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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

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    PICTDA announces Resumption Date for Code Plateau Cohort

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    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

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    Google Expands its Digital Wallet to South Africa

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    FCCPC Orders Drawdown of Online Credit Companies

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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

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    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

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    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PICTDA announces Resumption Date for Code Plateau Cohort

    PICTDA announces Resumption Date for Code Plateau Cohort

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

  • FEATURED
    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

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    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

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    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

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    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

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ECWA Partners with Bitnob to Raise Charity

by Ajifa Solomon
July 25, 2022
in News
Reading Time: 3 mins read
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ECWA Partners with Bitnob to Raise Charity
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Evangelical Church Winning All (ECWA), has partnered with Bitnob to raise charity for its mission work. Bitnob is a Nigerian cryptocurrency app that lets users buy, save and invest in Bitcoin.  Raising donations in Bitcoin gives the ministry the ability to receive payment from anywhere in the world. 

What you should know about ECWA:

  • ECWA dates back to 1893 when Canadian and American missionaries Walter Gowans, Thomas Kent, and Rowland Bingham came to Nigeria to start the Sudan Interior Mission (now Serving In Mission), the bodies under this mission came together in 1954 to form a single indigenous body known as ECWA.
  • The church has a strong charity arm that caters for the needs of internally displaced persons, provides education to the less privileged, and empowers members with vocational skills.
  • The ministry has over 6,000 congregations and  a membership of about 10 million,  making it one of the largest Churches in Nigeria and West Africa.

Why the switch to Bitcoin?

Annual inflation rate in Nigeria accelerated for a fifth straight month to 18.6% in June of 2022, Trade Economy reports. This translates as an acute increase in the process of goods and a reduction in purchasing power.

ECWA paints a vivid picture in these words “assuming the organisation had N10m in its coffers in July 2021 — a year ago, with a parallel market exchange rate of N510/$, at today’s exchange rate of N640/$, the organisation would have lost almost 30% of it’s reserves to inflation, just like that.”

Yes, just like that.

  • In a bid to gain a hedge over the inflation, ECWA now switches to a currency with inflation-resistant characteristics to beat the recession in Nigeria. This is because the value of Bitcoin is not determined by a few stakeholders, rather, it is responsive only to global economic changes. 
  • By using Bitnob, ECWA stands to enjoy a higher purchasing power and care less about the ever rising market prices in Nigeria.
  • ECWA had considered opening a GoFundMe account but the obvious problems riddling the Nigerian space such bureaucracies, censorship and seizure of funds were deterring.

ECWA will now continue its mission to help the displaced out of poverty even as the World Bank predicts that 6 million Nigerians will be in poverty by the end of the year. 

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