Digital Assets: NPP, A Blockchain Solution for Governments Considering a CBDC

August 13, 2020 | Digital Assets, News

Apollo Fintech launches NPP, a blockchain platform that can support a full-fledged country CBDC.

Apollo Fintech announced Wednesday the completion of its National Payment Platform (NPP), the first of its kind, blockchain-based, cashless national currency platform. It enables a central bank to issue a sovereign, digital currency for national adoption. (COIN TELEGRAPH)

The NPP platform allows for commercial banks and agents to onboard the system once the CBDC goes live. To ensure maximum reach and availability to the hitherto unbanked population, the Apollo NPP is compatible with the use of SMS, QR codes, cards, offline codes by individuals, merchants, and peer-to-peer transactions.

That would be possible as soon as authorized banks onboard citizens and merchants for banking transactions. These include deposits and withdrawals of the CBDC, currency exchange, money transfers, and purchases and sales.


“We’re thrilled to have developed the first solution that enables a central bank to issue a blockchain-powered digital currency which can be sent and received through mobile texts,” said Stephen McCullah, CEO of Apollo Fintech. “This capability can bring enormous economic benefits to developing countries and to millions of banked and unbanked consumers. Furthermore, by removing the two major barriers to the blockchain, accessibility, and usability, it can accomplish two historical milestones. These are true mass adoption of blockchain and banking the unbanked.”

The NPP system will allow users, even those with a simple mobile phone, to transact in the CBDC using SMS messages. According to World Bank data from 2018, globally there are 1.7 billion unbanked adults; further, two-thirds of these unbanked individuals own a mobile phone, which could serve as the instrument for their banking needs.


More and more countries, including China, Canada, South Korea, Japan, and Thailand are considering the floatation of Central Bank Digital Currencies (CBDC). The CBDC will serve as a replacement of physical currency notes and as a means to boost contactless payments.

Last month, Bank of England governor Andrew Bailey said the bank was considering whether a UK central bank digital currency (CBDC) was feasible.

“We are looking at the question of, should we create a Bank of England digital currency,” Bailey said. “We’ll go on looking at it, as it does have huge implications on the nature of payments and society.”

Related Story: Bank of England Mulling CBDC                                                   

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