cNGN

What cNGN does

cNGN, operated by WrappedCBDC Limited (incorporated in Nigeria, headquartered in Abuja), is a regulated Naira-pegged stablecoin and blockchain-based settlement infrastructure. The platform issues a token (cNGN) that represents the Nigerian Naira on a strict 1:1 basis, with new tokens minted exclusively against Naira deposits and held in equivalent Naira reserves; redemption is handled through a burn process accessible to KYC-verified users. The system runs across multiple supported blockchains and exposes wallet, bridge, minting, and burning functionality through an API and SDK aimed at developer integration.

The product surface extends beyond the core token. cNGN is offered alongside BeesFi (a revenue-stream tokenization platform for yield generation), Treasury Services (yield products for eligible users), and a self-serve web application for account creation and KYC/KYB onboarding. The business is licensed by the Securities and Exchange Commission of Nigeria as a Virtual Asset Service Provider under the Regulatory Incubation Program and holds a provisional license as a Digital Asset Offering Platform, with stated commitments to CBN and NFIU AML/CTF compliance.

Revenue is generated primarily through mint/burn-related fees, network gas pass-through, and Treasury yield products under a pay-as-you-go model. Go-to-market is hybrid: a product-led self-serve flow for global individuals and businesses via app.cngn.co, combined with a sales-led KYB-verified merchant account tier for registered businesses. WrappedCBDC Limited operates as the Nigerian entity of the African Stablecoin Consortium, positioning cNGN as the Nigerian leg of a broader multi-country CBDC-pegged initiative.

Name

cNGN

Legal name

WrappedCBDC Limited

Website

https://cngn.co

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

cNGN, operated by WrappedCBDC Limited in Abuja, is a SEC Nigeria-licensed stablecoin issuer that tokenizes the Nigerian Naira on a 1:1 basis across multiple blockchains, serving registered merchants, retail holders, and cross-border payment users through a self-serve platform, API/SDK, and Treasury yield products.

Ownership category

akta.pro rank

Product category

Stablecoin and Digital Payments Infrastructure

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE)

akta.pro secondary industry

Enterprise Payments & Tokenized Money (stablecoins, tokenized deposits, CBDC rails) (FSAPAIAJ)

Keywords

• Naira stablecoin
• Blockchain settlement rail
• Virtual asset services
• Cross-border payments
• Developer api sdk

Headquarters

HQ city

Abuja

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Mint/Burn Fees: Fees charged during minting and burning of cNGN tokens. Minting converts Naira to cNGN; burning redeems cNGN back to Naira. Network/gas fees apply depending on the blockchain network used.
2. Treasury/Yield Products: Treasury services offered to eligible users providing yield products. Users can subscribe to available yield products for returns on holdings.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

cNGN is a blockchain-based stablecoin that provides a tokenized representation of the Nigerian Naira pegged 1:1 to the fiat currency and backed by equivalent Naira held in reserve. The platform enables minting, burning, custody, and on-chain settlement for registered merchants and retail holders, complemented by treasury/yield services for eligible users and a developer API/SDK for integrating wallet, bridge, minting, and burning capabilities.

Product overview

cNGN is a unified blockchain-based stablecoin ecosystem centered on the cNGN stablecoin—a tokenized representation of the Nigerian Naira pegged 1:1 and backed by Naira reserves. The ecosystem extends to BeesFi, a platform for tokenising business revenue streams to enable yield generation for investors. Treasury Services offers yield products to eligible users. The developer API and SDK provides wallet infrastructure, Bridge, Minting and Burning capabilities for integrations. The product functions as a settlement rail for cross-border payments and financial inclusion.

Differentiator

Problem solved

Functional benefit

Products and services

• cNGN Stablecoin Blockchain-based stablecoin tokenized 1:1 to the Nigerian Naira, serving merchants, businesses, and individuals who need compliant on-chain Naira settlement.
• Developer API and SDK Developer toolkit for integrating cNGN wallet infrastructure, bridging, minting, and burning operations into third-party applications; supports multiple programming languages.
• cNGN App Self-serve web application that enables businesses and individuals to register accounts, complete KYC/KYB verification, and manage cNGN minting, redemption, and holdings.
• Treasury Services Yield-generating treasury product offering available to eligible qualifying users who apply through the cNGN platform for returns on their holdings.
• BeesFi Sub-product platform that tokenises business revenue streams to enable investors to earn yield.

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• African Stablecoin ConsortiumcoreStrategic or Co-development PartnerWrappedCBDC Limited is the Nigerian Operating Company of the African Stablecoin Consortium. The consortium develops digital tokens pegged to CBDCs to facilitate seamless transactions between token holders and other cryptocurrency users across multiple supported blockchains.

Scale indicators2 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Quidax: Nigerian digital asset exchange licensed by SEC Nigeria offering crypto trading and stablecoin liquidity. Comparable regulatory positioning within the Nigerian market, though operates a brokerage/exchange model rather than issuing a stablecoin.
• Yellow Card: Pan-African crypto exchange and on/off-ramp operating across multiple African markets. Comparable in African cross-border payment focus and stablecoin distribution, though serves as a brokerage rather than an issuer.
• Busha: Nigerian-licensed digital asset exchange serving retail and institutional crypto trading. Comparable as a regulated Nigerian crypto platform, though Busha focuses on exchange services rather than stablecoin issuance infrastructure.
• Bitnob: African cross-border payments platform leveraging stablecoins for remittances and B2B settlement. Highly comparable in cross-border use cases and stablecoin rails in Africa, though Bitnob acts as a payments integrator rather than a stablecoin issuer.

Broad incumbents

• Tether: The dominant USD-pegged stablecoin issuer with a 1:1 fiat-backed reserve model. Directly comparable in stablecoin issuance mechanics and target use cases (cross-border payments, on-chain dollar representation), but operates at vastly larger scale in USD rather than Naira.
• Circle: Issuer of USDC, a regulated USD stablecoin operating under US regulatory frameworks. Highly comparable in regulatory-first positioning, multi-blockchain support, and developer-focused API/SDK approach, though focused on USD rather than emerging-market currencies.
• Paxos: Regulated stablecoin issuer and tokenization infrastructure provider (USDP, PayPal USD). Comparable in regulated-issuer positioning, mint/redeem APIs, and enterprise treasury services, though focused on USD rather than African fiat currencies.

Direct peers

• eNaira: The Central Bank of Nigeria's official retail CBDC, representing the Naira on a digital ledger. The most direct competitor to cNGN as the alternative on-chain Naira, with state backing but limited programmability and DeFi composability.

Emerging players

• Stably: Regulated stablecoin-as-a-service issuer offering fiat-backed tokens across multiple currencies. Comparable as a smaller regulated stablecoin issuer operating in multiple fiat currencies, though focused on USD rather than African markets.
• Onramp Money: Africa-focused on/off-ramp and payment infrastructure leveraging stablecoins for cross-border settlement. Comparable in African stablecoin-based payment infrastructure targeting similar cross-border B2B and remittance use cases.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about cNGN