The global financial system is on the brink of a major transformation, and the next wave of innovation is being nurtured right here in Nigeria. Covenant University has officially partnered with the Interledger Foundation (ILF) to launch the Interledger Next Gen program, an initiative designed to bring open payments education directly into the classroom.
For tech enthusiasts, budding developers, and future financial leaders, this is a massive leap forward. Here is everything you need to know about this exciting launch and what it means for the future of fintech in Africa.
The Problem: A Fragmented Financial World
If you have ever tried to send money across borders or between different mobile money providers, you know that the current global payment ecosystem is heavily fragmented. Consumers and merchants are forced to navigate a patchwork of cash, debit cards, mobile money, and digital wallets.
These systems rarely communicate with one another, creating "walled gardens" that trap capital, hike up transaction fees, and delay settlements. Money that could theoretically settle in seconds often takes days.
The Solution: Open Payments and the Interledger Protocol (ILP)
To solve this, the Interledger Foundation is advocating for an open, interoperable payment network powered by the Interledger Protocol (ILP). ILP allows different currencies and distinct financial systems to seamlessly connect, acting essentially as a universal translator for money, much like how the internet routes data.
To make open payments the global standard, the ILF realized they needed to invest in the architects of tomorrow.
What is Happening at Covenant University?
As one of the leading tech and innovation campuses in Africa, Covenant University is at the forefront of this initiative. Through this grant and support from the Interledger Foundation, the university is integrating open payments directly into its curriculum to equip students with highly sought after skills.
Dedicated open Payments Courses: At Covenant University, we are launching two new courses entirely focused on financial inclusion, open payments and the Interledger Protocol.
Hands on Innovation: Theory is backed by practice. Students will gain practical experience building real world, interoperable fintech solutions that address actual market gaps.
Hackathons & Innovation Labs: The campus will host dedicated innovation labs, competitive hackathons and Demo Days where students can test their ideas, build prototypes, and solve pressing financial access challenges.
Incubator Program: The Incubator program will serve as a launchpad designed to help covenant university students transition their hackathon projects and coursework into market ready fintech startups
Micro Grants: We will ignite a Student Microgrant Program to provide direct financial support for student driven ILP projects.
Open Payments Innovation Week: The OPIW will be a hands on week dedicated entirely to problem solving, building and prototyping. Students will collaborate in teams to build payment solutions utilizing the Interledger Protocol and Rafiki.
Open Payments Conference: Covenant University will host the first Open Payments conference in the country, bringing together thought leaders across the industry, students and university faculty. Ps: More details about this will be shared publicly in subsequent months.
Key Updates
We've curated a robust curriculum comprising of 2 courses with 4 modules and 60 learning Units.
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