The Central Bank of Nigeria on Monday announced the selection of Bitt Inc, a Barbados-based Fintech company as the technical partner for its digital currency, eNaira.
Bitt Inc’s selection by the CBN was based on the company’s technological competence, efficiency, platform security, interoperability, and implementation experience.
This was disclosed in Abuja by the Governor of the Central Bank, Mr. Godwin Emefiele, according to a press release by the apex bank signed by Osita Nwanisobi, Director, Corporate Communications.
The CBN said it will rely on Bitt Inc’s “tested and proven digital currency experience, which is already in circulation in several Eastern Caribbean Countries.
“Bitt Inc. was key to the development and successful launch of the central bank digital currency (CBDC) pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021.”
Emefiele listed the benefits of the Central Bank Digital Currency (CBDC) which is set to be launched later this year to include, increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, easier targeted social interventions, as well as improvements in monetary policy effectiveness, payment systems efficiency, and tax collection.
Last month, the apex bank said it will launch the pilot scheme of eNaira by October 1, 2021
The CBN said its decision to digitize naira was made in 2017 after extensive research and explorations, with the CBDC pilot scheme dubbed Project Giant.
It added that the decision follows an unmistakable global trend in which over 85 percent of Central Banks are now considering adopting digital currencies in their countries.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.