FintechTech News

CBN partners global fintech for its digital currency

The Central Bank of Nigeria, CBN, has announced an international fintech startup, Bitt Inc. as the Technical Partner for its digital currency. named eNaira, which is billed for unveiling October 1, this year.

Godwin Emefiele, CBN governor, disclosed the development in Abuja on Monday.
The governor listed the benefits of the Central Bank Digital Currency (CBDC) which include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, and easier targeted social interventions.

CBN selected Bitt Inc among other highly competitive bidders, based on the company’s technological competence, efficiency, platform security, interoperability, and implementation experience.

In its decision for selecting Bitt Inc, the CBN’s spokesperson, Osita Nwanisobi, said in a statement that it relied on the company’s tested and proven digital currency experience, which is already in circulation in several Eastern Caribbean Countries.
Nwanisobi also said the decision of the CBN has now become a global trend with over 85 percent of Central Banks are currently exploring the adaptation of digital currencies in their countries.

The apex bank stated that Bitt Inc. was instrumental in the development and successful launch of the central bank digital currency (CBDC) pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021.

The apex bank had on July 22 during a private webinar with stakeholders outlined a digital currency initiative.
If the pilot scheme is eventually launched, Nigeria will join other countries across the globe and Africa racing to develop its CBDC.

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