorded the reception its founders expected. As of March 5, it only had 64 holders who had made a mere 70 on-chain transactions in a country where digital asset awareness is over 90% and whose retail value received was only second to India last year.
ProsperaVest hopes to fare better than cNGN and the eNaira. However, it’s already starting at a disadvantage: unlike cNGN, the new stablecoin has not received the green light from the country’s regulator despite launching to the masses.
“The Securities and Exchange Commission has not approved eNSC tokens or determined if the tokens are securities,” reads a prominent warning on the company’s website.
The company adds that the stablecoin is not registered under the SEC Act, “and may not be offered, sold or otherwise transferred in Nigeria or to Nigerian persons.”
ProsperaVest, however, says that it participates in the SEC’s regulatory sandbox, “ensuring our platform meets all necessary standards.” The watchdog launched the sandbox, known as the Accelerated Regulatory Incubation Programme, in June last year.
Despite launching their stablecoin without a license, the eNSC founders pledged to comply with regulations.
“Our compliance and cooperation with regulators is non-negotiable. Trust is the cornerstone of financial innovation every aspect of eNsc—from its technical infrastructure to reserve management—is designed to exceed SEC standards, fostering trust in Nigeria’s digital future,” RaheemAnikulapo commented.
Unlike most stablecoins, eNSC promises lucrative returns to its holders. ProsperaVest says eNSC holders can lend their tokens via decentralized lending to renewable energy projects and earn stable returns. They can also invest in tokenized real estate and tokenized fixed income and sustainable products like treasury bills and bonds. The company claims on its website that it has tokenized the Nigerian government’s treasury bills and will expand into other sectors in the next few months.
“By leveraging blockchain, we can offer more people access to stable, yield-generating investments without the typical geographic and financial barriers,” RaheemAnikulapo stated.
Lagos’ digital fight against malaria
Elsewhere in Nigeria, the Lagos state government has launched a new campaign against malaria, leveraging digital technology to fight a disease that infects over 900,000 residents in the state annually.
The state, which is Nigeria’s economic center, will launch a new digital platform for real-time electronic malaria reporting for accurate and swift data collection. It has partnered with Maisha Meds, a Nairobi-based digital health platform, on the initiative.
“With this initiative, we are taking decisive steps to eliminate malaria altogether and ensure that every fever is properly diagnosed and treated using a scientific and digitalized approach,” commented Akin Abayomi, the Lagos State Commissioner for Health.
In addition to data collection, the new system will use digital diagnostic tools to improve accuracy in malaria testing. According to Abayomi, lack of proper testing has played a significant role in the spread of the disease as it leads to misdiagnosis and wrongful treatment.
Malaria remains one of Africa’s most dangerous diseases, with the region accounting for over 90% of global cases. In 2022, nearly 600,000 Africans lost their lives to malaria, according to the World Health Organization, accounting for 97% of global deaths.
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