Empowa Launches in Nigeria, Using Blockchain for Affordable Housing
Empowa, a fintech company, has launched in Nigeria, utilizing blockchain technology to provide affordable housing through a lease-to-own model. The expansion is facilitated by a partnership involving Empowa, PropPay, and The Housing Cooperative Collective.
Empowa is leveraging on-chain payments and NFTs on the Cardano blockchain to enable cooperatives and their members to use EMP as collateral in their home savings process. The platform, EmpowaPay, helps cooperatives manage member savings, record transactions on-chain, and facilitate funding contracts.
The Nigerian government's proposed digitization of cooperatives creates an opportunity for Empowa's innovative solution. Empowa is exploring a listing on a regulated Nigerian exchange to simplify Naira-to-EMP conversions, accelerating adoption. In the coming months, Empowa plans to onboard pilot cooperatives, align project timelines with co-op financing, finalize the exchange listing, launch community outreach, and expand deployment to more cooperatives. Additionally, Empowa will introduce on-chain saving mechanisms tied to EMP for aspiring homeowners and host an AMA to share updates from Mozambique.
Empowa's entry into the Nigerian market, backed by a tripartite partnership, aims to revolutionize affordable housing through blockchain technology. With the government's support for cooperative digitization and Empowa's innovative platform, more Nigerians may soon access affordable housing finance.
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