Japanese blockchain technology firm Soramitsu has formed a strategic alliance with the Nigerian Institute of Social and Economic Research (NISER) to drive the development and adoption of blockchain solutions in Nigeria. The collaboration aims to leverage NISER’s local expertise and Soramitsu’s global blockchain experience to explore innovative applications for central bank digital currencies (CBDCs) and other financial services.
Soramitsu, renowned for its work on Cambodia’s successful Bakong CBDC, brings a wealth of knowledge and experience in blockchain technology. NISER, a government-funded research institution, offers valuable insights into Nigeria’s economic landscape and development challenges. Together, they will collaborate on research projects, capacity building initiatives, and the development of practical blockchain applications.
The partnership will focus on utilising Soramitsu’s SORA and Hyperledger Iroha blockchains. SORA, a public blockchain, offers unique features for cross-border transactions and interoperability. Hyperledger Iroha, a permissioned blockchain, is well-suited for CBDC implementations.
Nigeria’s eNaira, launched in 2021, has faced challenges in achieving widespread adoption. This collaboration presents an opportunity to explore new approaches and innovative solutions for CBDCs.
Soramitsu has a proven track record of working with governments and central banks in the Asia-Pacific region. The company’s experience in these regions will be invaluable in guiding the Nigerian partnership.
As other countries, such as Ghana, explore the potential of public blockchains for CBDCs, this partnership between Soramitsu and NISER highlights the growing interest in blockchain technology as a tool for economic development and financial inclusion.
